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

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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-Chaptered.html

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Public Act 098-1120
SB3423 Enrolled LRB098 18590 JLS 53731 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 40 as follows:
(815 ILCS 180/40)
Sec. 40. Substantial compliance.
(a) A creditor that places collateral protection insurance
in substantial compliance with the terms of this Act shall not
be directly or indirectly liable in any manner to a debtor,
co-signor, guarantor, or any other person, in connection with
the placement of the collateral protection insurance. Notices
and coupon books required to be mailed under this Act shall be
mailed by United States Mail, first class, postage prepaid.
(b) A servicer subject to the regulations prescribed by the
Consumer Financial Protection Bureau pursuant to Section 1463
of the federal Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 C.F.R. 1024.37) that places hazard insurance
in substantial compliance with those regulations shall be
deemed to be in substantial compliance with the terms of this
Act.
(Source: P.A. 89-623, eff. 8-9-96; 90-35, eff. 6-27-97.)

Section 99. Effective date. This Act takes effect upon
becoming law.