SB0885ham002 100TH GENERAL ASSEMBLY

Rep. Jehan Gordon-Booth

Filed: 5/17/2017

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AMENDMENT TO SENATE BILL 885

AMENDMENT NO. ______. Amend Senate Bill 885 on page 2, line 7, by replacing "a dwelling structure" with "residential real estate"; and

on page 2, by replacing lines 12 through 14 with the following:

"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."; and

on page 3, lines 2 and 3, by deleting "a dwelling structure and"; and

on page 3, line 9, by deleting "dwelling structure and any"; and

on page 3, line 12, by deleting "dwelling structure and any"; and

on page 4, line 1, by deleting "dwelling or any"; and

on page 5, lines 8 and 9, by deleting "dwelling structure and any"; and

on page 6, line 6, by deleting "or dwelling structure"; and

on page 7, line 12, by replacing "30" with "90"; and

on page 7, line 14, by replacing "30-day" with "90-day"; and

on page 8, line 2, by replacing "5" with "10"; and

on page 8, line 3, by deleting "or dwelling structure "; and

on page 8, lines 5 and 6, by replacing "estate, dwelling structure," with "estate"; and

on page 9, line 17, by replacing "a dwelling unit" with "residential real estate"; and

on page 11, line 11, by replacing "30" with "90"; and

on page 11, line 13, by replacing "30-day" with "90-day"; and

on page 11, lines 21 and 22, by replacing "a dwelling structure" with "residential real estate"; and

on page 15, by replacing lines 18 through 23 with the following:

"amendatory Act of 1986 and under which (i) the purchase price is to be paid in installments over a period in excess of five years and (ii) the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 80% of the original purchase price of the real estate as stated in the contract;"; and

on page 16, by deleting lines 1 through 4; and

on page 32, by replacing lines 19 and 20 with the following:

"Installment Sales Contract Act and Section 1(e) of the Dwelling Unit Installment Contract Act;"; and

on page 43, by replacing lines 1 and 2 with the following:

"Act and subsection (e) of Section 1 of the Dwelling Unit Installment Contract Act."; and

on page 57, by deleting lines 21 through 24; and

on page 58, by deleting lines 1 and 2; and

on page 58, line 3, by changing "925" to "915".