Illinois § 1-5
Full text of Illinois Illinois Compiled Statutes § 1-5, with citation guidance and answers to common questions.
§ 1-5.
Definitions. As used in this Act: "Applicant" means a person applying for a license pursuant to this Act. "Department" means the Department of Financial and Professional Regulation. "Licensee" means a person licensed pursuant to this Act. "Pawn" means the advance of money on the deposit or pledge of physically delivered personal property, other than property the ownership of which is subject to a legal dispute or other exempt property or instruments. "Pawnbroker" means every individual or business entity that: (1) advances money on the pledge of tangible personal property, other than securities, printed evidence of indebtedness, or printed evidence of ownership of the personal property; or (2) deals in the purchase of personal property on the condition of selling the property back again at a stipulated price. "Pawn customer" means a person who pawns or pledges and physically delivers personal property in exchange for money. "Secretary" means the Secretary of Financial and Professional Regulation, or his or her designee, including the Director of the Division of Banking of the Department of Financial and Professional Regulation. (Source: P.A. 103-585, eff. 3-22-24.)
Frequently Asked Questions About Illinois § 1-5
What does Illinois Compiled Statutes § 1-5 cover?
Section 1-5 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 1-5?
A common citation format is "Illinois Compiled Statutes § 1-5" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 1-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.