HB5630 Engrossed LRB096 19397 MJR 34788 b

1     AN ACT concerning regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Insurance Code is amended by adding
5 Section 155.43 as follows:
 
6     (215 ILCS 5/155.43 new)
7     Sec. 155.43. Notice to insurer; mortgagee-in-possession.
8 The mortgagee, judgment creditor, or other lien holder shall
9 notify the last-known insurer of a residential building in
10 writing by first-class mail or electronically within 10
11 business days after the mortgagee, judgment creditor, or lien
12 holder becomes the mortgagee-in-possession.
 
13     Section 99. Effective date. This Act takes effect on
14 January 1, 2011.