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Public Act 101-0557
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| SB1514 Enrolled | LRB101 09457 LNS 54555 b |
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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:
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(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 |
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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, 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 |
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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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"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.)
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