97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1024

 

Introduced 01/31/11, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 160/3.1

    Amends the Credit Agreements Act. Makes a technical change in a Section concerning a creditor's liability.


LRB097 03844 AEK 43883 b

 

 

A BILL FOR

 

HB1024LRB097 03844 AEK 43883 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 Credit Agreements Act is amended by changing
5Section 3.1 as follows:
 
6    (815 ILCS 160/3.1)
7    Sec. 3.1. Liability; privity of contract. No creditor shall
8be liable to a person not in privity of contract with the the
9creditor for civil damages arising out of a credit agreement,
10or any conditions precedent thereto, except for acts or conduct
11by the creditor that constitute fraud against the person.
12(Source: P.A. 89-309, eff. 8-11-95.)