§902.30. Definitions

Act means the Payday Loan Reform Act [815 ILCS 122].

 

Code means the Illinois Insurance Code [215 ILCS 5].

 

Department means the Illinois Department of Insurance.

 

Director means the Director of the Illinois Department of Insurance.

Insurance Company means one that is organized, chartered, or holding a certificate of authority to do business under the laws of this State or any other state or under the laws of the United States.  (See 815 ILCS 122/1-15(d).)

 

Payday loan or loan means a loan with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days, including any transaction conducted via any medium whatsoever, including, but not limited to, paper, facsimile, Internet, or telephone, in which:

 

A lender accepts one or more checks dated on the date written and agrees to hold them for a period of days before deposit or presentment, or accepts one or more checks dated subsequent to the date written and agrees to hold them for deposit; or

 

A lender accepts one or more authorizations to debit a consumer's bank account; or

 

A lender accepts an interest in a consumer's wages, including, but not limited to, a wage assignment.