Bill Text: IL HB1574 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Collateral Protection Act. Makes a technical change in a Section concerning a creditor's liability for failing to insure collateral.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB1574 Detail]

Download: Illinois-2017-HB1574-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1574 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
815 ILCS 180/50
Amends the Collateral Protection Act. Makes a technical change in a Section concerning a creditor's liability for failing to insure collateral.
LRB100 03448 JLS 13453 b
A BILL FOR
HB1574 LRB100 03448 JLS 13453 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Collateral Protection Act is amended by
changing Section 50 as follows:
(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 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.)