Terms Used In Illinois Compiled Statutes > 110 ILCS 947 - Higher Education Student Assistance Act

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• affected areas: means the counties of Cook, DuPage, Lake, Kane, McHenry, Will, Madison, St. See Illinois Compiled Statutes 625 ILCS 5/13-100.1
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Appraised value: means the fair market value of a home determined in accordance with generally accepted procedures and standards applicable to the appraisal of real property. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Arrest: Taking physical custody of a person by lawful authority.
• Artificially made or reclaimed land: includes all land which formerly was submerged under the public waters of the State, the title to which is in the State, and which has been artificially made or reclaimed in whole or in part. See Illinois Compiled Statutes 65 ILCS 5/11-92-1
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bonds: means any revenue bonds authorized under this Division and payable as provided hereunder. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• Child care facilities: has the meaning set forth in the Child Care Act of 1969, but does not include licensed foster homes. See Illinois Compiled Statutes 730 ILCS 152/105
• Circuit clerk: means clerk of the circuit court. See Illinois Compiled Statutes 5 ILCS 70/1.26
• Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18d-105
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Corporate authorities: means the corporate authorities as defined in this Illinois Municipal Code. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Ex officio: Literally, by virtue of one's office.
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Harbor: as used in this Division 92, includes harbors, marinas, slips, docks, piers, breakwaters, and all buildings, structures, facilities, connections, equipment, parking areas, and all other improvements for use in connection therewith. See Illinois Compiled Statutes 65 ILCS 5/11-92-1
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17
• Home: means real property and improvements thereon located within the municipality consisting of not more than 4 dwelling units, including but not limited to, condominium units owned by one mortgagor who occupies or intends to occupy one of such units. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Home mortgage loan: means an interest bearing loan to a mortgagor evidenced by a promissory note and secured by a mortgage on a home, purchased or originated in accordance with this Division made for the purpose of acquiring a home having an appraised value or a purchase price, whichever is less, of not less than the minimum home value and less than the maximum home value. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Juvenile sex offender: means any person who is adjudicated a juvenile delinquent as the result of the commission of or attempt to commit a violation set forth in item (B), (C), or (C-5) of § 2 of the Sex Offender Registration Act, or a violation of any substantially similar federal, Uniform Code of Military Justice, sister state, or foreign country law, and whose adjudication occurred on or after the effective date of this amendatory Act of the 91st General Assembly. See Illinois Compiled Statutes 730 ILCS 152/105
• Law enforcement agency having jurisdiction: includes the location where out-of-state students attend school and where out-of-state employees are employed or are otherwise required to register. See Illinois Compiled Statutes 730 ILCS 152/105
• Legacy: A gift of property made by will.
• Lender: means any lending institution participating in a residential housing finance plan as the originator of home mortgage loans or as a servicing agent for home mortgage loans. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Lending institution: means any bank, bank holding company, credit union, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution which customarily provides service or otherwise aids in the financing of home mortgages, or any holding company for any of the foregoing. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Lien: A claim against real or personal property in satisfaction of a debt.
• Maximum home value: means the amount determined by the corporate authorities. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Minimum home value: means the amount determined by the corporate authorities. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Minority leader: See Floor Leaders
• 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}
• Mortgagor: means a person of low or moderate income and who has received or qualifies to receive a home mortgage loan on a home. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27
• Municipality: means a municipality as defined in this Illinois Municipal Code. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Ordinance: means an ordinance adopted and approved by the corporate authorities of a municipality. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Participation commitment: means any undertaking or agreement by a lending institution to participate in the implementation of a residential housing finance plan. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• 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.
• Person: means a natural person or persons or a trust, provided that such trust is for the benefit of a natural person or members of such person's immediate family. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
• Persons of low or moderate income: means a person or family (consisting of one or more persons all of whom occupy or will occupy the home) whose aggregate gross income including the gross income of any co-signer or guarantor of the promissory note made in connection with the making of a home mortgage loan does not exceed a maximum amount to be established by the corporate authorities and determined in accordance with appropriate criteria, rules and regulations, approved by the corporate authorities in connection with the implementation of a residential housing finance plan. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchase price: means the actual consideration paid to the seller of a home. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• railroads: as used in this Division 89 does not include a railroad constituting or used as a part of a trunk line railroad system operated as a common carrier of freight and passengers. See Illinois Compiled Statutes 65 ILCS 5/11-89-3
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Residential housing finance plan: means a program implemented under this Division by a municipality to assist persons of low or moderate income in acquiring safe, decent and sanitary housing which they can afford. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• safety relocator: means any person or entity engaged in the business of removing damaged or disabled vehicles from public or private property by means of towing or otherwise, and thereafter relocating and storing such vehicles. See Illinois Compiled Statutes 625 ILCS 5/18d-105
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Sex offender: means any sex offender as defined in the Sex Offender Registration Act whose offense or adjudication as a sexually dangerous person occurred on or after June 1, 1996, and whose victim was under the age of 18 at the time the offense was committed but does not include the offenses set forth in subsection (b)(1. See Illinois Compiled Statutes 730 ILCS 152/105
• Summons: Another word for subpoena used by the criminal justice system.
• sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
• Testify: Answer questions in court.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: means any State or national bank or trust company, having trust powers, located within or outside the State of Illinois, which may be appointed to act in any capacity with respect to a residential housing finance plan and the issuance of bonds to finance such plan whether designated as a trustee, custodian or administrator. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Units of local government: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.28
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.