Bill Text: IL SB3423 | 2013-2014 | 98th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Collateral Protection Act. Provides that a servicer subject to regulations issued by the Consumer Financial Protection Bureau under the Dodd-Frank Act that places hazard insurance in substantial compliance with those regulations shall be deemed in substantial compliance with this Act. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 6-3)

Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1120 [SB3423 Detail]

Download: Illinois-2013-SB3423-Engrossed.html



SB3423 EngrossedLRB098 18590 JLS 53731 b
1 AN ACT concerning business.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Collateral Protection Act is amended by
5changing Section 40 as follows:
6 (815 ILCS 180/40)
7 Sec. 40. Substantial compliance.
8 (a) A creditor that places collateral protection insurance
9in substantial compliance with the terms of this Act shall not
10be directly or indirectly liable in any manner to a debtor,
11co-signor, guarantor, or any other person, in connection with
12the placement of the collateral protection insurance. Notices
13and coupon books required to be mailed under this Act shall be
14mailed by United States Mail, first class, postage prepaid.
15 (b) A servicer subject to the regulations prescribed by the
16Consumer Financial Protection Bureau pursuant to Section 1463
17of the federal Dodd-Frank Wall Street Reform and Consumer
18Protection Act (12 C.F.R. 1024.37) that places hazard insurance
19in substantial compliance with those regulations shall be
20deemed to be in substantial compliance with the terms of this
21Act.
22(Source: P.A. 89-623, eff. 8-9-96; 90-35, eff. 6-27-97.)

SB3423 Engrossed- 2 -LRB098 18590 JLS 53731 b
1 Section 99. Effective date. This Act takes effect upon
2becoming law.
feedback