Hi all,
I need help on how exactly the state of Illinois defines "making a loan" specific to unsecured personal loans.
I found the definition of "making a residential mortgage loan" and am assuming it's ultimately the same for unsecured debt, but I want to be certain.
205 ILCS 635 (Residential Mortgage Lending Act of 1987) defines making a residential mortgage loan as follows:
(b) "Making a residential mortgage loan" or "funding a residential mortgage loan" shall mean for compensation or gain, either directly or indirectly, advancing funds or making a commitment to advance funds to a loan applicant for a residential mortgage loan.