Bill Text: IL SB1649 | 2009-2010 | 96th 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) 2009-02-19 - Referred to Assignments [SB1649 Detail]

Download: Illinois-2009-SB1649-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB1649 Introduced 2/19/2009, by Sen. Kwame Raoul 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.
LRB096 11091 KTG 21421 b
A BILL FOR
SB1649 LRB096 11091 KTG 21421 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.)