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Public Act 098-1120
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| SB3423 Enrolled | LRB098 18590 JLS 53731 b |
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Collateral Protection Act is amended by |
changing Section 40 as follows:
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(815 ILCS 180/40)
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Sec. 40. Substantial compliance. |
(a) A creditor that places collateral
protection insurance |
in substantial compliance with the terms of this Act shall
not |
be directly or indirectly liable in any manner to a debtor, |
co-signor,
guarantor, or any other person, in connection with |
the placement of the
collateral protection insurance. Notices |
and coupon books required to be
mailed under this Act shall be |
mailed by United States Mail,
first class, postage prepaid.
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(b) A servicer subject to the regulations prescribed by the |
Consumer Financial Protection Bureau pursuant to Section 1463 |
of the federal Dodd-Frank Wall Street Reform and Consumer |
Protection Act (12 C.F.R. 1024.37) that places hazard insurance |
in substantial compliance with those regulations
shall be |
deemed to be in substantial compliance with the terms of this |
Act. |
(Source: P.A. 89-623, eff. 8-9-96; 90-35, eff. 6-27-97.)
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