INSTALLMENT SALES CONTRACTS Senate SponsorsSen. David Koehler-Jacqueline Y. Collins-Iris Y. Martinez, Bill Cunningham-James F. Clayborne, Jr., Cristina Castro-Kimberly A. Lightford, 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, Emanuel Chris Welch, Al Riley, Michelle Mussman, Barbara Flynn Currie, LaToya Greenwood, Camille Y. Lilly and Marcus C. Evans, Jr.) 8/25/2017SenatePublic Act . . . . . . . . . 100-0416 New Act735 ILCS 5/15-1106from Ch. 110, par. 15-1106765 ILCS 70/Act rep.765 ILCS 75/Act rep.765 ILCS 605/18from Ch. 30, par. 318765 ILCS 605/18.5from Ch. 30, par. 318.5Repeals 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. 262ZReplaces 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 toward 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.House Committee Amendment No. 1 Provides that any provision in an installment sales contract that forbids the buyer to record the contract or a memorandum of the contract is void and unenforceable. Provides that if there is a failure to record a contract or memorandum of a contract and title to the property becomes clouded for any reason, the buyer may rescind at any time within 90 days after discovering the title problem. Creates an exception with respect to the application of insurance proceeds to a seller's mortgage balance when required by the seller's mortgage agreement.House Committee Amendment No. 2 Deletes reference to:765 ILCS 70/Act rep.765 ILCS 75/Act rep.Defines the term "residential real estate" as real estate with a dwelling structure, as defined in the Act. Provides that the term "seller" does not include owners who are natural persons who use an installment sales contract to sell 3 or fewer residential real estate properties in a 12-month period. Replaces the term "dwelling structure" with the term "residential real estate" throughout the bill. Removes provisions repealing the Dwelling Structure Contract Act and the Dwelling Unit Installment Contract Act.House Committee Amendment No. 3 Deletes language providing that certain violations of the Installment Sales Contract Act constitute violations of the Residential Mortgage License Act of 1987. 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 5/23/2017HouseHouse Committee Amendment No. 3 Rules Refers to Judiciary - Civil Committee 5/24/2017HouseRecommends Do Pass Subcommittee/ Judiciary - Civil Committee; 003-000-000 5/24/2017HouseReported Back To Judiciary - Civil Committee; 5/24/2017HouseHouse Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote 5/24/2017HouseHouse Committee Amendment No. 2 Adopted in Judiciary - Civil Committee; by Voice Vote 5/24/2017HouseHouse Committee Amendment No. 3 Adopted in Judiciary - Civil Committee; by Voice Vote 5/24/2017HouseDo Pass as Amended / Short Debate Judiciary - Civil Committee; 009-000-000 5/24/2017HousePlaced on Calendar 2nd Reading - Short Debate 5/24/2017HouseSecond Reading - Short Debate 5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017 5/30/2017HouseThird Reading - Short Debate - Passed 115-000-000 5/30/2017HouseAdded Alternate Co-Sponsor Rep. Al Riley 5/30/2017HouseAdded Alternate Co-Sponsor Rep. Michelle Mussman 5/30/2017HouseAdded Alternate Co-Sponsor Rep. Barbara Flynn Currie 5/30/2017HouseAdded Alternate Co-Sponsor Rep. LaToya Greenwood 5/30/2017HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly 5/30/2017HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr. 5/31/2017SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2, 3 5/31/2017SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2, 3 - May 31, 2017 5/31/2017SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. David Koehler 5/31/2017SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/31/2017SenateHouse Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. David Koehler 5/31/2017SenateHouse Committee Amendment No. 2 Motion to Concur Referred to Assignments 5/31/2017SenateHouse Committee Amendment No. 3 Motion to Concur Filed with Secretary Sen. David Koehler 5/31/2017SenateHouse Committee Amendment No. 3 Motion to Concur Referred to Assignments 5/31/2017SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities and Pensions 5/31/2017SenateHouse Committee Amendment No. 2 Motion to Concur Assignments Referred to Licensed Activities and Pensions 5/31/2017SenateHouse Committee Amendment No. 3 Motion to Concur Assignments Referred to Licensed Activities and Pensions 5/31/2017SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 012-000-000 5/31/2017SenateHouse Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 012-000-000 5/31/2017SenateHouse Committee Amendment No. 3 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 012-000-000 5/31/2017SenateHouse Committee Amendment No. 1 Senate Concurs 054-000-000 5/31/2017SenateHouse Committee Amendment No. 2 Senate Concurs 054-000-000 5/31/2017SenateHouse Committee Amendment No. 3 Senate Concurs 054-000-000 5/31/2017SenateSenate Concurs 5/31/2017SenatePassed Both Houses 6/29/2017SenateSent to the Governor 8/25/2017SenateGovernor Approved 8/25/2017SenateEffective Date January 1, 2018 8/25/2017SenatePublic Act . . . . . . . . . 100-0416