Bill Text: IL SB3423 | 2013-2014 | 98th General Assembly | Enrolled
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-Enrolled.html
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-Enrolled.html
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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,
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3 | represented in the General Assembly:
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4 | Section 5. The Collateral Protection Act is amended by | ||||||
5 | changing Section 40 as follows:
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6 | (815 ILCS 180/40)
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7 | Sec. 40. Substantial compliance. | ||||||
8 | (a) A creditor that places collateral
protection insurance | ||||||
9 | in substantial compliance with the terms of this Act shall
not | ||||||
10 | be directly or indirectly liable in any manner to a debtor, | ||||||
11 | co-signor,
guarantor, or any other person, in connection with | ||||||
12 | the placement of the
collateral protection insurance. Notices | ||||||
13 | and coupon books required to be
mailed under this Act shall be | ||||||
14 | mailed by United States Mail,
first class, postage prepaid.
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15 | (b) A servicer subject to the regulations prescribed by the | ||||||
16 | Consumer Financial Protection Bureau pursuant to Section 1463 | ||||||
17 | of the federal Dodd-Frank Wall Street Reform and Consumer | ||||||
18 | Protection Act (12 C.F.R. 1024.37) that places hazard insurance | ||||||
19 | in substantial compliance with those regulations
shall be | ||||||
20 | deemed to be in substantial compliance with the terms of this | ||||||
21 | Act. | ||||||
22 | (Source: P.A. 89-623, eff. 8-9-96; 90-35, eff. 6-27-97.)
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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