Illinois Compiled Statutes 815 ILCS 636/50 – Restriction on the reporting of early terminations
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Terms Used In Illinois Compiled Statutes 815 ILCS 636/50
- 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
The holder shall not report the voluntary early termination of a consumer lease to a consumer reporting agency as a default unless the lessee fails to satisfy the lessee’s early termination obligations within the time periods set forth in the consumer lease.