90th General Assembly Summary of SB0209    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
CARROLL.

House Sponsors:
WOOD

Short description: 
COLLATERAL PRO-REASONABLE COST                                             

Synopsis of Bill as introduced:
        Amends the Collateral Protection Act.   Provides that the cost of      
   collateral  protection  insurance  must  be  commercially  reasonable.      
   Effective immediately.                                                      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          815 ILCS 180/17 new                                                  
          Adds reference to:                                                   
          815 ILCS 180/5                                                       
          815 ILCS 180/15                                                      
          815 ILCS 180/40                                                      
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the  Collateral  Protection  Act.   Provides  that  collateral      
   includes  property  used to secure performance under lease agreements.      
   Requires the  notice  to  disclose  the  initial  cost  of  collateral      
   protection insurance. Effective immediately.                                
 
Last action on Bill: PUBLIC ACT.............................. 90-0035

   Last action date: 97-06-27

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 


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