Sen. John J. Cullerton
Filed: 5/9/2007
 
 

 




 

 		












09500HB0830sam001

LRB095 05101 MJR 35982 a






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AMENDMENT TO HOUSE BILL 830




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    AMENDMENT NO. ______. Amend House Bill 830 by replacing 
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everything after the enacting clause with the following:

 
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    "Section 1. Intent and applicability.
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    (a) By enacting this amendatory Act of the 95th General 
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Assembly, it is the intent of the General Assembly to make 
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explicit the original meaning of Section 2 of the Credit 
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Agreements Act. See Machinery Transports of Illinois v. Morton 
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Community Bank, 293 Ill.App.3d207(3rd Dist. 1997).
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    (b) This amendatory Act of the 95th General Assembly 
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applies to pending actions as well as actions commenced on or 
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after its effective date.
 
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    Section 5. The Credit Agreements Act is amended  by changing 
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Section 2 as follows:
 



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



 


 






09500HB0830sam001
- 2 -
LRB095 05101 MJR 35982 a




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    Sec. 2. Credit agreements to be in writing. A debtor may 
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not
maintain an action on or in any way related to a credit 
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agreement unless
the credit agreement is in writing, expresses 
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an agreement or commitment to
lend money or extend credit or 
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delay or forbear repayment of money, sets
forth the relevant 
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terms and conditions, and is signed by the creditor and
the 
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debtor. Actions that arise out of conduct intended to unjustly 
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benefit the creditor or a third party, however, are not barred 
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by this Section.


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

 

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