Bill Amendment: IL SB0885 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: INSTALLMENT SALES CONTRACTS

Status: 2017-08-25 - Public Act . . . . . . . . . 100-0416 [SB0885 Detail]

Download: Illinois-2017-SB0885-House_Amendment_001.html

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Rep. Jehan Gordon-Booth

Filed: 5/17/2017

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AMENDMENT TO SENATE BILL 885
AMENDMENT NO. ______. Amend Senate Bill 885 on page 8, line
17, after "notarized." by inserting "However, any provision in
an installment sales contract that forbids the buyer to record
the contract or a memorandum of the contract is void and
unenforceable."; and
on page 8, by replacing lines 24 and 25 with the following:
"reason that may affect the ability of the seller to comply
with the terms of the installment sales contract regarding the
conveyance of marketable title to the buyer, the buyer has the
option to"; and
on page 9, by deleting lines 1 and 2; and
on page 11, line 8, after "seller." by inserting "There shall
be an exception for the application of insurance proceeds to
the seller's mortgage balance when required by the terms of the

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seller's mortgage, with a corresponding credit to the buyer for
the amount payable due on the installment sales contract.".