§ 205 ILCS 510/0.01 Short title
§ 205 ILCS 510/0.05 Administration of Act
§ 205 ILCS 510/1 (a) Every individual or business entity which lends money on the …
§ 205 ILCS 510/1.5 Misleading practices and names prohibited
§ 205 ILCS 510/2 It shall be unlawful for any pawnbroker to charge or collect a …
§ 205 ILCS 510/3 Every pawnbroker shall at all times have and keep Section 2 of this …
§ 205 ILCS 510/4 Every pawnbroker shall, at the time of making any advancement or …
§ 205 ILCS 510/5 Record requirements
§ 205 ILCS 510/5.5 Replacement of articles or property; insurance.In the event that any …
§ 205 ILCS 510/6 Inspection of records
§ 205 ILCS 510/7 Daily report
§ 205 ILCS 510/7.5 Report to the Secretary
§ 205 ILCS 510/8 No pawnbroker shall take or receive any pawn or pledge for any …
§ 205 ILCS 510/9 No pawnbroker shall purchase or take any article in pawn or pledge …
§ 205 ILCS 510/9.5 Altered property; serial number and manufacturer’s identification number
§ 205 ILCS 510/10 Sale of property
§ 205 ILCS 510/11 Violations
§ 205 ILCS 510/12 Hold order

Terms Used In Illinois Compiled Statutes > 205 ILCS 510 - Pawnbroker Regulation Act

  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Forbearance: A means of handling a delinquent loan. A
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • 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
  • oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Oath: A promise to tell the truth.
  • 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.
  • police force: shall be construed to include such persons in the employ of a municipality as members of the department of police, who are or shall hereafter be appointed and sworn as policemen. See Illinois Compiled Statutes 5 ILCS 70/1.20
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC