Bill Text: IL SB3392 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Installment Sales Contract Act. Excludes from the scope of the term "installment sales contract" a financing arrangement for the transfer of residential real estate that for religious or cultural reasons does not allow for the imposition or collection of interest. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Passed) 2018-07-20 - Public Act . . . . . . . . . 100-0626 [SB3392 Detail]
Download: Illinois-2017-SB3392-Engrossed.html
Bill Title: Amends the Installment Sales Contract Act. Excludes from the scope of the term "installment sales contract" a financing arrangement for the transfer of residential real estate that for religious or cultural reasons does not allow for the imposition or collection of interest. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Passed) 2018-07-20 - Public Act . . . . . . . . . 100-0626 [SB3392 Detail]
Download: Illinois-2017-SB3392-Engrossed.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Installment Sales Contract Act is amended by | ||||||
5 | changing Section 5 as follows:
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6 | (765 ILCS 67/5)
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7 | Sec. 5. Definitions. As used in this Act, unless the | ||||||
8 | context otherwise requires: | ||||||
9 | "Amortization schedule" means a written schedule which | ||||||
10 | sets forth the date of each periodic payment, the amount of | ||||||
11 | each periodic payment that will be applied to the principal | ||||||
12 | balance and the resulting principal balance, and the amount of | ||||||
13 | each periodic payment that will be applied to any interest | ||||||
14 | charged, if applicable, pursuant to the contract.
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15 | "Balloon payment" means a payment, other than the initial | ||||||
16 | down payment, in which more than the ordinary periodic payment | ||||||
17 | is charged during the contract.
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18 | "Business day" means any calendar day except Saturday, | ||||||
19 | Sunday, or a State or federal holiday. | ||||||
20 | "Buyer" means the person who is seeking to obtain title to | ||||||
21 | a property by an installment sales contract or is obligated to | ||||||
22 | make payments to the seller pursuant to the contract.
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23 | "Date of sale" means the date that both the seller and |
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1 | buyer have signed the written contract.
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2 | "Dwelling structure" means any private home or residence or | ||||||
3 | any building or structure intended for residential use with not | ||||||
4 | less than one nor more than 4 residential dwelling units. | ||||||
5 | "Installment sales contract" or "contract" means any | ||||||
6 | contract or agreement, including a contract for deed, bond for | ||||||
7 | deed, or any other sale or legal device whereby a seller agrees | ||||||
8 | to sell and the buyer agrees to buy a residential real estate, | ||||||
9 | in which the consideration for the sale is payable in | ||||||
10 | installments for a period of at least one year after the date | ||||||
11 | of sale, and the seller continues to have an interest or | ||||||
12 | security for the purchase price or otherwise in the property. | ||||||
13 | "Installment sales contract" does not include a financing | ||||||
14 | arrangement that for religious or cultural reasons does not | ||||||
15 | allow the imposition or collection of interest and that is | ||||||
16 | offered by a person, partnership, association, limited | ||||||
17 | liability company, or corporation doing business under and as | ||||||
18 | permitted by any law of this State or the United States | ||||||
19 | relating to banks, savings and loan associations, savings | ||||||
20 | banks, or credit unions. | ||||||
21 | "Residential real estate" means real estate with a dwelling | ||||||
22 | structure, excluding property that is sold as a part of a tract | ||||||
23 | of land consisting of 4 acres or more zoned for agricultural | ||||||
24 | purposes. | ||||||
25 | "Seller" means an individual or legal entity that possesses | ||||||
26 | a legal or beneficial interest in real estate and that enters |
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1 | into an installment sales contract more than 3 times during a | ||||||
2 | 12-month period to sell residential real estate. Any individual | ||||||
3 | or legal entity that has a legal or beneficial interest in real | ||||||
4 | estate under the name of more than one legal entity shall be | ||||||
5 | considered the same seller.
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6 | (Source: P.A. 100-416, eff. 1-1-18 .)
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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