Senate Sponsors: FITZGERALD-DILLARD. House Sponsors: SCULLY 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 demand. 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 changes. FISCAL NOTE, H-AM 1 & 2 (Office of Ill. Courts) SB 710, amended would have no fiscal impact on the Judicial Branch. 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 END OF INQUIRY Full Text Bill Status