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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1060
Introduced 2/8/2007, by Sen. Martin A. Sandoval - Emil Jones, Jr. 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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SB1060 |
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LRB095 05972 LCT 26064 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Collateral Protection Act is amended by |
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| changing Section 50 as follows:
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| (815 ILCS 180/50)
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| Sec. 50. No cause of action created. A creditor is not, by |
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| virtue of
this Act, required to purchase collateral protection |
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| insurance or to otherwise
insure collateral. A creditor shall |
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| not, by virtue of this Act, be liable to a
debtor or to any |
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| other person for not purchasing collateral protection
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| insurance, as a result of the
the amount or level of coverage |
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| of collateral
protection
insurance purchased by the creditor, |
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| or because the creditor purchased
collateral protection |
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| insurance that protects only the interests of the
creditor or |
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| less than all of the interests of the debtor. This Act shall |
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| not
be deemed to create a cause of action for damages on behalf |
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| of the debtor or
any other person in connection with the |
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| placement of collateral
protection insurance. |
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| (Source: P.A. 89-623, eff. 8-9-96.)
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