Public Act 101-0557
 
SB1514 EnrolledLRB101 09457 LNS 54555 b


  
    AN ACT concerning civil law.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Installment Sales Contract Act is amended  by 
changing Section 5 as follows:
 
    (765 ILCS 67/5)

    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.

    "Balloon payment" means a payment, other than the initial 
down payment, in which more than the ordinary periodic payment 
is charged during the contract.

    "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.

    "Date of sale" means the date that both the seller and 
buyer have signed the written contract.

    "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, or third-party religious or cultural 
lenders. 
    "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.

    "Third-party religious or cultural lender" means 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.
(Source: P.A. 100-416, eff. 1-1-18; 100-626, eff. 7-20-18.)