Rep. Jehan Gordon-Booth
Filed: 5/17/2017
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1 | AMENDMENT TO SENATE BILL 885
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2 | AMENDMENT NO. ______. Amend Senate Bill 885 on page 2, line | ||||||
3 | 7, by replacing "a dwelling structure" with "residential real | ||||||
4 | estate"; and
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5 | on page 2, by replacing lines 12 through 14 with the following: | ||||||
6 | "Residential real estate" means real estate with a dwelling | ||||||
7 | structure, excluding property that is sold as a part of a tract | ||||||
8 | of land consisting of 4 acres or more zoned for agricultural | ||||||
9 | purposes. | ||||||
10 | "Seller" means an individual or legal entity that possesses | ||||||
11 | a legal or beneficial interest in real estate and that enters | ||||||
12 | into an installment sales contract more than 3 times during a | ||||||
13 | 12-month period to sell residential real estate. Any individual | ||||||
14 | or legal entity that has a legal or beneficial interest in real | ||||||
15 | estate under the name of more than one legal entity shall be | ||||||
16 | considered the same seller."; and
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1 | on page 3, lines 2 and 3, by deleting "a dwelling structure | ||||||
2 | and"; and
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3 | on page 3, line 9, by deleting "dwelling structure and any"; | ||||||
4 | and
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5 | on page 3, line 12, by deleting "dwelling structure and any"; | ||||||
6 | and
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7 | on page 4, line 1, by deleting "dwelling or any"; and
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8 | on page 5, lines 8 and 9, by deleting "dwelling structure and | ||||||
9 | any"; and
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10 | on page 6, line 6, by deleting "or dwelling structure"; and
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11 | on page 7, line 12, by replacing "30" with "90"; and
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12 | on page 7, line 14, by replacing "30-day" with "90-day"; and
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13 | on page 8, line 2, by replacing "5" with "10"; and
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14 | on page 8, line 3, by deleting "or dwelling structure "; and
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15 | on page 8, lines 5 and 6, by replacing "estate, dwelling | ||||||
16 | structure," with "estate"; and
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1 | on page 9, line 17, by replacing "a dwelling unit" with | ||||||
2 | "residential real estate"; and
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3 | on page 11, line 11, by replacing "30" with "90"; and
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4 | on page 11, line 13, by replacing "30-day" with "90-day"; and
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5 | on page 11, lines 21 and 22, by replacing "a dwelling | ||||||
6 | structure" with "residential real estate"; and
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7 | on page 15, by replacing lines 18 through 23 with the | ||||||
8 | following:
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9 | " amendatory Act of 1986 and under which (i) the purchase price | ||||||
10 | is to be paid in installments over a period in excess of five | ||||||
11 | years and (ii) the amount unpaid under the terms of the | ||||||
12 | contract at the time of the filing of the foreclosure | ||||||
13 | complaint, including principal and due and unpaid interest, at | ||||||
14 | the rate prior to default, is less than 80% of the original | ||||||
15 | purchase price of the real estate as stated in the contract;"; | ||||||
16 | and
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17 | on page 16, by deleting lines 1 through 4; and
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18 | on page 32, by replacing lines 19 and 20 with the following:
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19 | " Installment Sales Contract Act and Section 1(e) of the |
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1 | Dwelling
Unit Installment Contract Act;"; and
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2 | on page 43, by replacing lines 1 and 2 with the following:
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3 | " Act and subsection (e) of Section 1 of the Dwelling Unit | ||||||
4 | Installment Contract Act."; and
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5 | on page 57, by deleting lines 21 through 24; and
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6 | on page 58, by deleting lines 1 and 2;
and | ||||||
7 | on page 58, line 3, by changing "925" to "915".
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