Illinois HB 5250: PROP TX-DISABLED VETERANS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB5250

Introduced 2/10/2026, by Rep. Amy Elik 

SYNOPSIS AS INTRODUCED:

765 ILCS 67/5

 Amends the Installment Sales Contract Act. Changes the definition of "seller" under the Act to mean an individual or legal entity that possesses a legal or beneficial interest in real estate and that enters into an installment sales contract more than 3 times during a continuous 12-month period to sell residential real estate. Provides that the Installment Sales Contract Act applies only to contracts entered into once an individual or legal entity has qualified as a seller. Effective immediately.

LRB104 17763 JRC 31195 b

A BILL FOR

HB5250LRB104 17763 JRC 31195 b

1 AN ACT concerning civil law.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Installment Sales Contract Act is amended 

5by changing Section 5 as follows:

6 (765 ILCS 67/5)

7 Sec. 5. Definitions. As used in this Act, unless the 

8context otherwise requires:

9 "Amortization schedule" means a written schedule which 

10sets forth the date of each periodic payment, the amount of 

11each periodic payment that will be applied to the principal 

12balance and the resulting principal balance, and the amount of 

13each periodic payment that will be applied to any interest 

14charged, if applicable, pursuant to the contract. 

15 "Balloon payment" means a payment, other than the initial 

16down payment, in which more than the ordinary periodic payment 

17is charged during the contract. 

18 "Business day" means any calendar day except Saturday, 

19Sunday, or a State or federal holiday.

20 "Buyer" means the person who is seeking to obtain title to 

21a pro