| | | | | | | by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Illinois Compiled Statutes 810 ILCS 5/2A-103Consignee: means a person named in a bill of | | | | | | regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $40,000. See Illinois Compiled Statutes 810 ILCS 5/2A-103Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Illinois Compiled Statutes 810 ILCS 5/2-106Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCCCross examine: Questioning of a witness by the attorney for the other side.Delivery order: means a record that contains an | | order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Illinois Compiled Statutes 810 ILCS 5/7-102Department: means the Department of Commerce and Economic Opportunity. See Illinois Compiled Statutes 30 ILCS 780/5-5Devise: To gift property by will.Donee: The recipient of a gift.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: OCCExecutive session: A portion of the Senate's daily session in which it considers executive business.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: OCCFault: means wrongful act, omission, breach, or | | default. See Illinois Compiled Statutes 810 ILCS 5/2A-103Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 661/6-5Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 666/11-5Federal 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: OCCFinance 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: OCCFinance lease: means a lease with respect to | | (i) the lessor does not select, manufacture, or
| | (ii) the lessor acquires the goods or the right
| | to possession and use of the goods in connection with the lease; and |
| (iii) one of the following occurs: (A) the lessee receives a copy of the
| | contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; |
| (B) the lessee's approval of the contract by
| | which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; |
| (C) the lessee, before signing the lease
| | contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or |
| (D) if the lease is not a consumer lease, the
| | lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Illinois Compiled Statutes 810 ILCS 5/2A-103Forbearance: A means of handling a delinquent loan. AGood faith: means honesty in fact and the | | | | movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal ReserveGrant index: means a figure for each school district equal to one minus the ratio of the district's equalized assessed valuation per pupil in average daily attendance to the equalized assessed valuation per pupil in average daily attendance of the district located at the 90th percentile for all districts of the same category. See Illinois Compiled Statutes 105 ILCS 230/5-5Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCCHazardous 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-1104Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.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-103Issuer: means a bailee that issues a document of | | title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Illinois Compiled Statutes 810 ILCS 5/7-102Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.Laws now in force: and words of similar import, mean the laws in force at the time the Act containing the words shall take effect. See Illinois Compiled Statutes 5 ILCS 70/1.18Leasehold interest: means the interest of the | | lessor or the lessee under a lease contract. See Illinois Compiled Statutes 810 ILCS 5/2A-103Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. MintLegatee: A beneficiary of a decedentLien: means a charge against or interest in | | | | | | merchant with respect to goods of the kind subject to the lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103National school lunch program: means a program administered by the U. See Illinois Compiled Statutes 30 ILCS 780/5-5Nolo 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.Official state newspaper: means the newspaper designated and certified to the Commission annually by the Director of Central Management Services of the State of Illinois, or, if said Director fails to certify to the Commission the name and address of the official newspaper selected by the Director prior to expiration of the previous certification, the newspaper designated in the most recent certification. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Open-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: OCCOral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source: 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: OCCPrecedent: 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.present sale: means a sale which is accomplished by the making of the contract. See Illinois Compiled Statutes 810 ILCS 5/2-106Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. CourtsPresident pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 661/6-5Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 666/11-5Public defender: Represent defendants who can't afford an attorney in criminal matters.Purchase: includes taking by sale, lease, | | | | a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Illinois Compiled Statutes 810 ILCS 5/7-102Remand: When an appellate court sends a case back to a lower court for further proceedings.Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCCRight of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.School construction project: means the acquisition, development, construction, reconstruction, rehabilitation, improvement, architectural planning, and installation of capital facilities consisting of buildings, structures, durable equipment, and land for educational purposes. See Illinois Compiled Statutes 105 ILCS 230/5-5School district: includes a cooperative high school, which shall be considered a high school district for the purpose of calculating its grant index. See Illinois Compiled Statutes 105 ILCS 230/5-5School maintenance project: means a project, other than a school construction project, intended to provide for the maintenance or upkeep of buildings or structures for educational purposes, but does not include ongoing operational costs. See Illinois Compiled Statutes 105 ILCS 230/5-5Seller: means a person who sells or contracts to | | | | contract of transportation with a carrier. See Illinois Compiled Statutes 810 ILCS 5/7-102Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.Special Service Area: means a contiguous area within a municipality or county in which special governmental services are provided in addition to those services provided generally throughout the municipality or county, the cost of the special services to be paid from revenues collected from taxes levied or imposed upon property within that area. See Illinois Compiled Statutes 35 ILCS 200/20-90Special service area commission: means a local board established by the corporate authorities of a municipality or county for the purpose of managing a particular special service area. See Illinois Compiled Statutes 35 ILCS 200/20-90Sublease: means a lease of goods the right to | | possession and use of which was acquired by the lessor as a lessee under an existing lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Supplemental appropriation: Budget authority provided in an appropriations act in addition to regular or continuing appropriations already provided. Supplemental appropriations generally are made to cover emergencies, such as disaster relief, or other needs deemed too urgent to be postponed until the enactment of next year's regular appropriations act.Supply contract: means a contract under which a | | lessor buys or leases goods to be leased. See Illinois Compiled Statutes 810 ILCS 5/2A-103Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32teachers: means and includes all members of the teaching force excluding the general superintendent and principals. See Illinois Compiled Statutes 105 ILCS 5/34-84Truth 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: OCCUniversity: means and includes Chicago State University, located at Chicago, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 661/6-5University: means and includes Eastern Illinois University, located at Charleston, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 666/11-5Usury: Charging an illegally high interest rate on a loan. Source: OCCVeto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.Victim advocate: work with prosecutors and assist the victims of a crime.Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing.Warehouse: means a person engaged in the | |
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