HB1024 97TH GENERAL ASSEMBLY

LRB097 03844 AEK 43883 b

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.

A BILL FOR

AN ACT concerning business.

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

Section 5. The Credit Agreements Act is amended by changing Section 3.1 as follows:

(815 ILCS 160/3.1)

Sec. 3.1. Liability; privity of contract. No creditor shall be liable to a person not in privity of contract with the the creditor for civil damages arising out of a credit agreement, or any conditions precedent thereto, except for acts or conduct by the creditor that constitute fraud against the person.

(Source: P.A. 89-309, eff. 8-11-95.)