SB1578sam001 96TH GENERAL ASSEMBLY

Sen. A. J. Wilhelmi

Filed: 3/25/2009

09600SB1578sam001 LRB096 11014 MJR 24448 a

AMENDMENT TO SENATE BILL 1578

AMENDMENT NO. ______. Amend Senate Bill 1578 by replacing everything after the enacting clause with the following:

"Section 5. The Credit Agreements Act is amended by changing Section 2 as follows:

(815 ILCS 160/2) (from Ch. 17, par. 7102)

Sec. 2. Credit agreements to be in writing. A debtor may not maintain an action on or in any way related to a credit agreement unless the credit agreement is in writing, expresses an agreement or commitment to lend money or extend credit or delay or forbear repayment of money, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor. An action that does not allege or depend on the existence of a credit agreement (or the allegation that an oral promise was made to enter into a credit agreement) and which arises out of an alleged breach of a distinct statutory or common law duty that exists apart from this Act or the existence of any credit agreement is not barred by this Section.

(Source: P.A. 86-613.)

Section 99. Effective date. This Act takes effect upon becoming law.".