|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1027 Introduced 01/31/11, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | |
Amends the Collateral Protection Act. Makes a technical change in a
Section
concerning a creditor's liability for failing to insure collateral.
|
| |
| | A BILL FOR |
|
|
| | HB1027 | | LRB097 03847 AEK 43886 b |
|
|
| 1 | | AN ACT concerning business.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Collateral Protection Act is amended by |
| 5 | | changing Section 50 as follows:
|
| 6 | | (815 ILCS 180/50)
|
| 7 | | Sec. 50. No cause of action created. A creditor is not, by |
| 8 | | virtue of
this Act, required to purchase collateral protection |
| 9 | | insurance or to otherwise
insure collateral. A creditor shall |
| 10 | | not, by virtue of this Act, be liable to a
debtor or to any |
| 11 | | other person for not purchasing collateral protection
|
| 12 | | insurance, as a result of the
the amount or level of coverage |
| 13 | | of collateral
protection
insurance purchased by the creditor, |
| 14 | | or because the creditor purchased
collateral protection |
| 15 | | insurance that protects only the interests of the
creditor or |
| 16 | | less than all of the interests of the debtor. This Act shall |
| 17 | | not
be deemed to create a cause of action for damages on behalf |
| 18 | | of the debtor or
any other person in connection with the |
| 19 | | placement of collateral
protection insurance. |
| 20 | | (Source: P.A. 89-623, eff. 8-9-96.)
|