100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1574

 

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.


LRB100 03448 JLS 13453 b

 

 

A BILL FOR

 

HB1574LRB100 03448 JLS 13453 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Collateral Protection Act is amended by
5changing Section 50 as follows:
 
6    (815 ILCS 180/50)
7    Sec. 50. No cause of action created. A creditor is not, by
8virtue of this Act, required to purchase collateral protection
9insurance or to otherwise insure collateral. A creditor shall
10not, by virtue of this Act, be liable to a debtor or to any
11other person for not purchasing collateral protection
12insurance, as a result of the the amount or level of coverage
13of collateral protection insurance purchased by the creditor,
14or because the creditor purchased collateral protection
15insurance that protects only the interests of the creditor or
16less than all of the interests of the debtor. This Act shall
17not be deemed to create a cause of action for damages on behalf
18of the debtor or any other person in connection with the
19placement of collateral protection insurance.
20(Source: P.A. 89-623, eff. 8-9-96.)