Illinois General Assembly - Full Text of SB0885
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Full Text of SB0885  100th General Assembly


Rep. Jehan Gordon-Booth

Filed: 5/17/2017





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2    AMENDMENT NO. ______. Amend Senate Bill 885 on page 2, line
37, by replacing "a dwelling structure" with "residential real
4estate"; and
5on page 2, by replacing lines 12 through 14 with the following:
6    "Residential real estate" means real estate with a dwelling
7structure, excluding property that is sold as a part of a tract
8of land consisting of 4 acres or more zoned for agricultural
10    "Seller" means an individual or legal entity that possesses
11a legal or beneficial interest in real estate and that enters
12into an installment sales contract more than 3 times during a
1312-month period to sell residential real estate. Any individual
14or legal entity that has a legal or beneficial interest in real
15estate under the name of more than one legal entity shall be
16considered the same seller."; and



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1on page 3, lines 2 and 3, by deleting "a dwelling structure
2and"; and
3on page 3, line 9, by deleting "dwelling structure and any";
5on page 3, line 12, by deleting "dwelling structure and any";
7on page 4, line 1, by deleting "dwelling or any"; and
8on page 5, lines 8 and 9, by deleting "dwelling structure and
9any"; and
10on page 6, line 6, by deleting "or dwelling structure"; and
11on page 7, line 12, by replacing "30" with "90"; and
12on page 7, line 14, by replacing "30-day" with "90-day"; and
13on page 8, line 2, by replacing "5" with "10"; and
14on page 8, line 3, by deleting "or dwelling structure "; and
15on page 8, lines 5 and 6, by replacing "estate, dwelling
16structure," with "estate"; and



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1on page 9, line 17, by replacing "a dwelling unit" with
2"residential real estate"; and
3on page 11, line 11, by replacing "30" with "90"; and
4on page 11, line 13, by replacing "30-day" with "90-day"; and
5on page 11, lines 21 and 22, by replacing "a dwelling
6structure" with "residential real estate"; and
7on page 15, by replacing lines 18 through 23 with the
9"amendatory Act of 1986 and under which (i) the purchase price
10is to be paid in installments over a period in excess of five
11years and (ii) the amount unpaid under the terms of the
12contract at the time of the filing of the foreclosure
13complaint, including principal and due and unpaid interest, at
14the rate prior to default, is less than 80% of the original
15purchase price of the real estate as stated in the contract;";
17on page 16, by deleting lines 1 through 4; and
18on 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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1Dwelling Unit Installment Contract Act;"; and
2on page 43, by replacing lines 1 and 2 with the following:
3"Act and subsection (e) of Section 1 of the Dwelling Unit
4Installment Contract Act."; and
5on page 57, by deleting lines 21 through 24; and
6on page 58, by deleting lines 1 and 2; and
7on page 58, line 3, by changing "925" to "915".