§ 1 License required to engage in business
§ 2 Application; fees; positive net worth
§ 3 Appointment of attorney-in-fact for service of process
§ 4 Investigation to determine whether license shall be issued
§ 5 License
§ 7 More than one license to same licensee – Changing place of business
§ 8 Annual license fee – Expenses
§ 8.1 All moneys received by the Department of Financial Institutions under …
§ 9 Fines, Suspension or Revocation of license
§ 9.1 Closing of business; surrender of license
§ 10 Investigation of conduct of business
§ 11 Books and records – Reports
§ 12 Other business
§ 12.5 Limited purpose branch
§ 13 Prohibition against taking power of attorney
§ 14 Pledge or sale of note
§ 15 Charges permitted
§ 15a Credit insurance
§ 15b Property insurance
§ 15d Extra charges prohibited; exceptions
§ 15e Insurance
§ 16 Disclosure of Terms of Contract
§ 16b No real estate security in certain cases
§ 16c Non-English language transactions
§ 17 Maximum term and amount
§ 17.5 Consumer reporting service
§ 18 Advertising
§ 18.5 Incentives
§ 19.1 Where the licensee repossesses a motor vehicle that was used as …
§ 19.2 Licensee; prohibition against accepting certain checks
§ 20 Penalties for violation
§ 20.5 Cease and desist
§ 20.7 Civil action
§ 21 Application of Act
§ 22 Rules and regulations
§ 23 Judicial review
§ 24.5 Injunction; civil penalty; costs
§ 25 Partial invalidity
§ 26 Title of act
§ 27 Effective date

Terms Used In Illinois Compiled Statutes > 205 ILCS 670 - Consumer Installment Loan Act

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • 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
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subpoena: A command to a witness to appear and give testimony.
  • sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • 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