SB1578 Engrossed LRB096 11014 MJR 21301 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 Credit Agreements Act is amended by changing
5 Section 3.1 as follows:
 
6     (815 ILCS 160/3.1)
7     Sec. 3.1. Liability; privity of contract. No creditor shall
8 be liable to a person not in privity of contract with the the
9 creditor for civil damages arising out of a credit agreement,
10 or any conditions precedent thereto, except for acts or conduct
11 by the creditor that constitute fraud against the person.
12 (Source: P.A. 89-309, eff. 8-11-95.)