HB5250

Amends the Installment Sales Contract Act to redefine "seller" and apply the Act to certain sellers of residential real estate.

The bill amends the Installment Sales Contract Act by redefining "seller" to mean an individual or legal entity with a legal or beneficial interest in real estate who enters into an installment sales contract more than three times in a continuous 12-month period to sell residential real estate. The Act applies only to contracts entered into once an individual or legal entity qualifies as a "seller." The changes are effective immediately upon becoming law.