HB5630eng 96TH GENERAL ASSEMBLY

HB5630 Engrossed LRB096 19397 MJR 34788 b

AN ACT concerning regulation.

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

Section 5. The Illinois Insurance Code is amended by adding Section 155.43 as follows:

(215 ILCS 5/155.43 new)

Sec. 155.43. Notice to insurer; mortgagee-in-possession. The mortgagee, judgment creditor, or other lien holder shall notify the last-known insurer of a residential building in writing by first-class mail or electronically within 10 business days after the mortgagee, judgment creditor, or lien holder becomes the mortgagee-in-possession.

Section 99. Effective date. This Act takes effect on January 1, 2011.