Illinois Compiled Statutes 815 ILCS 165/2 – As used in this Act, the following words have the meaning ascribed to them in this Section
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“Consumer Goods” means any goods or items used primarily for personal, family or household purposes.
“Consumer Lease” means a contract in the form of a bailment or lease for the use of consumer goods for a period of time exceeding 4 months, for a total contractual obligation not exceeding $25,000, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease. The term consumer lease does not include a lease primarily for agricultural, business or commercial purposes or one made to an organization.
“Deposit” means any money held by the lessor to secure the performance by the lessee of the lessee’s obligations under a consumer lease including, but not limited to, damage deposits, security deposits, advance rent deposits for other than the next immediate rental period; or any contractual deposit agreed to between the lessor and lessee in writing or orally.
“Lessor” means any person engaged in the business of leasing consumer goods under consumer leases.
“Lessee” means any individual leasing consumer goods under a consumer lease.
“Consumer Lease” means a contract in the form of a bailment or lease for the use of consumer goods for a period of time exceeding 4 months, for a total contractual obligation not exceeding $25,000, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease. The term consumer lease does not include a lease primarily for agricultural, business or commercial purposes or one made to an organization.
Terms Used In Illinois Compiled Statutes 815 ILCS 165/2
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
“Deposit” means any money held by the lessor to secure the performance by the lessee of the lessee’s obligations under a consumer lease including, but not limited to, damage deposits, security deposits, advance rent deposits for other than the next immediate rental period; or any contractual deposit agreed to between the lessor and lessee in writing or orally.
“Lessor” means any person engaged in the business of leasing consumer goods under consumer leases.
“Lessee” means any individual leasing consumer goods under a consumer lease.