Bill Title: Amends the Installment Sales Contract Act. Provides that "installment sales contract" does not include a financing arrangement offered by a third-party religious or cultural lender. Defines "third-party religious or cultural lender" as an individual or legal entity licensed under the Residential Mortgage License Act of 1987 that is in compliance with the principles and norms of an established religious or cultural legal system and that is obtaining an interest in a residential dwelling solely as collateral security for a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and had no interest in the residential dwelling prior to the consummation of the financing arrangement, other than an interest in the nature of collateral security that may have been obtained as part of a prior financing arrangement made by the third-party lender.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0557 [SB1514 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2019-08-26	HTML/Text	Link	View
Enrolled	2019-06-02	HTML/Text	Link	View
Engrossed	2019-04-10	HTML/Text	Link	View
Introduced	2019-02-15	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB1514

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1514 currently on file.

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