Illinois Compiled Statutes 815 ILCS 160/1 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
For the purpose of this Act, the following terms have the meanings given them:
(1) “Credit agreement” means an agreement or commitment by a creditor to lend money or extend credit or delay or forbear repayment of money not primarily for personal, family or household purposes, and not in connection with the issuance of credit cards.
(2) “Creditor” means a person engaged in the business of lending money or extending credit.
(3) “Debtor” means a person who obtains credit or seeks a credit agreement or claims the existence of a credit agreement with a creditor or who owes money to a creditor.
(4) “Person” means an individual, corporation, partnership, joint venture, trust estate, unincorporated association or other entity.
(1) “Credit agreement” means an agreement or commitment by a creditor to lend money or extend credit or delay or forbear repayment of money not primarily for personal, family or household purposes, and not in connection with the issuance of credit cards.
Terms Used In Illinois Compiled Statutes 815 ILCS 160/1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) “Creditor” means a person engaged in the business of lending money or extending credit.
(3) “Debtor” means a person who obtains credit or seeks a credit agreement or claims the existence of a credit agreement with a creditor or who owes money to a creditor.
(4) “Person” means an individual, corporation, partnership, joint venture, trust estate, unincorporated association or other entity.