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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1015 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
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Amends the Credit Agreements Act. Makes a technical change in a Section
concerning a creditor's liability.
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| | A BILL FOR |
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| | HB1015 | | LRB102 03028 KTG 13041 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 Credit Agreements Act is amended by |
| 5 | | changing Section 3.1 as follows:
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| 6 | | (815 ILCS 160/3.1)
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| 7 | | Sec. 3.1. Liability; privity of contract. No creditor |
| 8 | | shall be liable to
a person not in privity of contract with the
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| 9 | | the creditor for civil damages arising
out of a credit |
| 10 | | agreement, or any conditions precedent thereto, except for |
| 11 | | acts
or conduct by the creditor that constitute fraud against |
| 12 | | the person. |
| 13 | | (Source: P.A. 89-309, eff. 8-11-95.)
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