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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1574 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Collateral Protection Act. Makes a technical change in a
Section
concerning a creditor's liability for failing to insure collateral.
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| | A BILL FOR |
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| | HB1574 | | LRB100 03448 JLS 13453 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Collateral Protection Act is amended by |
| 5 | | changing Section 50 as follows:
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| 6 | | (815 ILCS 180/50)
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| 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
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| 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.)
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