- Official section
- National IV: Financing
- Broker weight
- 10% of the national broker portion
- Expected scored items
- Financing accounts for about 10 of 100 items
Illinois exam glossary
Owner financing
Owner financing can look informal because the seller and buyer already know the property and price. Legally, it is still credit secured by a home, a deferred conveyance, or both. The safest exam habit is to identify the structure first, then track title, lien, federal coverage, Illinois protections, existing debt, payment servicing, and default remedies.
Last updated: August 1, 2026
What does this exam area cover?
Short answer: Owner financing means the seller extends purchase credit to the buyer. In a note-and-mortgage structure, the buyer receives the deed, signs the debt note, and grants the seller a mortgage lien. In an installment contract or contract for deed, the seller retains legal title or another interest while the buyer pays over time. Federal consumer-credit and loan-originator rules may apply. Illinois has detailed protections for installment contracts made by a statutory seller, currently defined as one entering more than 3 such contracts in 12 months, including disclosure, recording, cure, prepayment, and enforcement rules.
This guide uses current Regulation Z sections 1026.36 and 1026.43, current 765 ILCS 67 Illinois Installment Sales Contract Act, 735 ILCS 5/15-1106, 12 USC 1701j-3, and the PSI Illinois exam outline, all checked through August 1, 2026. A pending 2026 Illinois bill proposing a definition change had not become law by the research cutoff and is not treated as current law. Federal creditor thresholds, licensing, usury, high-cost mortgage, disclosure, servicing, escrow, tax, bankruptcy, and local rules require separate review.
What is on the official outline?
- Topic
- Identify owner financing
- What to know
- Seller credit, deferred price, purchase money, down payment, promissory note, mortgage, installment contract, contract for deed, land contract, balloon, and servicing
- Best exam move
- Ask who extends credit and what document secures or retains the seller's interest.
- Topic
- Choose the structure
- What to know
- Note and mortgage, deed delivery, seller lien, installment contract, retained title, wraparound, second mortgage, lease option, purchase option, and hybrid agreement
- Best exam move
- Do not use owner financing as if it names one standard legal document.
- Topic
- Track title at closing
- What to know
- Legal title, deed, recording, equitable interest, possession, seller interest, buyer interest, security interest, marketable title, and later conveyance
- Best exam move
- Note-and-mortgage usually conveys title now; contract for deed delays legal title under its terms.
- Topic
- Track the debt
- What to know
- Purchase price, down payment, principal, note rate, APR, payment, term, amortization, balloon, late charge, default, acceleration, prepayment, and payoff
- Best exam move
- Write the economics separately from the title and security structure.
- Topic
- Track the collateral
- What to know
- Mortgage lien, purchase-money mortgage, retained legal title, seller's interest, priority, first lien, junior lien, subordination, recording, release, and deed delivery
- Best exam move
- The seller needs a lawful, documented, perfected path to collateral enforcement.
- Topic
- Search existing liens
- What to know
- Seller mortgage, home equity loan, tax lien, judgment, association lien, due-on-sale clause, payoff, assumption, lender consent, subordination, and title commitment
- Best exam move
- Owner financing does not erase prior liens or make the seller's promised title marketable.
- Topic
- Apply due-on-sale
- What to know
- Transfer, lender option, prior written consent, federal preemption, protected transfer, residential property, occupancy rights, acceleration, original borrower, and default
- Best exam move
- A transfer subject to an old loan can activate the old lender's clause even when buyer pays the seller on time.
- Topic
- Test federal creditor status
- What to know
- Regulation Z, creditor definition, regular extension, numerical threshold, consumer purpose, dwelling security, initial payee, high-cost mortgage, disclosure, and recordkeeping
- Best exam move
- Determine coverage before assuming an occasional seller has no federal duties.
- Topic
- Apply the one-property exclusion
- What to know
- Natural person, estate, trust, one property, 12 months, owner, security, no ordinary-course construction, no negative amortization, fixed rate, adjustable after five years, index, and limits
- Best exam move
- This is a limited exclusion from loan-originator status, not immunity from every credit law.
- Topic
- Apply the three-property exclusion
- What to know
- Person, three or fewer properties, 12 months, owner, security, no ordinary-course construction, fully amortizing, good-faith ability to repay, fixed rate, adjustment after five years, and limits
- Best exam move
- The broader seller category requires full amortization and a reasonable ability-to-repay determination.
- Topic
- Apply Ability to Repay
- What to know
- Covered transaction, creditor, reasonable and good faith, income, assets, employment, debt, alimony, child support, DTI, residual income, credit history, balloon, and refinance dependence
- Best exam move
- Do not approve because the home has value or because the buyer hopes to refinance later.
- Topic
- Define Illinois installment contract
- What to know
- Contract for deed, bond for deed, sale device, residential real estate, one-to-four units, installments, at least one year, seller interest, security, agricultural acreage exclusion, and buyer
- Best exam move
- Use the statutory elements instead of treating every deferred closing as a covered installment contract.
- Topic
- Define Illinois statutory seller
- What to know
- Individual, legal entity, legal interest, beneficial interest, more than 3 contracts, 12-month period, related entities, current definition, proposed amendment, and cutoff date
- Best exam move
- As of August 1, 2026, more than 3 means the current Act's seller threshold begins with the fourth contract.
- Topic
- Deliver Illinois disclosure
- What to know
- Attorney General document, three full business days, cooling-off period, nonwaivable, contract execution, inspection, appraisal, housing counseling, and receipt date
- Best exam move
- Covered sellers must deliver the statutory disclosure before contract execution, not at signing.
- Topic
- Draft required terms
- What to know
- Address, PIN, legal description, price, down payment, principal, payment, APR, term, balloon, taxes, insurance, liens, title, repairs, fees, amortization schedule, code, condemnation, and cure notice
- Best exam move
- Section 10 contains a detailed, nonwaivable disclosure list rather than a bare price-and-payment form.
- Topic
- Execute and record
- What to know
- Buyer signature, seller signature, notarization, executed copies, rescission, date of sale, 10 business days, contract, memorandum, county recorder, legal description, and later transfer
- Best exam move
- Covered sellers must record promptly, and anti-recording clauses are void.
- Topic
- Service the account
- What to know
- Payment receipt, principal, interest, tax, insurance, fee, account statement, annual request, change in terms, escrow, repair, insurance proceeds, payoff, and release
- Best exam move
- Maintain a transparent ledger and follow the contract's disclosed responsibility for every dollar.
- Topic
- Handle default
- What to know
- Payment default, 90 days, cure, currently due amount, notice, action, acceleration, forfeiture, possession, foreclosure threshold, unpaid amount, original price, and bankruptcy
- Best exam move
- Illinois does not allow a covered seller to erase accumulated buyer rights through an instant lockout shortcut.
- Topic
- Close or transfer
- What to know
- Payoff, prepayment, no covered-contract penalty, deed delivery, mortgage release, assignment, buyer consent, marketable title, tax reporting, successor, servicing transfer, and record update
- Best exam move
- End both the debt and the seller's recorded or retained property interest correctly.
Which distinctions produce the most mistakes?
- Terms
- Owner financing vs. third-party mortgage
- Difference
- The property seller extends purchase credit in owner financing. A separate bank or mortgage company extends credit in ordinary third-party financing.
- Question cue
- Seller as creditor versus outside lender.
- Terms
- Note and mortgage vs. contract for deed
- Difference
- A note-and-mortgage deal usually transfers deed now and gives the seller a lien. A contract for deed delays legal title while the buyer pays.
- Question cue
- Title now with lien versus title later with retained interest.
- Terms
- Promissory note vs. mortgage
- Difference
- The note states the buyer's debt promise. The mortgage creates the seller's lien on the conveyed real estate.
- Question cue
- Debt evidence versus collateral security.
- Terms
- Legal title vs. equitable interest
- Difference
- Legal title is formal record ownership. A contract buyer can acquire equitable rights through possession, performance, and the right to eventual conveyance.
- Question cue
- Recorded ownership versus performance-based ownership interest.
- Terms
- Installment contract vs. lease option
- Difference
- An installment contract obligates sale and purchase under deferred payments. A true lease option gives a tenant a choice, not necessarily a duty, to buy.
- Question cue
- Present purchase obligation versus future election.
- Terms
- Balloon vs. fully amortizing
- Difference
- A balloon leaves a larger scheduled payment. Full amortization repays principal through substantially equal scheduled payments by maturity.
- Question cue
- Lump sum remains versus balance reaches zero.
- Terms
- Seller-financer exclusion vs. law exemption
- Difference
- Section 1026.36 can exclude a qualifying seller from the loan-originator definition. It does not erase every other federal or state duty.
- Question cue
- Narrow status exclusion versus blanket immunity.
- Terms
- One-property vs. three-property federal exclusion
- Difference
- The one-property route is limited to a natural person, estate, or trust and forbids negative amortization. The three-property route applies to a person but requires full amortization and good-faith ability-to-repay analysis.
- Question cue
- Narrow seller type versus broader seller with stricter underwriting.
- Terms
- Illinois Act seller vs. occasional seller
- Difference
- The current Act defines seller by more than 3 installment contracts in 12 months. An occasional seller can remain subject to other contract, mortgage, consumer, tax, and licensing law.
- Question cue
- Statutory threshold versus broader owner-finance universe.
- Terms
- Recording vs. notarization
- Difference
- Notarization authenticates signatures for the statutory execution and recording process. Recording places the contract or memorandum in county land records.
- Question cue
- Signature acknowledgment versus public notice.
- Terms
- Cure vs. payoff
- Difference
- Cure brings currently due payments, fees, and charges current. Payoff satisfies the full remaining obligation.
- Question cue
- Restore contract versus end debt.
- Terms
- Forfeiture vs. foreclosure
- Difference
- Forfeiture seeks termination under contract remedies. Foreclosure is a judicial lien or installment-contract enforcement process with statutory protections.
- Question cue
- Contract termination theory versus court-supervised security enforcement.
The O-W-N-E-R finance audit
- Ownership path: decide when deed and legal title move, what equitable rights arise, and who possesses the property.
- Written terms: document price, down payment, principal, APR, payment, amortization, balloon, taxes, insurance, repairs, default, prepayment, payoff, and deed delivery.
- National rules: test creditor status, consumer purpose, dwelling security, ATR, TILA disclosures, loan-originator exclusions, high-cost rules, and licensing.
- Existing claims: examine title, mortgages, taxes, judgments, associations, due-on-sale consent, priority, payoff, and marketable-title ability.
- Record and service: execute correctly, deliver copies, record, collect and apply funds, provide statements, protect insurance and tax payments, and maintain audit records.
- Remedies: distinguish late payment, 90-day cure where applicable, acceleration, forfeiture, foreclosure, bankruptcy, possession, deficiency, release, and final conveyance.
- Structure
- Note plus mortgage
- Title at closing
- Buyer receives deed
- Seller protection
- Recorded mortgage lien
- Core risk
- Foreclosure and lien priority
- Structure
- Contract for deed
- Title at closing
- Seller retains legal title
- Seller protection
- Retained title or contract interest
- Core risk
- Disclosure, recording, forfeiture, and foreclosure rules
- Structure
- Seller second mortgage
- Title at closing
- Buyer receives deed
- Seller protection
- Junior purchase-money lien
- Core risk
- First-lien priority and due-on-sale terms
- Structure
- Wraparound
- Title at closing
- Varies
- Seller protection
- Buyer pays seller around existing debt
- Core risk
- Existing lender acceleration and servicing failure
- Structure
- Lease option
- Title at closing
- Landlord retains title
- Seller protection
- Lease plus purchase option
- Core risk
- Must be a real option, not disguised installment sale
- Structure
- Balloon note
- Title at closing
- Depends on structure
- Seller protection
- Large maturity payment
- Core risk
- Refinance, sale, and liquidity risk
How do the rules work in scenarios?
Seller note and mortgage
Scenario: A seller deeds an Illinois home to the buyer at closing. The buyer pays 20% down and signs a note and recorded mortgage to the seller for the balance.
- The deed transfers legal title to the buyer.
- The note evidences the buyer's payment obligation.
- The mortgage gives the seller a lien that must be enforced through applicable law after default.
Answer: This is owner financing through a seller-held note and mortgage.
Contract for deed
Scenario: The buyer takes possession and makes monthly payments for 10 years, but the seller promises to deliver the deed only after the price is paid.
- Legal title remains with the seller under the contract.
- The buyer acquires contractual and potentially equitable interests through performance.
- Illinois installment-contract, disclosure, recording, cure, and enforcement rules must be tested.
Answer: This is a contract-for-deed style installment sale.
Current Illinois seller threshold
Scenario: An entity enters into four qualifying residential installment sales contracts during one 12-month period.
- The current statute says more than 3 contracts.
- The fourth contract crosses that numerical description, subject to the Act's full definitions and application.
- Related beneficial interests cannot evade the definition merely by using multiple entities.
Answer: Treat the entity as a statutory seller and apply the current Act.
Three-day disclosure timing
Scenario: A covered seller hands the Illinois Attorney General disclosure to the buyer on Monday and asks the buyer to sign the installment contract Tuesday.
- The Act requires delivery at least 3 full business days before execution.
- One day is insufficient.
- The statutory cooling-off period cannot be waived.
Answer: Tuesday signing is too early under the stated facts.
Recording deadline
Scenario: A covered Illinois installment contract is signed by both parties with notarized signatures, but the seller waits 25 business days to record.
- Section 20 requires recording within 10 business days.
- Late recording violates that requirement and can create statutory rescission rights while unrecorded.
- The public record also failed to provide timely notice of the buyer's interest.
Answer: The seller missed the statutory recording deadline.
Federal three-property exclusion fails
Scenario: A seller finances two properties in 12 months, but each note requires interest-only payments and a large balloon without full amortization.
- The numerical count is within three.
- The three-property loan-originator exclusion also requires fully amortizing financing.
- Meeting the count alone does not satisfy the exclusion.
Answer: The seller cannot rely on that exclusion under the stated loan terms.
Existing mortgage risk
Scenario: A seller transfers possession and buyer rights under a wraparound contract but keeps a prior mortgage without obtaining lender consent.
- The prior mortgage remains a lien and its borrower remains liable.
- The transfer can trigger a due-on-sale clause unless an actual exception or consent applies.
- If the old lender accelerates, the buyer's payments to the seller may not protect the property.
Answer: Due-on-sale and lien-priority risk must be resolved before proceeding.
What are the common exam traps?
- Trap
- Treating owner financing as one document
- Correction
- Identify whether the deal uses a note and mortgage, installment contract, junior lien, wrap, lease option, or another structure.
- Trap
- Calling note and mortgage the same thing
- Correction
- The note evidences debt; the mortgage creates the seller's lien.
- Trap
- Assuming title always transfers at signing
- Correction
- A contract for deed can delay legal-title conveyance under its terms.
- Trap
- Assuming retained title allows instant eviction
- Correction
- Buyer equity, the 90-day cure, foreclosure thresholds, contract law, and court process may apply.
- Trap
- Applying the Illinois Act to every one-time seller automatically
- Correction
- Use the current statutory seller definition, then analyze all other applicable law separately.
- Trap
- Using a proposed 2026 bill as enacted law
- Correction
- As of the August 1 cutoff, the current definition remained more than 3 contracts in a 12-month period.
- Trap
- Delivering the disclosure at signing
- Correction
- A covered buyer must receive the Attorney General document at least 3 full business days before execution.
- Trap
- Failing to record the buyer's interest
- Correction
- A covered seller must record the contract or compliant memorandum within 10 business days.
- Trap
- Calling the 90-day period loan forgiveness
- Correction
- It delays action and gives a cure opportunity; the buyer must pay currently due amounts, fees, and charges.
- Trap
- Charging a covered-contract prepayment penalty
- Correction
- Section 60 prohibits it for a buyer paying the outstanding principal early.
- Trap
- Calling the federal seller exclusion a blanket exemption
- Correction
- It addresses loan-originator status and has detailed conditions; other federal and state laws remain.
- Trap
- Ignoring ability to repay
- Correction
- Determine federal coverage and make required good-faith underwriting rather than relying only on collateral value.
- Trap
- Assuming balloon terms always fit the three-property exclusion
- Correction
- That exclusion requires fully amortizing financing.
- Trap
- Ignoring an existing lender
- Correction
- Review payoff, assumption, consent, due-on-sale, lien priority, and the seller's continuing liability.
- Trap
- Letting a broker practice law
- Correction
- Use qualified counsel and licensed professionals for structure, drafting, disclosures, tax, servicing, and enforcement.
Can you answer these original practice questions?
These questions are original study items aligned to the published outline. They are not copied, recalled, or predicted PSI questions.
1. What is owner financing?
- The seller extends purchase credit to the buyer
- The county pays the purchase price
- The appraiser becomes lender
- The seller waives all payment
Show answer and explanation
Answer: The seller extends purchase credit to the buyer
The legal structure can be a seller-held note and mortgage, installment contract, or another compliant form.
2. In a seller note-and-mortgage closing, who generally receives the deed?
- The buyer
- The county
- The appraiser
- No one until payoff
Show answer and explanation
Answer: The buyer
The seller secures the deferred price through a mortgage lien rather than retaining legal title.
3. Under a typical contract for deed, who retains legal title until stated conditions are met?
- The seller
- The buyer's tenant
- The broker
- The recorder
Show answer and explanation
Answer: The seller
The buyer commonly takes possession and builds contractual or equitable interests while paying.
4. As of August 1, 2026, how many qualifying contracts trigger the Illinois Act's more-than-3 seller definition in a 12-month period?
- One
- Two
- Three
- Four
Show answer and explanation
Answer: Four
More than 3 begins with the fourth qualifying installment sales contract.
5. When must a covered Illinois buyer receive the Attorney General disclosure?
- At least 3 full business days before contract execution
- Thirty days after possession
- Only after default
- At final payoff only
Show answer and explanation
Answer: At least 3 full business days before contract execution
The statutory cooling-off period cannot be waived.
6. When must a covered seller record the Illinois installment contract or memorandum?
- Within 10 business days of the date of sale
- Only after payoff
- Within 10 years
- Recording is prohibited
Show answer and explanation
Answer: Within 10 business days of the date of sale
It must also be recorded before the seller makes a later transfer of an interest.
7. What is the covered Illinois payment-default cure period before action?
- 3 days
- 10 days
- 30 days
- 90 days
Show answer and explanation
Answer: 90 days
The buyer can cure before expiration by paying payments, fees, and charges currently due.
8. Can a covered Illinois seller charge a prepayment penalty?
- No
- Yes, always
- Only the broker decides
- Only if unrecorded
Show answer and explanation
Answer: No
Section 60 bars a prepayment penalty or similar fee when outstanding principal is paid early.
9. What extra requirement applies to the federal three-property seller-financer exclusion?
- Fully amortizing financing and a good-faith repayment-ability determination
- No written agreement
- Automatic negative amortization
- A transfer above market value
Show answer and explanation
Answer: Fully amortizing financing and a good-faith repayment-ability determination
The numerical count alone is not enough to satisfy section 1026.36(a)(4).
10. Why should an existing mortgage be reviewed before owner financing?
- The transfer can trigger due-on-sale and the prior lien remains
- It automatically disappears
- It becomes the buyer's down payment
- It sets appraised value
Show answer and explanation
Answer: The transfer can trigger due-on-sale and the prior lien remains
Consent, assumption, payoff, priority, and statutory exceptions require actual analysis.
How should you study this area?
- Session
- Session 1
- Focus
- Classify the structure
- Proof you are ready
- Sort 35 owner-finance examples into note and mortgage, contract for deed, junior lien, wraparound, lease option, and non-sale categories.
- Session
- Session 2
- Focus
- Track title and collateral
- Proof you are ready
- Draw 25 title, deed, note, mortgage, possession, equitable-interest, recording, priority, payoff, and release timelines.
- Session
- Session 3
- Focus
- Apply federal seller rules
- Proof you are ready
- Resolve 25 creditor, ATR, one-property, three-property, construction, amortization, balloon, index, and rate-limit cases.
- Session
- Session 4
- Focus
- Apply Illinois protections
- Proof you are ready
- Reproduce the seller threshold, 3-business-day disclosure, 10-business-day recording, 90-day cure, and prepayment rule.
- Session
- Session 5
- Focus
- Audit contract and servicing
- Proof you are ready
- Review two sample files for all section 10 disclosures, title defects, taxes, insurance, repairs, statements, payments, and final conveyance.
- Session
- Session 6
- Focus
- Run O-W-N-E-R
- Proof you are ready
- Audit two complete Illinois deals, including one existing mortgage, score at least 90 percent, and explain every missed distractor.
Do not count recognition as mastery. Close the notes and explain the rule, apply it to a new fact pattern, and identify why each distractor fails.
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Questions students ask about Owner Financing: Illinois Real Estate Exam Guide
What is owner financing in real estate?
Owner financing occurs when the seller extends some or all of the purchase credit instead of requiring the buyer to borrow the entire amount from a third-party lender. The seller may accept a promissory note secured by a mortgage after delivering the deed, or use another lawful structure such as an installment sales contract. The documents determine title, security, payments, and remedies.
How does a seller-financed note and mortgage work?
At closing, the seller delivers the deed and becomes the lender. The buyer signs a promissory note stating the debt terms and a mortgage granting a lien on the property. The seller records the mortgage, collects payments, services the account as required, and can enforce the lien under applicable foreclosure law after qualifying default.
What is an Illinois contract for deed?
A contract for deed is a form of installment sales contract in which the buyer pays the price over time while the seller retains legal title or another interest until contractual conditions are met. The buyer commonly takes possession and acquires equitable interests. Illinois statutes impose special rules on covered residential installment sellers and certain foreclosure protections.
Does the Illinois Installment Sales Contract Act cover every one-time seller?
Not by its current statutory definition of seller. As of August 1, 2026, the Act defines seller as an individual or entity with a legal or beneficial interest that enters into installment sales contracts more than 3 times during a 12-month period. Other Illinois and federal laws can still govern an occasional seller, so being outside this Act is not a blanket exemption.
What disclosures does a covered Illinois installment contract require?
Section 10 lists extensive terms, including property identification, price, down payment, principal, payment and late terms, APR, term, balloon, taxes, insurance, title interests and liens, repairs, fees, amortization schedule, code information, inspection or appraisal notice, condemnation, three-business-day disclosure, and the 90-day cure right. The statutory text controls the full list.
Must an Illinois installment sales contract be recorded?
For a seller covered by the Illinois Act, section 20 requires recording the contract or a compliant memorandum with the county recorder within 10 business days of the date of sale and before a later transfer of an interest. A clause forbidding the buyer to record is void. Failure can give the buyer statutory rescission rights.
How long does a covered Illinois buyer have to cure payment default?
The Illinois Installment Sales Contract Act says an action under the contract may be initiated only after 90 days from payment default. Before that period expires, the buyer can cure by paying all payments, fees, and charges currently due. Separate foreclosure, notice, consumer-credit, bankruptcy, and contract rules can also matter.
Can a covered Illinois installment seller charge a prepayment penalty?
No. Section 60 prohibits the seller from charging or collecting a prepayment penalty or similar fee or finance charge when the buyer pays the outstanding principal balance before the scheduled date. That Illinois rule concerns contracts covered by the Act; a different seller-financing structure requires its own federal and state analysis.
Are occasional seller financers exempt from federal mortgage rules?
Not automatically. Regulation Z section 1026.36 contains limited exclusions from the loan-originator definition for qualifying one-property and three-or-fewer-property seller financers. The conditions concern ownership, construction activity, amortization, repayment ability for the broader category, rate structure, and adjustment limits. These exclusions are not blanket exemptions from all TILA, ATR, licensing, disclosure, usury, servicing, or state laws.
Can owner financing trigger an existing mortgage's due-on-sale clause?
Yes. If the seller keeps an existing loan and transfers the property or a protected interest to the buyer, the transfer can trigger a due-on-sale clause unless lender consent, the contract, or a statutory exception applies. Federal law generally permits enforcement and lists specific protected transfers. Ordinary owner financing is not safe merely because the original loan remains current.
Are these official PSI questions or legal advice?
No. The questions are original, and primary sources were checked through August 1, 2026. This is exam education, not lending, licensing, tax, title, foreclosure, servicing, bankruptcy, or legal advice. Owner financing requires transaction-specific attorneys, tax professionals, title review, compliant documents, underwriting, disclosures, recording, servicing, and current law.
Primary sources
- PSI Illinois Candidate Information Booklet effective June 24, 2026
- Illinois General Assembly, current 765 ILCS 67 Installment Sales Contract Act
- Illinois General Assembly, 765 ILCS 67/10 required installment contract terms and disclosures
- Illinois General Assembly, 765 ILCS 67/20 recording deadline and buyer remedies
- Illinois General Assembly, 765 ILCS 67/40 buyer's 90-day right to cure payment default
- Illinois General Assembly, 765 ILCS 67/60 prohibition on covered-contract prepayment penalties
- Illinois General Assembly, 735 ILCS 5/15-1106 installment-contract foreclosure requirements
- Consumer Financial Protection Bureau, current Regulation Z section 1026.36 seller-financer exclusions
- Consumer Financial Protection Bureau, current Regulation Z section 1026.43 Ability-to-Repay requirements
- U.S. House Office of the Law Revision Counsel, current 12 USC 1701j-3 due-on-sale law
The current official outline controls the tested scope. Statutes, regulations, and official agency materials control when a general study rule and a jurisdiction-specific rule differ.
Editorial status
Checked against primary sources
The Pass Illinois editorial team last checked this guide on August 1, 2026. Every practice question is an original study item, and the source links above let you verify the rules that support the lesson.