|
|
|
|
HB5630 Engrossed |
|
LRB096 19397 MJR 34788 b |
|
|
| 1 |
| AN ACT concerning regulation.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Insurance Code is amended by adding |
| 5 |
| Section 155.43 as follows:
|
| 6 |
| (215 ILCS 5/155.43 new) |
| 7 |
| Sec. 155.43. Notice to insurer; mortgagee-in-possession. |
| 8 |
| The mortgagee, judgment creditor, or other lien holder shall |
| 9 |
| notify the last-known insurer of a residential building in |
| 10 |
| writing by first-class mail or electronically within 10 |
| 11 |
| business days after the mortgagee, judgment creditor, or lien |
| 12 |
| holder becomes the mortgagee-in-possession.
|
| 13 |
| Section 99. Effective date. This Act takes effect on |
| 14 |
| January 1, 2011.
|