IL HB5250

Amends the Installment Sales Contract Act to clarify that the law applies only to contracts entered into after an individual or entity has qualified as a "seller" under the Act's definition

Defines "seller" as an individual or legal entity that enters into more than 3 installment sales contracts during a continuous 12-month period for residential real estate

Effectively exempts the first 3 installment sales contracts from the Act's requirements, providing regulatory relief for occasional or small-scale sellers

Takes effect immediately upon becoming law