Bill Text: IL HB1024 | 2011-2012 | 97th 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: (Failed) 2013-01-08 - Session Sine Die [HB1024 Detail]

Download: Illinois-2011-HB1024-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB1024 Introduced 1/31/2011, by Rep. Michael J. Madigan 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.
LRB097 03844 AEK 43883 b
A BILL FOR
HB1024 LRB097 03844 AEK 43883 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.)