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| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 001 ] |
90_SB0209
815 ILCS 180/17 new
Amends the Collateral Protection Act. Provides that the
cost of collateral protection insurance must be commercially
reasonable. Effective immediately.
LRB9002200JSmg
LRB9002200JSmg
1 AN ACT to amend the Collateral Protection Act by adding
2 Section 17.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Collateral Protection Act is amended by
6 adding Section 17 as follows:
7 (815 ILCS 180/17 new)
8 Sec. 17. Collateral insurance costs. The cost of
9 collateral insurance placed under the authority of this Act
10 shall be commercially reasonable. For the purposes of this
11 Act, "commercially reasonable" means insurance premiums based
12 on the average cost of insurance coverage for the item used
13 as collateral as assessed by insurers in this State for the
14 risk or risks covered.
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.