Illinois Compiled Statutes 775 ILCS 5/4-101 – Definitions
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The following definitions are applicable strictly in the context of this Article:
(A) Credit Card. “Credit card” has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012.
(B) Financial Institution. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association which operates or has a place of business in this State.
(C) Loan. “Loan” includes, but is not limited to, the providing of funds, for consideration, which are sought for: (1) the purpose of purchasing, constructing, improving, repairing, or maintaining a housing accommodation as that term is defined in paragraph (C) of Section 3-101; or (2) any commercial or industrial purposes.
(D) Varying Terms. “Varying the terms of a loan” includes, but is not limited to, the following practices:
(1) Requiring a greater down payment than is usual
(A) Credit Card. “Credit card” has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012.
Terms Used In Illinois Compiled Statutes 775 ILCS 5/4-101
- Amortization: Paying off a loan by regular installments.
- Appraisal: A determination of property value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(B) Financial Institution. “Financial institution” means any bank, credit union, insurance company, mortgage banking company or savings and loan association which operates or has a place of business in this State.
(C) Loan. “Loan” includes, but is not limited to, the providing of funds, for consideration, which are sought for: (1) the purpose of purchasing, constructing, improving, repairing, or maintaining a housing accommodation as that term is defined in paragraph (C) of Section 3-101; or (2) any commercial or industrial purposes.
(D) Varying Terms. “Varying the terms of a loan” includes, but is not limited to, the following practices:
(1) Requiring a greater down payment than is usual
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for the particular type of a loan involved.
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(2) Requiring a shorter period of amortization than
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is usual for the particular type of loan involved.
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(3) Charging a higher interest rate than is usual for
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the particular type of loan involved.
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(4) An under appraisal of real estate or other item
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of property offered as security.
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