Definitions

Section 160.1  Definitions "Act" means the Sales Finance Agency Act [205 ILCS 660]. "Controlling person" means a person, entity, or ultimate equitable owner that: owns or controls, directly or indirectly, 10% or more of any class of stock of the license applicant; is not a depository institution, as defined in Section 1007.50 of the Savings Bank Act [205 ILCS 205] that lends, provides, or infuses, directly or indirectly, in any way, funds to or into a license applicant, in an amount equal to or more than 10% of the license applicant's net worth; controls, directly or indirectly, the election of 25% or more members of the board of directors of a license applicant; or the Director finds influences management of the license applicant. "Department" means the Department of Financial and Professional Regulation. "Director" means the Director or Acting Director of the Department of Financial and Professional Regulation-Division of Financial Institutions with the authority delegated by the Secretary or the Director's designee. "Division" means the Department of Financial and Professional Regulation-Division of Financial Institutions. "Generally accepted accounting principles" or "GAAP" means those published by the Federal Accounting Standards Advisory Board (401 Merritt 7, PO Box 5116, Norwalk, CT  06856-5116). "Licensee" means a person, partnership, association, limited liability company, corporation or other legal entity licensed under the Act.  Any person or entity who holds himself, herself, or itself out as a licensee or who is accused of unlicensed practice is considered a licensee for purposes of enforcement, investigation, and hearings. "Net worth" means total assets minus total liabilities . (Section 2 of the Act) "Person" means an individual, corporation, partnership, limited liability company, joint venture, or any other form of business association. (Section 2 of the Act) "Secretary" means the Secretary or Acting Secretary of Financial and Professional Regulation or the Secretary's designee.