|Public Act 100-0626|
|SB3392 Enrolled||LRB100 18305 JLS 33510 b|
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Installment Sales Contract Act is amended by
changing Section 5 as follows:
(765 ILCS 67/5)
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.
"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
"Seller" means an individual or legal entity that possesses
a legal or beneficial interest in real estate and that enters