Bill Text: IL HB1015 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Credit Agreements Act. Makes a technical change in a Section concerning a creditor's liability.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-04-23 - Rule 19(a) / Re-referred to Rules Committee [HB1015 Detail]

Download: Illinois-2021-HB1015-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB1015 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
815 ILCS 160/3.1
Amends the Credit Agreements Act. Makes a technical change in a Section concerning a creditor's liability.
LRB102 03028 KTG 13041 b
A BILL FOR
HB1015 LRB102 03028 KTG 13041 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Credit Agreements Act is amended by
changing Section 3.1 as follows:
(815 ILCS 160/3.1)
Sec. 3.1. Liability; privity of contract. No creditor
shall be liable to a person not in privity of contract with the
the creditor for civil damages arising out of a credit
agreement, or any conditions precedent thereto, except for
acts or conduct by the creditor that constitute fraud against
the person.
(Source: P.A. 89-309, eff. 8-11-95.)