Sen. John J. Cullerton
Filed: 5/9/2007
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1 | AMENDMENT TO HOUSE BILL 830
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2 | AMENDMENT NO. ______. Amend House Bill 830 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 1. Intent and applicability. | ||||||
5 | (a) By enacting this amendatory Act of the 95th General | ||||||
6 | Assembly, it is the intent of the General Assembly to make | ||||||
7 | explicit the original meaning of Section 2 of the Credit | ||||||
8 | Agreements Act. See Machinery Transports of Illinois v. Morton | ||||||
9 | Community Bank, 293 Ill.App.3d207(3rd Dist. 1997). | ||||||
10 | (b) This amendatory Act of the 95th General Assembly | ||||||
11 | applies to pending actions as well as actions commenced on or | ||||||
12 | after its effective date. | ||||||
13 | Section 5. The Credit Agreements Act is amended by changing | ||||||
14 | Section 2 as follows:
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15 | (815 ILCS 160/2) (from Ch. 17, par. 7102)
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1 | Sec. 2. Credit agreements to be in writing. A debtor may | ||||||
2 | not
maintain an action on or in any way related to a credit | ||||||
3 | agreement unless
the credit agreement is in writing, expresses | ||||||
4 | an agreement or commitment to
lend money or extend credit or | ||||||
5 | delay or forbear repayment of money, sets
forth the relevant | ||||||
6 | terms and conditions, and is signed by the creditor and
the | ||||||
7 | debtor. Actions that arise out of conduct intended to unjustly | ||||||
8 | benefit the creditor or a third party, however, are not barred | ||||||
9 | by this Section.
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10 | (Source: P.A. 86-613.)
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11 | Section 99. Effective date. This Act takes effect upon | ||||||
12 | becoming law.".
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