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:
 
815 ILCS 180/50

    Amends the Collateral Protection Act. Makes a technical change in a Section concerning a creditor's liability for failing to insure collateral.


LRB095 05972 LCT 26064 b

 

 

A BILL FOR

 

SB1060 LRB095 05972 LCT 26064 b

1     AN ACT concerning business.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Collateral Protection Act is amended by
5 changing Section 50 as follows:
 
6     (815 ILCS 180/50)
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
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.)