Bill Title: Amends the Installment Sales Contract Act. Provides that "installment sales contract" does not include a financing arrangement offered by a third-party religious or cultural lender. Defines "third-party religious or cultural lender" as an individual or legal entity licensed under the Residential Mortgage License Act of 1987 that is in compliance with the principles and norms of an established religious or cultural legal system and that is obtaining an interest in a residential dwelling solely as collateral security for a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and had no interest in the residential dwelling prior to the consummation of the financing arrangement, other than an interest in the nature of collateral security that may have been obtained as part of a prior financing arrangement made by the third-party lender.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0557 [SB1514 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Toi Hutchinson [D]	Primary	Sponsored Bills	SD-040	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mattie Hunter [D]	Cosponsor	Sponsored Bills	SD-003	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jehan Gordon-Booth [D]	Primary	Sponsored Bills	HD-092	FollowTheMoney	Ballotpedia	VoteSmart
Representative Ryan Spain [R]	Cosponsor	Sponsored Bills	HD-073	FollowTheMoney	Ballotpedia	VoteSmart
Representative Camille Lilly [D]	Cosponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart
Representative Timothy Butler [R]	Cosponsor	Sponsored Bills	HD-087	FollowTheMoney	Ballotpedia	VoteSmart
Representative Justin Slaughter [D]	Cosponsor	Sponsored Bills	HD-027	FollowTheMoney	Ballotpedia	VoteSmart

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