90th General Assembly
Summary of SB0710
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Short description: 
CIV PRO-PROMISSORY NOTE LIMIT                                              

Synopsis of Bill as introduced:
        Amends the Code of Civil Procedure.  Provides  that  a  cause  of      
   action on a promissory note with a due date accrues on the due date or      
   the  date  to  which  the  due  date is accelerated.  Provides that an      
   action to enforce an obligation to pay a demand promissory  note  must      
   be  commenced  within  10  years after the demand and provides that an      
   action is barred if no  demand  is  made  and  neither  principal  nor      
   interest  has  been paid during a 10-year period.   Amends the Uniform      
   Commercial Code by eliminating language setting forth the  statute  of      
   limitations  on  notes payable at a definite time and notes payable on      
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          70 ILCS 3605/41                 from Ch. 111 2/3, par. 341           
        Amends the Metropolitan Transit Authority Act.     Provides  that      
   any  person  who  files  notice  with the Authority that he or she was      
   injured or has a cause of action shall be  furnished  a  copy  of  the      
   statute  concerning  the commencement of civil actions.  Provides that      
   if the Authority fails to furnish a copy of the  statute,  any  action      
   commenced  against the Authority shall not be dismissed for failure to      
   comply with  requirements  regarding  notice.   Makes  other  changes.      
   Provisions added by this amendment are effective July 1, 1998.              
        HOUSE AMENDMENT NO. 2.                                                 
          Adds reference to:                                                   
          215 ILCS 5/143a                 from Ch. 73, par. 755a               
        Amends the Illinois Insurance Code in relation to  uninsured  and      
   hit  and  run  motor vehicle coverage.  Requires arbitration as to the      
   amount of damages and medical opinions  under  certain  circumstances.      
   Creates   procedural  requirements  for  arbitration.     Makes  other      
          FISCAL NOTE, H-AM 1 & 2 (Office of Ill. Courts)                      
          SB 710, amended would have no fiscal impact on the Judicial          
          JUDICIAL NOTE, H-AM 1 & 2 (Office of Ill. Courts)                    
          The bill will neither decrease nor increase the need for the         
          number of judges in the state.                                       
          STATE MANDATES FISCAL NOTE, H-AM 2 (DCCA)                            
          SB 710 creates a "due process mandate" for which no reimburse-       
          ment by the State is required under the State Mandates Act.          
Last action on Bill: PUBLIC ACT.............................. 90-0451

   Last action date: 97-08-16

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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