Full Text of SB0885 100th General Assembly
SB0885ham002 100TH GENERAL ASSEMBLY | Rep. Jehan Gordon-Booth Filed: 5/17/2017
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| 1 | | AMENDMENT TO SENATE BILL 885
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 885 on page 2, line | 3 | | 7, by replacing "a dwelling structure" with "residential real | 4 | | estate"; and
| 5 | | on page 2, by replacing lines 12 through 14 with the following: | 6 | | "Residential real estate" means real estate with a dwelling | 7 | | structure, excluding property that is sold as a part of a tract | 8 | | of land consisting of 4 acres or more zoned for agricultural | 9 | | purposes. | 10 | | "Seller" means an individual or legal entity that possesses | 11 | | a legal or beneficial interest in real estate and that enters | 12 | | into an installment sales contract more than 3 times during a | 13 | | 12-month period to sell residential real estate. Any individual | 14 | | or legal entity that has a legal or beneficial interest in real | 15 | | estate under the name of more than one legal entity shall be | 16 | | considered the same seller."; and
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| 1 | | on page 3, lines 2 and 3, by deleting "a dwelling structure | 2 | | and"; and
| 3 | | on page 3, line 9, by deleting "dwelling structure and any"; | 4 | | and
| 5 | | on page 3, line 12, by deleting "dwelling structure and any"; | 6 | | and
| 7 | | on page 4, line 1, by deleting "dwelling or any"; and
| 8 | | on page 5, lines 8 and 9, by deleting "dwelling structure and | 9 | | any"; and
| 10 | | on page 6, line 6, by deleting "or dwelling structure"; and
| 11 | | on page 7, line 12, by replacing "30" with "90"; and
| 12 | | on page 7, line 14, by replacing "30-day" with "90-day"; and
| 13 | | on page 8, line 2, by replacing "5" with "10"; and
| 14 | | on page 8, line 3, by deleting "or dwelling structure "; and
| 15 | | on page 8, lines 5 and 6, by replacing "estate, dwelling | 16 | | structure," with "estate"; and
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| 1 | | on page 9, line 17, by replacing "a dwelling unit" with | 2 | | "residential real estate"; and
| 3 | | on page 11, line 11, by replacing "30" with "90"; and
| 4 | | on page 11, line 13, by replacing "30-day" with "90-day"; and
| 5 | | on page 11, lines 21 and 22, by replacing "a dwelling | 6 | | structure" with "residential real estate"; and
| 7 | | on page 15, by replacing lines 18 through 23 with the | 8 | | following:
| 9 | | " amendatory Act of 1986 and under which (i) the purchase price | 10 | | is to be paid in installments over a period in excess of five | 11 | | years and (ii) the amount unpaid under the terms of the | 12 | | contract at the time of the filing of the foreclosure | 13 | | complaint, including principal and due and unpaid interest, at | 14 | | the rate prior to default, is less than 80% of the original | 15 | | purchase price of the real estate as stated in the contract;"; | 16 | | and
| 17 | | on page 16, by deleting lines 1 through 4; and
| 18 | | on page 32, by replacing lines 19 and 20 with the following:
| 19 | | " Installment Sales Contract Act and Section 1(e) of the |
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| 1 | | Dwelling
Unit Installment Contract Act;"; and
| 2 | | on page 43, by replacing lines 1 and 2 with the following:
| 3 | | " Act and subsection (e) of Section 1 of the Dwelling Unit | 4 | | Installment Contract Act."; and
| 5 | | on page 57, by deleting lines 21 through 24; and
| 6 | | on page 58, by deleting lines 1 and 2;
and | 7 | | on page 58, line 3, by changing "925" to "915".
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