SB0060 97TH GENERAL ASSEMBLY

LRB097 00065 DRJ 40169 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0060

Introduced 1/27/2011, by Sen. Ira I. Silverstein

SYNOPSIS AS INTRODUCED:

815 ILCS 160/3 rep.

Amends the Credit Agreements Act. Repeals provisions stating that certain actions do not give rise to a claim, counter-claim, or defense by a debtor that a new credit agreement is created, unless the agreement is in writing, contains certain provisions, and is signed by the creditor and the debtor. Effective immediately.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

(815 ILCS 160/3 rep.)

Section 5. The Credit Agreements Act is amended by repealing Section 3.

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