Legislation and Ordinances

Maryland legislation

Rent to Own Bill

Read more here

Philadelphia & Pittsburgh law says:

After required deductions, 100% is required to be applied to the principal balance.

 

68 P.S. § 908

  • 908. Allocation of monthly payments

Currentness

In determining what portion of the monthly installments shall be applied against principal on account of the purchase price, there shall first be deducted all items authorized under the agreement of sale, such as taxes, water and sewer rentals, interest on the unpaid balance of purchase price, cost of all insurance premiums, repairs and assessments authorized under the terms of the agreement and the net balance thereof shall be applied to principal.

 

Illinois passes Bill concerning Installment Contracts

http://ilga.gov/legislation/100/SB/PDF/10000SB0885enr.pdf

Synopsis As Introduced

Repeals the Dwelling Structure Contract Act and the Dwelling Unit Installment Contract Act. Creates the Installment Sales Contract Act. Adds provisions governing: definitions; terms and conditions of installment sales contracts; applicability of other Acts; sales of condemned dwelling structures; repairs; account statements; transfer of payments; insurance proceeds; unlawful acts; waivers; and penalties. Makes corresponding changes in the Condominium Property Act. Amends the Code of Civil Procedure. Provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the purchase price is to be paid in installments over a period in excess of one year (instead of 5 years) and the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 90% (instead of 80%) of the original purchase price of the real estate as stated in the contract. Effective January 1, 2018.

Replaces everything after the enacting clause with the provisions of the introduced bill, and makes additional changes in Sections concerning: definitions; terms and conditions of installment sales contracts; applicability of other Acts; recording of the contract; repairs; account statements; insurance proceeds; unlawful acts; and waiver. Deletes Sections concerning: sales of condemned dwelling structures; transfer of payments; and penalties. Adds provisions concerning: circumstances voiding mandatory arbitration provisions; prepayment penalties prohibited; prohibited contract terms; cooling-off period; installment sales contract disclosures; credits towards deficiency in the case of default; enforcement, and applicability of the Act. In the Code of Civil Procedure, provides that a real estate installment contract for residential real estate is subject to the foreclosure provisions of the Code if the sum of all payments made by the buyer is greater than or equal to 10% of the original purchase price (instead of if the purchase price is to be paid in installments over a period in excess of one year (instead of 5 years) and the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 90% (instead of 80%) of the original purchase price of the real estate as stated in the contract). Adds a corresponding change in the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2018.

Texas Bill

Our favorite bill to date!

Toledo Bill

Proposed Legislation by the
National Consumer Law Center

Model Legislation