Help w/ consumer loan definition of "Making" loans

Posted By: Stephen McCall

Help w/ consumer loan definition of "Making" loans - 03/03/20 11:17 PM

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.
Posted By: rlcarey

Re: Help w/ consumer loan definition of "Making" loans - 03/04/20 01:58 PM

I don't think you are going to find such a succinct definition of a consumer loan, but you would find it in here, I expect:

205 ILCS 670/) Consumer Installment Loan Act.

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=1204&ChapterID=20