Chapter 815, BUSINESS TRANSACTIONS

(815 ILCS 5/2.14) (from Ch. 121 1/2, par. 137.2-14) Sec. 2.14. "Face amount certificate contract" means any form of "face amount certificate" or "periodic payment plan certificate" (as so designated and defined under the Federal Investment Company Act of 1940) and shall also mean…

(815 ILCS 405/2.14) (from Ch. 121 1/2, par. 502.14) Sec. 2.14. "Holder" of a retail installment contract or a retail charge agreement means the retail seller of the goods or services under the installment contract or charge agreement or the sales finance agency or other assignee …

(815 ILCS 375/2.14) Sec. 2.14. Truth-in-Lending Act. "Truth-in-Lending Act" means the federal Truth-in-Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 226. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 405/2.15) (from Ch. 121 1/2, par. 502.15) Sec. 2.15. "Annual percentage rate" means the nominal annual percentage rate of finance charge determined in accordance with the actuarial method of computation with an accuracy at least to the nearest 1/4 of 1%; or at the optio…

(815 ILCS 5/2.15) (from Ch. 121 1/2, par. 137.2-15) Sec. 2.15. "Investment fund shares" means securities issued by persons known as "investment funds" or "investment companies" or "investment trusts" but such term shall not include securities issued by persons not within the inte…

(815 ILCS 375/2.15) Sec. 2.15. Precomputed. A contract is "precomputed" if the debt is expressed as the sum of the amount financed plus the amount of the finance charge computed in advance. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 405/2.16) Sec. 2.16. Truth-in Lending Act. "Truth-in-Lending Act" means the federal Truth-in-Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 226. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 5/2.16) (from Ch. 121 1/2, par. 137.2-16) Sec. 2.16. "Securities Director" means the chief administrator of the Securities Department, appointed by the Secretary of State. (Source: P.A. 84-869.)

(815 ILCS 405/2.17) Sec. 2.17. Precomputed. A contract is "precomputed" if the debt is expressed as a sum of the amount financed plus the amount of the finance charge computed in advance. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 5/2.17) (from Ch. 121 1/2, par. 137.2-17) Sec. 2.17. "Federal 1933 Act" means the Act of the Congress of the United States known as the Securities Act of 1933, as amended. (Source: P.A. 80-556.)

(815 ILCS 5/2.17a) (from Ch. 121 1/2, par. 137.2-17a) Sec. 2.17a. "Federal 1934 Act" means the Act of Congress of the United States known as the Securities Exchange Act of 1934, as amended. (Source: P.A. 85-1445.)

(815 ILCS 5/2.17b) (from Ch. 121 1/2, par. 137.2-17b) Sec. 2.17b. Federal 1974 Act. "Federal 1974 Act" means the Act of Congress of the United States known as the Commodity Exchange Act, as amended. (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)

(815 ILCS 5/2.17c) (from Ch. 121 1/2, par. 137.2-17c) Sec. 2.17c. "Federal Bankruptcy Code" means the Act of Congress of the United States known as the Bankruptcy Code of 1978, as amended. (Source: P.A. 84-869.)

(815 ILCS 5/2.17d) (from Ch. 121 1/2, par. 137.2-17d) Sec. 2.17d. "Federal 1940 Investment Company Act" means the Act of Congress of the United States known as the Investment Company Act of 1940, as amended. (Source: P.A. 84-869.)

(815 ILCS 5/2.17e) (from Ch. 121 1/2, par. 137.2-17e) Sec. 2.17e. "Federal 1940 Investment Advisers Act" means the Act of Congress of the United States known as the Investment Advisers Act of 1940, as amended. (Source: P.A. 84-869.)

(815 ILCS 5/2.17f) Sec. 2.17f. Federal 1996 Act. "Federal 1996 Act" means the Act of Congress of the United States known as the National Securities Markets Improvement Act of 1996. (Source: P.A. 90-70, eff. 7-8-97.)

(815 ILCS 5/2.18) (from Ch. 121 1/2, par. 137.2-18) Sec. 2.18. "Clearing corporation" means a clearing corporation as defined in Section 8-102 of the Uniform Commercial Code, as amended. (Source: P.A. 79-1176.)

(815 ILCS 405/2.2) (from Ch. 121 1/2, par. 502.2) Sec. 2.2. "Services" means work, labor or services of any kind rendered or furnished or agreed to be rendered or furnished by a retail seller for a use other than in business (including farming or a profession), but does not inclu…

(815 ILCS 375/2.2) (from Ch. 121 1/2, par. 562.2) Sec. 2.2. "Retail buyer" or "buyer" means a person who buys a motor vehicle from a retail seller, primarily for personal, family, household or agricultural purposes in a retail installment transaction, but does not include a buyer…

(815 ILCS 440/2.2) (from Ch. 96 1/2, par. 7702.2) Sec. 2.2. "New oil" means any oil which has been refined from crude oil and has not been used, and which may or may not contain additives. Such term does not include used oil or recycled oil. (Source: P.A. 81-379.)

(815 ILCS 5/2.2) (from Ch. 121 1/2, par. 137.2-2) Sec. 2.2. "Issuer" means every person who shall have issued or proposes to issue any security; except that (1) with respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, and certificates of …

(815 ILCS 5/2.24) (from Ch. 121 1/2, par. 137.2-24) Sec. 2.24. "State" means any state, territory, or possession of the United States, the District of Columbia and Puerto Rico. (Source: P.A. 83-44.)

(815 ILCS 5/2.25) (from Ch. 121 1/2, par. 137.2-25) Sec. 2.25. "Federal ERISA Act" means the Act of Congress of the United States known as the Employee Retirement Income Security Act of 1974, as amended. (Source: P.A. 85-1445.)

(815 ILCS 5/2.26) (from Ch. 121 1/2, par. 137.2-26) Sec. 2.26. Mineral investment contract. "Mineral investment contract" means any investment, account, agreement, or contract whereby the investor's profits are dependent upon the transportation, mining, minting, milling, flotatio…

(815 ILCS 5/2.27) (from Ch. 121 1/2, par. 137.2-27) Sec. 2.27. Mineral deferred delivery contract. "Mineral deferred delivery contract" means any account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for the use or cons…

(815 ILCS 5/2.28) Sec. 2.28. Securities exchange. "Securities exchange" means any organization, association, or group of persons, incorporated or unincorporated, located within this State that constitutes, maintains, or provides a marketplace, facilities, or electronic communicat…

(815 ILCS 5/2.29) Sec. 2.29. Covered security. "Covered security" means any security that is a covered security under Section 18(b) of the Federal 1933 Act or rules or regulations promulgated thereunder. (Source: P.A. 95-331, eff. 8-21-07.)

(815 ILCS 375/2.3) (from Ch. 121 1/2, par. 562.3) Sec. 2.3. "Retail seller" or "seller" means a person engaged in the business of selling motor vehicles to retail buyers in retail installment transactions. (Source: Laws 1967, p. 2163.)

(815 ILCS 5/2.3) (from Ch. 121 1/2, par. 137.2-3) Sec. 2.3. "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a limited liability company, a limited liability partnership, a trust or any unincorporated organization. As used in this…

(815 ILCS 405/2.3) (from Ch. 121 1/2, par. 502.3) Sec. 2.3. "Retail buyer" or "buyer" means a person who buys goods or obtains services from a retail seller in a retail installment transaction. (Source: Laws 1967, p. 2149.)

(815 ILCS 440/2.3) (from Ch. 96 1/2, par. 7702.3) Sec. 2.3. "Recycled oil" means: (a) used oil from which physical and chemical contaminants acquired through use have been removed by re-refining or other processing, or (b) any blend of oil, consisting of such re-refined or otherw…

(815 ILCS 5/2.30) Sec. 2.30. Federal covered investment adviser. "Federal covered investment adviser" means a person who is registered under Section 203 of the Federal 1940 Investment Advisers Act. (Source: P.A. 90-70, eff. 7-8-97; 90-667, eff. 7-30-98.)

(815 ILCS 5/2.31) Sec. 2.31. Limited Canadian salesperson. "Limited Canadian salesperson" means a salesperson who is a resident of Canada, has no office or other physical presence in this State, and complies with conditions specified by the Secretary of State through rule or orde…

(815 ILCS 5/2.32) Sec. 2.32. Limited Canadian dealer. "Limited Canadian dealer" means a dealer who is a resident of Canada, has no office or other physical presence in this State, and complies with conditions specified by the Secretary of State through rule or order. (Source: P.A…

(815 ILCS 5/2.33) Sec. 2.33. Viatical investment. "Viatical investment" means the contractual right to receive any portion of the death benefit or ownership of a life insurance policy or certificate for consideration that is less than the expected death benefit of the life insura…

(815 ILCS 5/2.34) Sec. 2.34. Accredited investor. "Accredited investor" has the meaning given to that term in 17 CFR 230.501(a), as amended and in effect from time to time. (Source: P.A. 99-182, eff. 1-1-16.)

(815 ILCS 5/2.35) Sec. 2.35. Qualified escrowee. "Qualified escrowee" means a person, firm, partnership, association, corporation, or other legal entity who: (a) falls under the definition of "title insurance company" under, and pursuant to the terms and requirements of, the Titl…

(815 ILCS 5/2.36) Sec. 2.36. Registered Internet portal. "Registered Internet portal" means an Internet portal maintained by a corporation or other legal entity that is being used to offer or sell securities and that meets the requirements of Section 8d of this Act. (Source: P.A.…

(815 ILCS 405/2.4) (from Ch. 121 1/2, par. 502.4) Sec. 2.4. "Retail seller" or "seller" means a person regularly engaged in, and whose business consists to a substantial extent of, selling, and who in the ordinary course of business regularly sells or offers to sell goods or serv…

(815 ILCS 375/2.4) (from Ch. 121 1/2, par. 562.4) Sec. 2.4. "Retail installment transaction" means a credit sale of a motor vehicle by a retail seller to a retail buyer for a deferred payment price payable in one or more installments. (Source: P.A. 76-1781.)

(815 ILCS 5/2.4) (from Ch. 121 1/2, par. 137.2-4) Sec. 2.4. "Controlling person" means any person offering or selling a security, or group of persons acting in concert in the offer or sale of a security, owning beneficially (and in the absence of knowledge, or reasonable grounds …

(815 ILCS 440/2.4) (from Ch. 96 1/2, par. 7702.4) Sec. 2.4. "Lubricating oil" means all oil regardless of origin which: (a) is suitable for use as a lubricant or (b) is sold for use as a lubricant. (Source: P.A. 81-379.)

(815 ILCS 375/2.5) (from Ch. 121 1/2, par. 562.5) Sec. 2.5. "Retail Installment contract", "installment contract" or "contract" means an instrument or instruments prescribing the terms of a retail installment transaction and entered into in this State. (Source: P.A. 90-437, eff. …

(815 ILCS 405/2.5) (from Ch. 121 1/2, par. 502.5) Sec. 2.5. "Retail installment transaction" means a credit sale of goods or a furnishing or rendering of services by a retail seller to a retail buyer for a deferred payment price payable in one or more installments pursuant to a r…

(815 ILCS 5/2.5) (from Ch. 121 1/2, par. 137.2-5) Sec. 2.5. "Sale" or "sell" shall have the full meaning of that term as applied by or accepted in the courts of this State, and shall include every contract of sale or disposition of a security or interest in a security for value. …

(815 ILCS 440/2.5) (from Ch. 96 1/2, par. 7702.5) Sec. 2.5. "Automotive oil" means all oil including lubricating and hydraulic oil, which is used in automobiles, trucks, buses, motorcycles and all other motorized vehicles which travel on or off roads and highways. (Source: P.A. 8…

(815 ILCS 5/2.5a) (from Ch. 121 1/2, par. 137.2-5a) Sec. 2.5a. Offer. "Offer" shall include every offer to sell or otherwise dispose of, or solicitation of an offer to purchase, whether orally or by means of publication, including but not limited to printed and electronic media, …

(815 ILCS 375/2.6) (from Ch. 121 1/2, par. 562.6) Sec. 2.6. "Cash sale price" means the price stated in a retail installment contract for which the seller in good faith and in the regular course of business would have sold to the buyer, and the buyer would have bought from the se…

(815 ILCS 5/2.6) (from Ch. 121 1/2, par. 137.2-6) Sec. 2.6. "Underwriter" means any person who has purchased a security from an issuer or a controlling person with a view to, or who offers or sells a security for an issuer or a controlling person in connection with, the distribut…

(815 ILCS 440/2.6) (from Ch. 96 1/2, par. 7702.6) Sec. 2.6. "Fuel oil" means all oil which has been refined, re-refined or reclaimed for the purpose of being burned to reproduce heat. (Source: P.A. 81-379.)