Terms Used In Illinois Compiled Statutes 815 ILCS 123/15-5-16

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
     No person or entity shall make a secured loan for the purchase of a canine or feline. Any secured loan made for the purchase of a canine or feline is null and void. This Section shall apply prospectively and shall not apply retroactively. This Section shall not impair or affect the obligation of any lawful secured loan entered into before the effective date of this amendatory Act of the 103rd General Assembly.
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