Illinois Compiled Statutes 815 Business Transactions: Article -

• Illinois Collateral Protection Act. - 815 ILCS 180, Section 1
  Short title. This Act may be cited as the Collateral Protection Act. (Source: P.A. 89-623, eff. 8-9-96.)
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 5
  Definitions. In this Act, unless the context otherwise requires, the following words and phrases shall have the following meanings: "Collateral" means any or all...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 10
  Placement of collateral protection insurance. A creditor may place collateral protection insurance provided the following conditions are met: (1) the debtor has entered into...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 15
  Notice of purchase of collateral protection insurance; repayment terms. (a) Within 30 calendar days following the purchase of collateral protection insurance, the creditor shall...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 20
  Coupon books. If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 25
  Cancellation of collateral protection insurance. A debtor may at any time cause the cancellation of collateral protection insurance by providing proper evidence to the...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 30
  Unearned premiums. Upon cancellation or expiration of collateral protection insurance, the amount of unearned premiums, if any, as calculated in accordance with the policy,...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 35
  Selection of insurance carrier. Collateral protection insurance may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 40
  Substantial compliance. (a) A creditor that places collateral protection insurance in substantial compliance with the terms of this Act shall not be directly or indirectly...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 45
  No fiduciary relationship. This Act does not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection insurance is for...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 50
  No cause of action created. A creditor is not, by virtue of this Act, required to purchase collateral protection insurance or to otherwise insure...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 55
  Uniform Commercial Code. The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the Uniform Commercial...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 60
  Severability; no impairment of creditor's rights. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. This Act shall...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 65
  Coverage of Act. Substantial compliance with the provisions of this Act shall be mandatory for the placement of collateral protection insurance in this State...
• Illinois Collateral Protection Act. - 815 ILCS 180, Section 99
  Effective date. This Act takes effect upon becoming law. (Source: P.A. 89-623, eff. 8-9-96.)

Last modified: February 18, 2015