HB1271 99TH GENERAL ASSEMBLY

LRB099 05136 JLS 25165 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB1271

Introduced , by Rep. Michael J. Madigan

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.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Collateral Protection Act is amended by changing Section 50 as follows:

(815 ILCS 180/50)

Sec. 50. No cause of action created. A creditor is not, by virtue of this Act, required to purchase collateral protection insurance or to otherwise insure collateral. A creditor shall not, by virtue of this Act, be liable to a debtor or to any other person for not purchasing collateral protection insurance, as a result of the the amount or level of coverage of collateral protection insurance purchased by the creditor, or because the creditor purchased collateral protection insurance that protects only the interests of the creditor or less than all of the interests of the debtor. This Act shall not be deemed to create a cause of action for damages on behalf of the debtor or any other person in connection with the placement of collateral protection insurance.

(Source: P.A. 89-623, eff. 8-9-96.)