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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1024 Introduced 01/31/11, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Credit Agreements Act. Makes a technical change in a Section
concerning a creditor's liability.
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| | A BILL FOR |
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| | HB1024 | | LRB097 03844 AEK 43883 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Credit Agreements Act is amended by changing |
| 5 | | Section 3.1 as follows:
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| 6 | | (815 ILCS 160/3.1)
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| 7 | | Sec. 3.1. Liability; privity of contract. No creditor shall |
| 8 | | be liable to
a person not in privity of contract with the
the |
| 9 | | creditor for civil damages arising
out of a credit agreement, |
| 10 | | or any conditions precedent thereto, except for acts
or conduct |
| 11 | | by the creditor that constitute fraud against the person. |
| 12 | | (Source: P.A. 89-309, eff. 8-11-95.)
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