INSTALLMENT SALES CONTRACT

Amends the Eviction Article of the Code of Civil Procedure. Deletes language that precludes an eviction action in the case of a vendee obtaining possession under a written or verbal agreement to purchase lands or tenements, failing to comply with the agreement, and withholding possession thereof, where the purchase price is to be paid in installments over a period in excess of 5 years and the amount unpaid under the terms of the contract at the time of the filing of a foreclosure complaint is less than 80% of the original purchase price, shall be foreclosed. Provides instead that an eviction action may be brought if the residential real estate is not subject to an installment contract or a specified provision under the Illinois Mortgage Foreclosure Law relating to real estate installment contracts. Effective immediately.