Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 180/50

(815 ILCS 180/50)

Sec. 50.

No cause of action created.

A creditor is not, by virtue of
this Act, required to purchase collateral protection insurance or to otherwise
insure collateral.  A creditor shall not, by virtue of this Act, be liable to a
debtor or to any other person for not purchasing collateral protection
insurance, as a result of the amount or level of coverage of collateral
protection
insurance purchased by the creditor, or because the creditor purchased
collateral protection insurance that protects only the interests of the
creditor or less than all of the interests of the debtor.  This Act shall not
be deemed to create a cause of action for damages on behalf of the debtor or
any other person in connection with the placement of collateral
protection insurance.

(Source: P.A. 89-623, eff. 8-9-96.)