Bill Text: IL HB5630 | 2009-2010 | 96th General Assembly | Engrossed
Bill Title: Amends the Illinois Banking Act. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Engrossed - Dead) 2010-06-27 - Senate Floor Amendment No. 1 Re-referred to Assignments; Pursuant to Senate Rule 3-9(b). [HB5630 Detail]
Download: Illinois-2009-HB5630-Engrossed.html
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| 1 | AN ACT concerning regulation.
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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 Illinois Insurance Code is amended by adding | ||||||
| 5 | Section 155.43 as follows:
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| 6 | (215 ILCS 5/155.43 new) | ||||||
| 7 | Sec. 155.43. Notice to insurer; mortgagee-in-possession. | ||||||
| 8 | The mortgagee, judgment creditor, or other lien holder shall | ||||||
| 9 | notify the last-known insurer of a residential building in | ||||||
| 10 | writing by first-class mail or electronically within 10 | ||||||
| 11 | business days after the mortgagee, judgment creditor, or lien | ||||||
| 12 | holder becomes the mortgagee-in-possession.
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| 13 | Section 99. Effective date. This Act takes effect on | ||||||
| 14 | January 1, 2011.
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