Illinois Compiled Statutes 815 ILCS 655/1 – Definitions
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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.
(1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement.
Terms Used In Illinois Compiled Statutes 815 ILCS 655/1
- 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
- Personal property: All property that is not real property.
(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.