Definitions
815 ILCS 655/1
in effect(815 ILCS 655/1) (from Ch. 121 1/2, par. 1801) Sec. 1. Definitions. In this Act: (1) "Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement. (2) "Cash price" means the price for which the merchant would have sold the merchandise to the consumer for cash on the date of the rental-purchase agreement. (3) "Consumer" means an individual who leases personal property under a rental-purchase agreement. (4) "Merchandise" means the personal property that is the subject of a rental-purchase agreement. (5) "Merchant" means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of merchandise under a rental-purchase agreement, and includes a person who is assigned an interest in a rental-purchase agreement. (6) "Rental-purchase agreement" means an agreement for the use of merchandise by a consumer for personal, family or household purposes for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the merchandise. (Source: P.A. 85-957.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026