Section 110.1 Definitions

Section 110

Section 110.1  Definitions

"Act" means the Consumer

Installment Loan Act [205 ILCS 670].

"Affiliate", for

purposes of Section 1 of the Act, means any person or entity that directly or

indirectly controls, is controlled by, or shares control with another person or

entity. A person or entity has control over another if the person or entity has

an ownership interest of 25% or more in the other.

"Annual percentage rate"

or "APR" is the cost of the consumer credit expressed as an annual

rate and shall be calculated in accordance with Section 16 of the Act.

"Controlling person"

means a person, entity, or ultimate equitable owner that:

owns or controls, directly or

indirectly, 10% or more of any class of stock of the license applicant;

is not a depository institution,

as defined in Section 1007.50 of the Savings Bank Act [205 ILCS 205], that

lends, provides, or infuses, directly or indirectly, in any way, funds to or

into a license applicant in an amount equal to more than 10% of the license

applicant's net worth;

controls, directly or indirectly,

the election of 25% or more of the members of the board of directors of a

license applicant; or

the Director finds influences

management of the license applicant.

"Date of the loan" means

the date on which the loan agreement is signed or accepted by the licensee.

"Department" means the

Department of Financial and Professional Regulation.

"Director" means the

Director or Acting Director of the Department of Financial and Professional

Regulation-Division of Financial Institutions with the authority delegated by

the Secretary or the Director's designee.

"Division" means the

Department of Financial and Professional Regulation-Division of Financial

Institutions.

"Generally accepted

accounting procedures" or "GAAP" means those adopted by the

American Institute of Certified Public Accountants and Federal Accounting

Standards Board (401 Merritt 7, PO Box 5116, Norwalk, CT  06856-5116)

hority delegated by

the Secretary or the Director's designee.

"Division" means the

Department of Financial and Professional Regulation-Division of Financial

Institutions.

"Generally accepted

accounting procedures" or "GAAP" means those adopted by the

American Institute of Certified Public Accountants and Federal Accounting

Standards Board (401 Merritt 7, PO Box 5116, Norwalk, CT  06856-5116).

"Hypothecate" means to

pledge a security instrument without transfer of title.

"Illinois Insurance Code"

means 215 ILCS 5.

"Licensee" means a

person, partnership, association, limited liability company, corporation or

other legal entity licensed under the Act.  Any person or entity who holds

himself, herself, or itself out as a licensee or who is accused of unlicensed

practice is considered a licensee for purposes of enforcement, investigation,

hearings, and the Illinois Administrative Procedure Act [5 ILCS 100].

"Loan" means a loan

governed by the Act.  "Loan" does not include a retail installment

contract, a motor vehicle retail installment contract, a retail charge

agreement, or a revolving line of credit.

"Missed payment" means

any failure to make a payment within 90 days of the due date.

"Net worth" means

total assets minus total liabilities.

(Section 2 of the Act)

"Obligor" means a

consumer who is contractually obligated to make all principal repayments and

interest payments on an outstanding loan.

"Predatory Loan Prevention

Act" means the act codified at 815 ILCS 123.

"Predatory Loan Prevention

Act Annual Percentage Rate" or "PLPA APR" is the cost of the

consumer credit expressed as an annual rate and shall be calculated in

accordance with 32 CFR

232.4

bligor" means a

consumer who is contractually obligated to make all principal repayments and

interest payments on an outstanding loan.

"Predatory Loan Prevention

Act" means the act codified at 815 ILCS 123.

"Predatory Loan Prevention

Act Annual Percentage Rate" or "PLPA APR" is the cost of the

consumer credit expressed as an annual rate and shall be calculated in

accordance with 32 CFR

232.4

(c), the Predatory

Loan Prevention Act, and as incorporated in 38 Ill. Adm. Code 215.

"Person" means an

individual, partnership, association, joint stock association, corporation, or

any other form of business organization.

"Recording fee" is a fee

paid to a government agency to record or release a security instrument.

"Sales Finance Agency Act"

means 205 ILCS 660.

"Secretary" means the

Secretary or Acting Secretary of Financial and Professional Regulation or the

Secretary's designee.

"Uniform Commercial

Code" means 810 ILCS 5.