205 ILCS 5 Illinois Banking Act
205 ILCS 10 Illinois Bank Holding Company Act of 1957
205 ILCS 115 Savings and Loan Share and Account Act
205 ILCS 205 Savings Bank Act
205 ILCS 305 Illinois Credit Union Act
205 ILCS 405 Currency Exchange Act
205 ILCS 510 Pawnbroker Regulation Act
205 ILCS 605 Consumer Deposit Account Act
205 ILCS 610 Banking Emergencies Act
205 ILCS 616 Electronic Fund Transfer Act
205 ILCS 620 Corporate Fiduciary Act
205 ILCS 625 Illinois Trust and Payable on Death Accounts Act
205 ILCS 630 Promissory Note and Bank Holiday Act. (Part 3)
205 ILCS 635 Residential Mortgage License Act of 1987
205 ILCS 645 Foreign Banking Office Act
205 ILCS 650 Foreign Bank Representative Office Act
205 ILCS 657 Transmitters of Money Act
205 ILCS 660 Sales Finance Agency Act
205 ILCS 665 Debt Management Service Act
205 ILCS 670 Consumer Installment Loan Act
205 ILCS 675 Illinois Financial Services Development Act
205 ILCS 680 Financial Institution Activity Reporting Act. (Repealed by P.A. 96-1365)
205 ILCS 685 Currency Reporting Act
205 ILCS 695 Automated Teller Machine Security Act
205 ILCS 700 Adverse Claims to Deposit Accounts Act
205 ILCS 705 Financial Institutions Electronic Documents and Digital Signature Act
205 ILCS 710 Banking on Illinois Act
205 ILCS 715 Data Processing Services for Financial Institutions Act
205 ILCS 725 Blockchain Business Development Act
205 ILCS 730 Blockchain Technology Act
205 ILCS 735 Illinois Community Reinvestment Act

Terms Used In Illinois Compiled Statutes > Chapter 205 - Financial Regulation

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Advisory Committee: means the group of members selected from the public and private sectors to advise in the development and implementation of the comprehensive road improvement plan, and the periodic update of the plan. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Aggregate levy: means the annual corporate levy of the taxing district and those special purpose levies which are made annually (other than debt service levies and levies made for the purpose of paying amounts due under public building commission leases). See Illinois Compiled Statutes 35 ILCS 200/18-55
  • 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
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assisted financing: means the financing of residential development by the Illinois Housing Development Authority, including loans to developers for multi-unit residential development and loans to purchasers of single family residences, including condominiums and townhomes. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • 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.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Balanced budget: A budget in which receipts equal outlays.
  • Bequest: Property gifted by will.
  • Carrier: means any motor carrier or rail carrier other than a private carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Certificate: means a certificate of public convenience and necessity issued under this Chapter to common carriers of household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Chambers: A judge's office.
  • Circuit clerk: means clerk of the circuit court. See Illinois Compiled Statutes 5 ILCS 70/1.26
  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Commission regulations and orders: means rules and regulations adopted and orders or decisions issued by the Commission pursuant to this Chapter; any certificate, permit, broker's license or other license or registration issued pursuant to such rules, regulations, orders and decisions; and all terms, conditions, or limitations thereof. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
  • Comprehensive road improvement plan: means a plan prepared by the unit of local government in consultation with the Advisory Committee. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
  • Cross examine: Questioning of a witness by the attorney for the other side.
  • Debt service: means levies made by any taxing district pursuant to home rule authority, statute, referendum, ordinance, resolution, indenture, agreement, or contract to retire the principal or pay interest on bonds, notes, debentures or other financial instruments which evidence indebtedness. See Illinois Compiled Statutes 35 ILCS 200/18-55
  • Department: means the Department of Children and Family Services. See Illinois Compiled Statutes 20 ILCS 510/510-5
  • Deposit accounts: means certificates of deposit, withdrawable deposits, savings accounts, demand deposit accounts, checking accounts, or any other term or terms appropriate. See Illinois Compiled Statutes 205 ILCS 205/7001
  • Developer: means any person who undertakes new development. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Devise: To gift property by will.
  • Dispatcher: means any person who, as an employee or agent of a commercial vehicle relocator, dispatches vehicles to or from locations from which operators perform removal activities; and
         (7) "Dispatcher's employment permit" means a license issued to a dispatcher in accordance with Sections 18a-407 or 18a-408 of this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18a-100
  • Donor: The person who makes a gift.
  • 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
  • Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • 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
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • For-hire: means for compensation or hire, regardless of the form of compensation and whether compensation is direct or indirect. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Forbearance: A means of handling a delinquent loan. A
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • General Revenue Law of Illinois: or any equivalent expression, when used with reference to revenue, shall be deemed to refer to the Property Tax Code and all existing and future amendments thereto and modifications thereof, and all rules now or hereafter adopted pursuant thereto. See Illinois Compiled Statutes 5 ILCS 70/1.23
  • Hazardous material: means any substance or material in a quantity and form determined by the federal Office of Hazardous Materials and the Federal Railroad Administration to be capable of posing an unreasonable risk to health, safety, or property when transported in commerce. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Household goods: means :
            (A) Personal effects and property used or to be used
    
in a dwelling when a part of the equipment or supply of such dwelling; except that this subdivision (13. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Household goods carrier: means a motor carrier of property authorized to transport household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Installment lease contract: means a lease
  •     
    contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Intrastate commerce: means commerce moving wholly between points within the State of Illinois, whether such commerce moves wholly by one transportation mode or partly by one mode and partly by any other mode of transportation. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Joint resolution: A legislative measure which requires the approval of both chambers.
  • Juror: A person who is on the jury.
  • Land use assumptions: means a description of the service area or areas and the roads, streets or highways incorporated therein, including projections relating to changes in land uses, densities and population growth rates which affect the level of traffic within the service area or areas over a 20 year period of time. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Legacy: A gift of property made by will.
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Level of service: means one of the categories of road service as defined by the Institute of Transportation Engineers which shall be selected by a unit of local government imposing the impact fee as the adopted level of service to serve existing development not subject to the fee and new development, provided that the level of service selected for new development shall not exceed the level of service adopted for existing development. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • License: means any certificate, permit, broker's license, or other license issued under this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Lineal descendant: Direct descendant of the same ancestors.
  • Lot: means a parcel or a single article that is
  •     
    the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Merchant lessee: means a lessee that is a
  •     
    merchant with respect to goods of the kind subject to the lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • New development: means any residential, commercial, industrial or other project which is being newly constructed, reconstructed, redeveloped, structurally altered, relocated, or enlarged, and which generates additional traffic within the service area or areas of the unit of local government. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Notice: means with regard to all proceedings except enforcement proceedings instituted on the motion of the Commission, and except for interstate motor carrier registrations, public notice by publication in the official state newspaper, unless otherwise provided in this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Party: means any person admitted as a party to a Commission proceeding or seeking and entitled as a matter of right to admission as a party to a Commission proceeding. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Permit: means a permit issued under this Chapter to contract carriers of property by motor vehicle. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Person: means any individual, firm, partnership, association, public or private corporation, organization or business, charitable trust, or unit of local government. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Person: means any natural person or legal entity, whether such entity is a proprietorship, partnership, corporation, association, or other entity, and, where a provision concerns the acts or omissions of a person, includes the partners, officers, employees, and agents of the person, as well as any trustees, assignees, receivers, or personal representatives of the person. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC
  • Present value: means the amount as of a date
  •     
    certain of one or more sums payable in the future, discounted to the date certain. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Probate: Proving a will
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • Proportionate share: means the cost of road improvements that are specifically and uniquely attributable to a new development after the consideration of the following factors: the amount of additional traffic generated by the new development, any appropriate credit or offset for contribution of money, dedication of land, construction of road improvements or traffic reduction techniques, payments reasonably anticipated to be made by or as a result of a new development in the form of user fees, debt service payments, or taxes which are dedicated for road improvements and all other available sources of funding road improvements. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Rail carrier: means any person engaged in the transportation of property or passengers for hire by railroad, together with all employees or agents of such person or entity, and all property used, controlled, or owned by such person or entity. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Rate: means every individual or joint rate, fare, toll, or charge of any carrier or carriers, any provisions relating to application thereof, and any tariff or schedule containing rates and provisions. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • relocator: means any person or entity engaged in the business of removing trespassing vehicles from private property by means of towing or otherwise, and thereafter relocating and storing such vehicles;
         (2) "Commission" means the Illinois Commerce Commission;
         (3) "Operator" means any person who, as an employee of a commercial vehicle relocator, removes trespassing vehicles from private property by means of towing or otherwise. See Illinois Compiled Statutes 625 ILCS 5/18a-100
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Residential development: means a house, building, or other structure that is suitable or capable of being used for residential purposes. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Road improvement impact fee: means any charge or fee levied or imposed by a unit of local government as a condition to the issuance of a building permit or a certificate of occupancy in connection with a new development, when any portion of the revenues collected is intended to be used to fund any portion of the costs of road improvements. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Service area: means one or more land areas within the boundaries of the unit of local government which has been designated by the unit of local government in the comprehensive road improvement plan. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Site specific development approval: means an approval of a plan submitted by a developer to a unit of local government describing with reasonable certainty the type and intensity of use for a specific parcel or parcels of property. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • Specifically and uniquely attributable: means that a new development creates the need, or an identifiable portion of the need, for additional capacity to be provided by a road improvement. See Illinois Compiled Statutes 605 ILCS 5/5-903
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Taxing district: has the meaning specified in Section 1-150 and includes home rule units, but from January 1, 2000 through December 31, 2002 does not include taxing districts that have territory in Cook County. See Illinois Compiled Statutes 35 ILCS 200/18-55
  • teachers: means and includes all members of the teaching force excluding the general superintendent and principals. See Illinois Compiled Statutes 105 ILCS 5/34-84
  • Testator: A male person who leaves a will at death.
  • Town trustees: means the members of the township board required by Section 80-5 of the Township Code. See Illinois Compiled Statutes 5 ILCS 70/1.30
  • Transportation: means the actual movement of property or passengers by motor vehicle (without regard to ownership of vehicles or equipment used in providing transportation service) or rail together with loading, unloading, and any other accessorial or ancillary service provided by the carrier in connection with movement by motor vehicle or rail, which is performed by or on behalf of the carriers, its employees or agents, or under the authority or direction of the carrier or under the apparent authority or direction and with the knowledge of the carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • 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
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
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