765 ILCS 67/1
Short title
Short title. This Act may be cited as the Installment Sales Contract Act. (Source: P.A. 100-416, eff. 1-1-18.)
Illinois Compiled Statutes 765 ILCS 67 — Installment Sales Contract Act.
Illinois · statute · 765 ILCS 67 · 23 active provisions
765 ILCS 67/5
Definitions
Definitions. As used in this Act, unless the context otherwise requires: "Amortization schedule" means a written schedule which sets forth the date of each periodic payment, the amount of each periodic payment that will be applied to the principal balance and the resulting principal balance, and the amount of each peri…
765 ILCS 67/10
Terms and conditions of installment sales contracts
Terms and conditions of installment sales contracts. (a) The seller of residential real estate by installment sales contract shall provide the buyer with a written contract that complies with the requirements set forth in this Section. (b) Until both parties have a copy of the executed contract signed by the buyer and…
765 ILCS 67/15
Applicability of other Acts
Applicability of other Acts. An installment sales contract under this Act is subject to the Lead Poisoning Prevention Act, the Residential Real Property Disclosure Act, the Illinois Radon Awareness Act, and the High Risk Home Loan Act. The remedies available to the buyer pursuant to this Act are cumulative and do not p…
765 ILCS 67/20
Recording of contract required
Recording of contract required. (a) Within 10 business days of the date of sale of any residential real estate subject to an installment sales contract, and prior to any subsequent sale or other transfer of any interest in the residential real estate or contract by the seller, the seller shall record the contract or a…
765 ILCS 67/25
Repairs
Repairs. (a) In all cases not included in the statement required by item (20) of subsection (c) of Section 10, the seller has the responsibility to make and pay for repairs. (b) If the seller deems certain repairs necessary to protect the seller's interest in the property, the seller may, at the seller's own cost, proc…
765 ILCS 67/30
Account statements
Account statements. (a) The seller shall provide the buyer with an account statement, including amounts applied to principal, interest, tax, insurance, fees, and other charges, upon the buyer's request. (b) A seller is not required to provide a buyer with account statements without charge more than once in any 12-month…
765 ILCS 67/35
Insurance proceeds
Insurance proceeds. A buyer or seller who receives payment of insurance proceeds as a result of damage to a dwelling structure shall apply the proceeds to the repair of the damage. However, the buyer and seller may make a fair and reasonable distribution of the insurance proceeds between each of them by a signed writte…
765 ILCS 67/40
Right to cure default
Right to cure default. If the buyer defaults in payment, any action brought against the buyer under the contract shall be initiated only after the expiration of 90 days from the date of the default. A buyer in default may, prior to the expiration of the 90-day period, make all payments, fees, and charges currently due…
765 ILCS 67/45
Unlawful acts
Unlawful acts. It is a violation of this Act for either party to make an oral or written misrepresentation to the other party concerning a contract or regarding the rights or duties of either party under this Act or to induce either party to sign incomplete forms, contracts, notices, or written statements relating to t…
765 ILCS 67/50
No waiver
No waiver. The buyer or the seller may not waive any provisions of this Act by written contract or otherwise. Any contractual provisions or other agreements contrary to this Act are void and unenforceable. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/55
Circumstances voiding mandatory arbitration provisions
Circumstances voiding mandatory arbitration provisions. A mandatory arbitration provision of an installment sales contract that is oppressive, unfair, unconscionable, or substantially in derogation of the rights of either party is void. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/60
Prepayment penalties prohibited
Prepayment penalties prohibited. The seller may not charge or collect a prepayment penalty or any similar fee or finance charge if the buyer elects to pay the outstanding principal balance of the purchase price under the contract before the scheduled payment date under the contract. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/65
Prohibited contract terms
Prohibited contract terms. Any contract term that would put the buyer in default of the contract for failure to make improvements and repairs to residential real estate for conditions that existed prior to the date of sale is prohibited and unenforceable. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/70
Cooling-off period
Cooling-off period. (a) The buyer or the seller shall not be bound for 3 full business days after an unexecuted installment sales contract has been accepted by the buyer and the seller in the contract's full and final form. (b) No later than the time the unexecuted installment sales contract has been accepted by the bu…
765 ILCS 67/75
Installment sales contract disclosures
Installment sales contract disclosures. (a) The Office of the Attorney General shall develop the content and format of an educational document providing independent consumer information regarding installment sales contracts and the availability of independent housing counseling services, including services provided by…
765 ILCS 67/80
Credits towards deficiency in the case of default
Credits towards deficiency in the case of default. If the buyer defaults, the seller shall credit toward the buyer deficiency any amount the buyer spent to repair defects in the property that existed before the sale. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/85
Enforcement
Enforcement. Any violation of this Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/90
Applicability of Act
Applicability of Act. This Act applies to installment sales contracts executed on or after the effective date of this Act. (Source: P.A. 100-416, eff. 1-1-18.)
765 ILCS 67/905
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 100-416, eff. 1-1-18; text omitted.)
765 ILCS 67/910
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 100-416, eff. 1-1-18; text omitted.)
765 ILCS 67/915
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(Amendatory provisions; text omitted). (Source: P.A. 100-416, eff. 1-1-18; text omitted.)
765 ILCS 67/999
Effective date
Effective date. This Act takes effect January 1, 2018. (Source: P.A. 100-416, eff. 1-1-18.)