Terms Used In Illinois Compiled Statutes > 625 ILCS 10 - Motor Vehicle Theft Reporting Act

• 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}
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}