Sec. 4-101. Definitions.
198 words·~1 min read·
/il/chapter-775/act-5/4-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4-101. Definitions. The following definitions are applicable strictly in the context of this Article:
(A)Credit Card. "Credit card" has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012.
(B)Financial Institution. "Financial institution" means any bank, credit union, insurance company, mortgage banking company or savings and loan association which operates or has a place of business in this State.
(C)Loan. "Loan" includes, but is not limited to, the providing of funds, for consideration, which are sought for:
(1)the purpose of purchasing, constructing, improving, repairing, or maintaining a housing accommodation as that term is defined in paragraph
(C)of Section 3-101; or
(2)any commercial or industrial purposes.
(D)Varying Terms. "Varying the terms of a loan" includes, but is not limited to, the following practices:
(1)Requiring a greater down payment than is usual for the particular type of a loan
involved.
(2)Requiring a shorter period of amortization than is usual for the particular type of
loan involved.
(3)Charging a higher interest rate than is usual for the particular type of loan
involved.
(4)An under appraisal of real estate or other item of property offered as security.