§ 4-101 — Definitions

The following definitions are applicable strictly in the context of this Article: (A) Credit Card. "Credit card" has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012. (B) Financial Institution. "Financial institution" means any bank, credit union, insurance company, mortgage banking company or savings and loan association which operates or has a place of business in this State. (C) Loan. "Loan" includes, but is not limited to, the providing of funds, for consideration, which are sought for: (1) the purpose of purchasing, constructing, improving, repairing, or maintaining a housing accommodation as that term is defined in paragraph (C) of Section 3-101; or (2) any commercial or industrial purposes. (D) Varying Terms. "Varying the terms of a loan" includes, but is not limited to, the following practices: (1) Requiring a greater down payment than is usual for the particular type of a loan involved. (2) Requiring a shorter period of amortization than is usual for the particular type of loan involved. (3) Charging a higher interest rate than is usual for the particular type of loan involved. (4) An under appraisal of real estate or other item of property offered as security.

Legislative History

(Source: P.A. 96-1551, eff. 7-1-11; 97-1150, eff. 1-25-13.)