Illinois Statutes Chapter 815. Business Transactions § 655/1. Definitions

(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.