Illinois Compiled Statutes 815 Business Transactions: Article -

• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 1
  Short title. This Act may be cited as the Motor Vehicle Leasing Act. (Source: P.A. 89-625, eff. 1-1-97.)
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 5
  Statement of intent. It is the purpose of this Act to promote the understanding of vehicle leasing in this State by providing for the...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10
  Definitions and rules of construction. In this Act, unless the context or subject matter otherwise requires, the following words and phrases have the meanings...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.5
  Adjusted capitalized cost. The amount which serves as the basis for determining the base lease payment, computed by subtracting from the capitalized cost any...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.10
  Average periodic depreciation. The difference between the adjusted capitalized cost and the residual value divided by the number of payment periods in the consumer...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.15
  Average periodic lease charge. The lease charge for the scheduled term of the consumer lease divided by the number of payment periods or, for...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.20
  Base lease payment. That portion of the periodic lease payment which shall be the sum of (a) the average periodic lease charge and (b)...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.25
  Capitalized cost. The amount which, when reduced by the amount of the capitalized cost reduction, equals the adjusted capitalized cost. The capitalized cost includes...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.30
  Capitalized cost reduction. Payments made by cash, check, rebates, or similar means that are in the nature of down payments made by the lessee...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.35
  Conspicuous. Distinguished from other terms by type size or in some other manner. A term in at least 10-point bold type shall be deemed...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.40
  Constant yield method. (a) In the case of a periodic payment lease, the method of determining the lease charge portion of each base lease...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.45
  Consumer lease. A contract, entered into in this State, which transfers the right of possession for use of a vehicle by a natural person...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.50
  Consumer Leasing Act. That Act of Congress codified as 15 U.S.C. 1667 et seq. and regulations promulgated pursuant thereto, as that Act and regulations...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.55
  Gap amount. The difference between the amount owed (or which would be owed in the absence of gap protection) by the lessee under the...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.60
  Gap protection. A contractual undertaking by the holder or lessor or by a third party to waive or provide that a third person shall...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.65
  Group credit insurance. Group credit life insurance, group credit accident insurance, group credit accident and health insurance, group disability insurance, or group credit unemployment...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.70
  Holder. The lessor or owner of a vehicle under or subject to a consumer lease and if ownership of the consumer lease is acquired...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.75
  Lease charge. The charge determined by the lessor to be paid by the lessee for the privilege of making the lease payments as scheduled...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.80
  Lessee. A natural person who leases a vehicle under a consumer lease. For purposes of Section 15 of this Act, the term also includes...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.85
  Lessor. A person regularly engaged in the business of leasing or selling vehicles who leases a vehicle under a consumer lease. (Source: P.A. 89-625,...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.90
  Person. An individual, partnership, corporation, association or other group, however organized. (Source: P.A. 89-625, eff. 1-1-97.)
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.95
  Precomputed lease transaction. A consumer lease transaction in which the total of the base lease payments for the term of the lease is established...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.100
  Realized value. The greater of (a) the price received by the lessor for disposition of the vehicle, after subtracting all actual and reasonable expenses...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.105
  Renegotiation. The satisfaction and replacement of an existing consumer lease by a new consumer lease undertaken by the same lessee. The term renegotiation does...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.110
  Residual value. The estimated value of the vehicle at the end of the scheduled lease term, used by the lessor in determining the base...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.115
  Single payment lease. A consumer lease for which a single payment is required to be paid at the beginning of the lease for the...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.120
  Vehicle or motor vehicle. A motor vehicle as defined in Section 1-146 of the Illinois Vehicle Code. (Source: P.A. 89-625, eff. 1-1-97.)
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 10.125
  Words in the singular include the plural and vice versa, unless otherwise specified. The term "periodic" means "monthly", "weekly", "quarterly", or any other period...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 15
  Payment or trade-in pending execution of consumer lease: refund or return upon non-execution. (a) If a lessee has made a payment to a lessor...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 20
  Total loss notice and waiver of the gap amount. (a) If the consumer lease provides that the lessee shall be responsible for the gap...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 25
  Requirements for a consumer lease. (a) A consumer lease shall be in writing and signed by the lessor and the lessee. (b) The printed...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 30
  Security interest prohibited. (a) No consumer lease or other document executed by the lessee in connection therewith shall provide for the creation of a...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 35
  Notice of lessee's default and right to cure. After a lessee has been in default for 10 days solely by reason of the lessee's...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 37
  Military personnel in military service; termination of lease. (a) In this Act: "Military service" means any full-time training or duty, no matter how described under...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 40
  Establishment of realized value at lease termination when purchase option not exercised. (a) If a consumer lease is terminated early and the lessee is...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 45
  Restriction on early termination liability. (a) The lessee shall have the right to terminate the consumer lease at any time after the lessee has...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 50
  Restriction on the reporting of early terminations. The holder shall not report the voluntary early termination of a consumer lease to a consumer reporting...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 55
  Assessment of excess wear and damage to the vehicle. (a) The consumer lease shall contain a clause complying with the Consumer Leasing Act which...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 60
  Satisfaction of consumer lease. After the payment of all sums for which the lessee is obligated under a consumer lease and upon the lessee's...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 65
  Renegotiations and extensions. (a) The disclosure requirements of Section 25 of this Act apply to the renegotiation of a consumer lease. A renegotiation does...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 70
  Preservation of claims and defenses. No lessor shall take or receive a consumer lease which fails to contain the following provision in at least...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 75
  Enforcement. (1) The Attorney General or the State's Attorney of any county in this State may bring an action in the name of the...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 85
  Supplementary general principles of law applicable. Unless displaced by the particular provisions of this Act, other statutes of this State applicable to personal property...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 90
  Construction against implicit repeal. This Act being a general Act intended as a unified coverage of its subject matter, no part of it shall...
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 95
  Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 89-625, eff. 1-1-97.)
• Illinois Motor Vehicle Leasing Act. - 815 ILCS 636, Section 999
  Effective date. This Act takes effect January 1, 1997. (Source: P.A. 89-625, eff. 1-1-97.)

Last modified: February 18, 2015