Bill Title: Repeals the Dwelling Structure Contract Act and the Dwelling Unit Installment Contract Act. Creates the Installment Sales Contract Act. Adds provisions governing: definitions; terms and conditions of installment sales contracts; applicability of other Acts; sales of condemned dwelling structures; repairs; account statements; transfer of payments; insurance proceeds; unlawful acts; waivers; and penalties. Makes corresponding changes in the Condominium Property Act. Amends the Code of Civil Procedure. Provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the purchase price is to be paid in installments over a period in excess of one year (instead of 5 years) and the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 90% (instead of 80%) of the original purchase price of the real estate as stated in the contract. Effective January 1, 2018.

Spectrum: Partisan Bill (Democrat 22-1)

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

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2017-05-31	54	0	5	0	59	Passed	Link	View
Senate	Concurrence in Senate	2017-05-31	54	0	5	0	59	Passed	Link	View
Senate	Concurrence in Senate	2017-05-31	54	0	5	0	59	Passed	Link	View
House	Third Reading in House	2017-05-30	115	0	1	1	117	Passed	Link	View
Senate	Third Reading in Senate	2017-05-03	37	19	3	0	59	Passed	Link	View

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