Illinois Administrative Code
Title 92 - TRANSPORTATION
Part 1360 - EQUIPMENT LEASES
Section 1360.20 - Definitions

Universal Citation: 92 IL Admin Code ยง 1360.20
Current through Register Vol. 48, No. 12, March 22, 2024

"Addendum." A supplement to an existing lease.

"Authorized carrier." A person holding a motor carrier of property license from the Commission.

"Equipment." A motor vehicle, straight truck or tractor.

"Lease." A written document vesting possession, use, control and responsibility in the lessee during the periods the vehicle is operated by or for the lessee.

"Lessee." In a lease, the party acquiring the use of equipment, with or without driver, from another.

"Lessor." In a lease, the party granting the use of equipment, with or without driver, to another.

"Owner." A person

to whom title to equipment has been issued, or

who, without title, has the right to exclusive use of equipment for a period longer than 30 days, or

who has lawful possession of equipment, registered and licensed in any state in the name of that person.

"Permanent lease." A lease in which the authorized carrier acquires the use of equipment, with or without driver, from an owner for a period of 30 days or more.

"Shipper." A person who sends or receives property which is transported in intrastate commerce.

"Sublease." A written document in which the lessee grants the use of leased equipment, with or without driver.

"Trip lease." A lease in which the authorized carrier acquires the use of equipment, with or without driver, from an owner for a period of time less than 30 days.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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