Sec. 1. Definitions.
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/il/chapter-815/act-655/1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1. Definitions. In this Act:
(1)"Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement.
(2)"Cash price" means the price for which the merchant would have sold the merchandise to the consumer for cash on the date of the rental-purchase agreement.
(3)"Consumer" means an individual who leases personal property under a rental-purchase agreement.
(4)"Merchandise" means the personal property that is the subject of a rental-purchase agreement.
(5)"Merchant" means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of merchandise under a rental-purchase agreement, and includes a person who is assigned an interest in a rental-purchase agreement.
(6)"Rental-purchase agreement" means an agreement for the use of merchandise by a consumer for personal, family or household purposes for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the merchandise.