IL SB3392

Amends the Installment Sales Contract Act to add new definitions for terms used in contracts involving residential real estate sold through installment payments.

Defines "amortization schedule" as a written document showing payment dates, amounts applied to principal and interest, and resulting principal balances.

Defines "balloon payment" as any payment larger than ordinary periodic payments made during the contract term.

Excludes from the definition of "installment sales contract" financing arrangements that prohibit interest collection for religious or cultural reasons, offered by banks, savings and loan associations, savings banks, or credit unions.

Takes effect upon becoming law.