Terms Used In Illinois Compiled Statutes > 775 ILCS 5 > Article 4 - Financial Credit

• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• Continuance: Putting off of a hearing ot trial until a later time.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14