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