Illinois Compiled Statutes 815 ILCS 636/10.30 – Capitalized cost reduction
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Terms Used In Illinois Compiled Statutes 815 ILCS 636/10.30
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Payments made by cash, check, rebates, or similar means that are in the nature of down payments made by the lessee and any net trade-in allowance granted by the lessor at the inception of the consumer lease for the purpose of reducing the capitalized cost. The term capitalized cost reduction does not include any base lease payments due at the inception of the lease.