(815 ILCS 180/40)
Sec. 40. Substantial compliance. (a) A creditor that places collateral
protection insurance in substantial compliance with the terms of this Act shall
not be directly or indirectly liable in any manner to a debtor, co-signor,
guarantor, or any other person, in connection with the placement of the
collateral protection insurance. Notices and coupon books required to be
mailed under this Act shall be mailed by United States Mail,
first class, postage prepaid.
(b) A servicer subject to the regulations prescribed by the Consumer Financial Protection Bureau pursuant to Section 1463 of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act (12 C.F.R. 1024.37) that places hazard insurance in substantial compliance with those regulations
shall be deemed to be in substantial compliance with the terms of this Act. (Source: P.A. 98-1120, eff. 8-26-14.)
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