IL SB1514

Amends the Installment Sales Contract Act to add definitions for "amortization schedule," "balloon payment," "business day," "date of sale," "dwelling structure," and "residential real estate"

Defines "installment sales contract" as any agreement where a seller retains an interest in residential real estate and the buyer makes payments over at least one year, excluding religious or cultural financing arrangements that do not charge interest

Defines "seller" as an individual or legal entity entering into more than 3 installment sales contracts during a 12-month period, treating entities with multiple legal names as the same seller

Adds exemption for "third-party religious or cultural lenders" licensed under the Residential Mortgage License Act of 1987 that comply with religious or cultural principles prohibiting interest charges

Clarifies that religious or cultural financing arrangements offered by banks, credit unions, and third-party religious or cultural lenders are excluded from the installment sales contract definition