IL HB5301

Amends the Installment Sales Contract Act by modifying the definition of "installment sales contract" under 765 ILCS 67/5

Excludes financing arrangements for residential real estate that prohibit the imposition or collection of interest for religious or cultural reasons from the Act's scope

Allows interest-free financing arrangements compliant with religious or cultural practices to proceed outside the regulatory framework of installment sales contracts

Takes effect immediately upon becoming law