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 Bill Status of SB0885  100th General Assembly


Short Description:  INSTALLMENT SALES CONTRACTS

Senate Sponsors
Sen. David Koehler - Jacqueline Y. Collins - Iris Y. Martinez - James F. Clayborne, Jr. - Kimberly A. Lightford, Bill Cunningham and Cristina Castro

Last Action
DateChamber Action
  3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017

Statutes Amended In Order of Appearance
New Act
735 ILCS 5/15-1106from Ch. 110, par. 15-1106
765 ILCS 70/Act rep.
765 ILCS 75/Act rep.
765 ILCS 605/18from Ch. 30, par. 318
765 ILCS 605/18.5from Ch. 30, par. 318.5


Synopsis As Introduced
Repeals the Dwelling Structure Contract Act and the Dwelling Unit Installment Contract Act. Creates the Installment Sales Contract Act. Adds provisions governing: definitions; terms and conditions of installment sales contracts; applicability of other Acts; sales of condemned dwelling structures; repairs; account statements; transfer of payments; insurance proceeds; unlawful acts; waivers; and penalties. Makes corresponding changes in the Condominium Property Act. Amends the Code of Civil Procedure. Provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the purchase price is to be paid in installments over a period in excess of one year (instead of 5 years) and 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 90% (instead of 80%) of the original purchase price of the real estate as stated in the contract. Effective January 1, 2018.

Actions 
DateChamber Action
  2/7/2017SenateFiled with Secretary by Sen. David Koehler
  2/7/2017SenateFirst Reading
  2/7/2017SenateReferred to Assignments
  2/8/2017SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/8/2017SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  2/8/2017SenateAssigned to Judiciary
  2/9/2017SenateAdded as Co-Sponsor Sen. Bill Cunningham
  2/16/2017SenatePostponed - Judiciary
  2/16/2017SenateAdded as Chief Co-Sponsor Sen. James F. Clayborne, Jr.
  3/1/2017SenatePostponed - Judiciary
  3/2/2017SenateAdded as Co-Sponsor Sen. Cristina Castro
  3/9/2017SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/15/2017SenateDo Pass Judiciary; 011-000-000
  3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017

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