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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, Cristina Castro, Melinda Bush, Linda Holmes, Mattie Hunter and Ira I. Silverstein

House Sponsors
(Rep. Jehan Gordon-Booth - Michael Halpin - Carol Ammons - La Shawn K. Ford - Margo McDermed and Emanuel Chris Welch)

Hearings
Real & Personal Property Law Subcommittee Hearing May 24 2017 9:03AM Stratton Building Room C-1 Springfield, IL
Judiciary - Civil Committee Hearing May 24 2017 9:00AM Stratton Building Room C-1 Springfield, IL - House Committee Amendment 1 - House Committee Amendment 2


Last Action
DateChamber Action
  5/16/2017HouseTo Real & Personal Property Law Subcommittee

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.

Senate Floor Amendment No. 1
Adds reference to:
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z

Replaces everything after the enacting clause with the provisions of the introduced bill, and makes additional changes in Sections concerning: definitions; terms and conditions of installment sales contracts; applicability of other Acts; recording of the contract; repairs; account statements; insurance proceeds; unlawful acts; and waiver. Deletes Sections concerning: sales of condemned dwelling structures; transfer of payments; and penalties. Adds provisions concerning: circumstances voiding mandatory arbitration provisions; prepayment penalties prohibited; prohibited contract terms; cooling-off period; installment sales contract disclosures; credits towards deficiency in the case of default; enforcement, and applicability of the Act. In 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 sum of all payments made by the buyer is greater than or equal to 10% of the original purchase price (instead of 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). Adds a corresponding change in the Consumer Fraud and Deceptive Business Practices Act. 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
  4/4/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. David Koehler
  4/4/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/5/2017SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary
  4/6/2017SenateSenate Floor Amendment No. 1 Postponed - Judiciary
  4/7/2017SenateAdded as Co-Sponsor Sen. Melinda Bush
  4/25/2017SenateAdded as Co-Sponsor Sen. Linda Holmes
  4/26/2017SenateSecond Reading
  4/26/2017SenatePlaced on Calendar Order of 3rd Reading April 27, 2017
  4/27/2017SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 008-003-000
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/3/2017SenateRecalled to Second Reading
  5/3/2017SenateSenate Floor Amendment No. 1 Adopted; Koehler
  5/3/2017SenatePlaced on Calendar Order of 3rd Reading
  5/3/2017SenateAdded as Co-Sponsor Sen. Mattie Hunter
  5/3/2017SenateAdded as Co-Sponsor Sen. Ira I. Silverstein
  5/3/2017SenateThird Reading - Passed; 037-019-000
  5/3/2017HouseArrived in House
  5/3/2017HouseChief House Sponsor Rep. Jehan Gordon-Booth
  5/9/2017HouseFirst Reading
  5/9/2017HouseReferred to Rules Committee
  5/11/2017HouseAdded Alternate Chief Co-Sponsor Rep. Margo McDermed
  5/15/2017HouseAssigned to Judiciary - Civil Committee
  5/15/2017HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch
  5/16/2017HouseTo Real & Personal Property Law Subcommittee
  5/17/2017HouseAdded Alternate Chief Co-Sponsor Rep. La Shawn K. Ford
  5/17/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/17/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/17/2017HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/17/2017HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  5/18/2017HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  5/18/2017HouseHouse Committee Amendment No. 2 Rules Refers to Judiciary - Civil Committee
  5/18/2017HouseAdded Alternate Chief Co-Sponsor Rep. Michael Halpin
  5/18/2017HouseAdded Alternate Chief Co-Sponsor Rep. Carol Ammons
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/19/2017HouseHouse Committee Amendment No. 1 Committee Deadline Extended-Rule 9(b) May 26, 2017
  5/19/2017HouseHouse Committee Amendment No. 2 Committee Deadline Extended-Rule 9(b) May 26, 2017
  5/22/2017HouseHouse Committee Amendment No. 3 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/22/2017HouseHouse Committee Amendment No. 3 Referred to Rules Committee

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