Illinois Compiled Statutes 815 ILCS 605/3 – As used in this Act: (a) “Buyer” means …
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As used in this Act:
(a) “Buyer” means an individual who is solicited to purchase or who purchases the services of a credit services organization.
(b) “Consumer reporting agency” has the meaning assigned by Section 603(f), Fair Credit Reporting Act (15 U.S.C. § 1681a(f)).
(c) “Extension of Credit” means the right to defer payment of a debt or to incur a debt and defer its payment offered or granted primarily for personal, family, or household purposes.
(d) “Credit Services Organization” means a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide, any of the following services:
(i) improving a buyer’s credit record, history, or
(a) “Buyer” means an individual who is solicited to purchase or who purchases the services of a credit services organization.
Terms Used In Illinois Compiled Statutes 815 ILCS 605/3
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(b) “Consumer reporting agency” has the meaning assigned by Section 603(f), Fair Credit Reporting Act (15 U.S.C. § 1681a(f)).
(c) “Extension of Credit” means the right to defer payment of a debt or to incur a debt and defer its payment offered or granted primarily for personal, family, or household purposes.
(d) “Credit Services Organization” means a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide, any of the following services:
(i) improving a buyer’s credit record, history, or
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rating;
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(ii) obtaining an extension of credit for a buyer; or
(iii) providing advice or assistance to a buyer with
(iii) providing advice or assistance to a buyer with
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regard to either subsection (i) or (ii).
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“Credit Services Organization” does not include any of the following:
(i) a person authorized to make loans or extensions
(i) a person authorized to make loans or extensions
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of credit under the laws of this State or the United States who is subject to regulation and supervision by this State or the United States, or a lender approved by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. § 1701 et seq.);
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(ii) a bank or savings and loan association whose
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deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or a subsidiary of such a bank or savings and loan association;
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(iii) a credit union doing business in this State;
(iv) a nonprofit organization exempt from taxation
(iv) a nonprofit organization exempt from taxation
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under Section 501(c)(3) of the Internal Revenue Code of 1986, provided that such organization does not charge or receive any money or other valuable consideration prior to or upon the execution of a contract or other agreement between the buyer and the nonprofit organization;
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(v) a person licensed as a real estate broker by this
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state if the person is acting within the course and scope of that license;
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(vi) a person licensed to practice law in this State
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acting within the course and scope of the person’s practice as an attorney;
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(vii) a broker-dealer registered with the Securities
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and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation;
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(viii) a consumer reporting agency; and
(ix) a residential mortgage loan broker or banker who
(ix) a residential mortgage loan broker or banker who
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is duly licensed under the Illinois Residential Mortgage License Act of 1987.
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(e) “Person” means an individual, corporation, partnership, joint venture or any business entity.