Full Text of SB1514 101st General Assembly
SB1514enr 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Installment Sales Contract Act is amended by | 5 | | changing Section 5 as follows: | 6 | | (765 ILCS 67/5)
| 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.
| 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.
| 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.
| 23 | | "Date of sale" means the date that both the seller and |
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| 1 | | buyer have signed the written contract.
| 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 , or third-party religious or cultural | 21 | | lenders . | 22 | | "Residential real estate" means real estate with a dwelling | 23 | | structure, excluding property that is sold as a part of a tract | 24 | | of land consisting of 4 acres or more zoned for agricultural | 25 | | purposes. | 26 | | "Seller" means an individual or legal entity that possesses |
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| 1 | | a legal or beneficial interest in real estate and that enters | 2 | | into an installment sales contract more than 3 times during a | 3 | | 12-month period to sell residential real estate. Any individual | 4 | | or legal entity that has a legal or beneficial interest in real | 5 | | estate under the name of more than one legal entity shall be | 6 | | considered the same seller.
| 7 | | "Third-party religious or cultural lender" means an | 8 | | individual or legal entity licensed under the Residential | 9 | | Mortgage License Act of 1987 that is in compliance with the | 10 | | principles and norms of an established religious or cultural | 11 | | legal system and that is obtaining an interest in a residential | 12 | | dwelling solely as collateral security for a financing | 13 | | arrangement that for religious or cultural reasons does not | 14 | | allow the imposition or collection of interest and had no | 15 | | interest in the residential dwelling prior to the consummation | 16 | | of the financing arrangement, other than an interest in the | 17 | | nature of collateral security that may have been obtained as | 18 | | part of a prior financing arrangement made by the third-party | 19 | | lender. | 20 | | (Source: P.A. 100-416, eff. 1-1-18; 100-626, eff. 7-20-18.)
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