INSTALLMENT SALES ACT

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.