Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 160/3

(815 ILCS 160/3) (from Ch. 17, par. 7103)

Sec. 3.

Actions not considered agreements.

The following actions do
not give rise to a claim, counter-claim, or defense by a debtor that a new
credit agreement is created, unless the agreement satisfies the requirements of Section 2:

(1) the rendering of financial advice by a creditor to a debtor;

(2) the consultation by a creditor with a debtor; or

(3) the agreement by a creditor to modify or amend an existing credit
agreement or to otherwise take certain actions, such as entering into a new
credit agreement, forbearing from exercising remedies in connection with an
existing credit agreement, or rescheduling or extending installments due
under an existing credit agreement.

(Source: P.A. 86-613.)