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90_HB3465
815 ILCS 160/1 from Ch. 17, par. 7101
815 ILCS 405/1 from Ch. 121 1/2, par. 501
Amends the Credit Agreements Act and the Retail
Installment Sales Act. Adds a caption and makes stylistic
changes.
LRB9009393WHmg
LRB9009393WHJmg
1 AN ACT concerning business transactions.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Credit Agreements Act is amended by
5 changing Section 1 as follows:
6 (815 ILCS 160/1) (from Ch. 17, par. 7101)
7 Sec. 1. Definitions. As used in For the purpose of
8 this Act, the following terms have the meanings given them:
9 (1) "Credit agreement" means an agreement or commitment
10 by a creditor to lend money or extend credit or delay or
11 forbear repayment of money not primarily for personal, family
12 or household purposes, and not in connection with the
13 issuance of credit cards.
14 (2) "Creditor" means a person engaged in the business of
15 lending money or extending credit.
16 (3) "Debtor" means a person who obtains credit or seeks
17 a credit agreement or claims the existence of a credit
18 agreement with a creditor or who owes money to a creditor.
19 (4) "Person" means an individual, corporation,
20 partnership, joint venture, trust estate, unincorporated
21 association or other entity.
22 (Source: P.A. 86-613.)
23 Section 10. The Retail Installment Sales Act is amended
24 by changing Section 1 as follows:
25 (815 ILCS 405/1) (from Ch. 121 1/2, par. 501)
26 Sec. 1. Short title. This Act may be cited as the Retail
27 Installment Sales Act.
28 (Source: Laws 1967, p. 2149.)