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| | SB3423 Enrolled | | LRB098 18590 JLS 53731 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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Collateral Protection Act is amended by |
| 5 | | changing Section 40 as follows:
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| 6 | | (815 ILCS 180/40)
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| 7 | | Sec. 40. Substantial compliance. |
| 8 | | (a) A creditor that places collateral
protection insurance |
| 9 | | in substantial compliance with the terms of this Act shall
not |
| 10 | | be directly or indirectly liable in any manner to a debtor, |
| 11 | | co-signor,
guarantor, or any other person, in connection with |
| 12 | | the placement of the
collateral protection insurance. Notices |
| 13 | | and coupon books required to be
mailed under this Act shall be |
| 14 | | mailed by United States Mail,
first class, postage prepaid.
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| 15 | | (b) A servicer subject to the regulations prescribed by the |
| 16 | | Consumer Financial Protection Bureau pursuant to Section 1463 |
| 17 | | of the federal Dodd-Frank Wall Street Reform and Consumer |
| 18 | | Protection Act (12 C.F.R. 1024.37) that places hazard insurance |
| 19 | | in substantial compliance with those regulations
shall be |
| 20 | | deemed to be in substantial compliance with the terms of this |
| 21 | | Act. |
| 22 | | (Source: P.A. 89-623, eff. 8-9-96; 90-35, eff. 6-27-97.)
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