Illinois General Assembly - Full Text of SB3392
Illinois General Assembly

Previous General Assemblies

Full Text of SB3392  100th General Assembly




SB3392 EnrolledLRB100 18305 JLS 33510 b

1    AN ACT concerning civil law.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Installment Sales Contract Act is amended by
5changing Section 5 as follows:
6    (765 ILCS 67/5)
7    Sec. 5. Definitions. As used in this Act, unless the
8context otherwise requires:
9    "Amortization schedule" means a written schedule which
10sets forth the date of each periodic payment, the amount of
11each periodic payment that will be applied to the principal
12balance and the resulting principal balance, and the amount of
13each periodic payment that will be applied to any interest
14charged, if applicable, pursuant to the contract.
15    "Balloon payment" means a payment, other than the initial
16down payment, in which more than the ordinary periodic payment
17is charged during the contract.
18    "Business day" means any calendar day except Saturday,
19Sunday, or a State or federal holiday.
20    "Buyer" means the person who is seeking to obtain title to
21a property by an installment sales contract or is obligated to
22make payments to the seller pursuant to the contract.
23    "Date of sale" means the date that both the seller and



SB3392 Enrolled- 2 -LRB100 18305 JLS 33510 b

1buyer have signed the written contract.
2    "Dwelling structure" means any private home or residence or
3any building or structure intended for residential use with not
4less than one nor more than 4 residential dwelling units.
5    "Installment sales contract" or "contract" means any
6contract or agreement, including a contract for deed, bond for
7deed, or any other sale or legal device whereby a seller agrees
8to sell and the buyer agrees to buy a residential real estate,
9in which the consideration for the sale is payable in
10installments for a period of at least one year after the date
11of sale, and the seller continues to have an interest or
12security for the purchase price or otherwise in the property.
13"Installment sales contract" does not include a financing
14arrangement that for religious or cultural reasons does not
15allow the imposition or collection of interest and that is
16offered by a person, partnership, association, limited
17liability company, or corporation doing business under and as
18permitted by any law of this State or the United States
19relating to banks, savings and loan associations, savings
20banks, or credit unions.
21    "Residential real estate" means real estate with a dwelling
22structure, excluding property that is sold as a part of a tract
23of land consisting of 4 acres or more zoned for agricultural
25    "Seller" means an individual or legal entity that possesses
26a legal or beneficial interest in real estate and that enters



SB3392 Enrolled- 3 -LRB100 18305 JLS 33510 b

1into an installment sales contract more than 3 times during a
212-month period to sell residential real estate. Any individual
3or legal entity that has a legal or beneficial interest in real
4estate under the name of more than one legal entity shall be
5considered the same seller.
6(Source: P.A. 100-416, eff. 1-1-18.)
7    Section 99. Effective date. This Act takes effect upon
8becoming law.