Bill Text: IL SB1578 | 2009-2010 | 96th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Credit Agreements Act. Provides that specified provisions shall not constitute a defense to a claim that arises out of bad faith conduct intended to unjustly benefit a creditor or a third party. Provides that the mere failure by a creditor to enter into a credit agreement with or to provide a written commitment to a debtor, without more, shall not constitute bad faith under specified provisions. Provides for the legislative intent of the General Assembly and that certain provisions apply to pending actions as well as actions commenced on or after the effective date of the amendatory Act. Effective immediately.
Spectrum: Partisan Bill (Democrat 18-0)
Status: (Passed) 2010-04-13 - Public Act . . . . . . . . . 96-0888 [SB1578 Detail]
Download: Illinois-2009-SB1578-Engrossed.html
Bill Title: Amends the Credit Agreements Act. Provides that specified provisions shall not constitute a defense to a claim that arises out of bad faith conduct intended to unjustly benefit a creditor or a third party. Provides that the mere failure by a creditor to enter into a credit agreement with or to provide a written commitment to a debtor, without more, shall not constitute bad faith under specified provisions. Provides for the legislative intent of the General Assembly and that certain provisions apply to pending actions as well as actions commenced on or after the effective date of the amendatory Act. Effective immediately.
Spectrum: Partisan Bill (Democrat 18-0)
Status: (Passed) 2010-04-13 - Public Act . . . . . . . . . 96-0888 [SB1578 Detail]
Download: Illinois-2009-SB1578-Engrossed.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 Credit Agreements Act is amended by changing | ||||||
| 5 | Section 3.1 as follows:
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| 6 | (815 ILCS 160/3.1)
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| 7 | Sec. 3.1. Liability; privity of contract. No creditor shall | ||||||
| 8 | be liable to
a person not in privity of contract with the
the | ||||||
| 9 | creditor for civil damages arising
out of a credit agreement, | ||||||
| 10 | or any conditions precedent thereto, except for acts
or conduct | ||||||
| 11 | by the creditor that constitute fraud against the person. | ||||||
| 12 | (Source: P.A. 89-309, eff. 8-11-95.)
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