Sec. 1-5. Definitions.
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/il/chapter-205/act-511/1-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-5. Definitions. As used in this Act:
"Applicant" means a person applying for a license pursuant to this Act.
"Department" means the Department of Financial and Professional Regulation.
"Licensee" means a person licensed pursuant to this Act.
"Pawn" means the advance of money on the deposit or pledge of physically delivered personal property, other than property the ownership of which is subject to a legal dispute or other exempt property or instruments.
"Pawnbroker" means every individual or business entity that:
(1)advances money on the pledge of tangible personal property, other than securities,
printed evidence of indebtedness, or printed evidence of ownership of the personal property; or
(2)deals in the purchase of personal property on the condition of selling the property
back again at a stipulated price.
"Pawn customer" means a person who pawns or pledges and physically delivers personal property in exchange for money.
"Secretary" means the Secretary of Financial and Professional Regulation, or his or her designee, including the Director of the Division of Banking of the Department of Financial and Professional Regulation.