Illinois Compiled Statutes 815 ILCS 405/2.10 – “Amount financed” means the cash sale price of the goods or services …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 815 ILCS 405/2.10
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
“Amount financed” means the cash sale price of the goods or services which are the subject matter of a retail installment contract plus all other charges individually itemized, which are included in the amount financed but which are not a part of the finance charge minus the amount of the buyer’s down payment in money or goods.