815 ILCS 160/ Credit Agreements Act.

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BUSINESS TRANSACTIONS
(815 ILCS 160/) Credit Agreements Act.

815 ILCS 160/0.01

(815 ILCS 160/0.01) (from Ch. 17, par. 7100)

Sec. 0.01.

Short title.

This Act may be cited as the

Credit Agreements Act.

(Source: P.A. 86-1324.)

815 ILCS 160/1

(815 ILCS 160/1) (from Ch. 17, par. 7101)

Sec. 1.

Definitions.

For the purpose of this Act, the following
terms have the meanings given them:

(1) "Credit agreement" means an agreement or commitment by a creditor to
lend money or extend credit or delay or forbear repayment of money not
primarily for personal, family or household purposes, and not in connection
with the issuance of credit cards.

(2) "Creditor" means a person engaged in the business of lending money
or extending credit.

(3) "Debtor" means a person who obtains credit or seeks a credit
agreement or claims the existence of a credit agreement with a creditor or
who owes money to a creditor.

(4) "Person" means an individual, corporation, partnership, joint
venture, trust estate, unincorporated association or other entity.

(Source: P.A. 86-613.)

815 ILCS 160/2

(815 ILCS 160/2) (from Ch. 17, par. 7102)

Sec. 2.

Credit agreements to be in writing.

A debtor may not
maintain an action on or in any way related to a credit agreement unless
the credit agreement is in writing, expresses an agreement or commitment to
lend money or extend credit or delay or forbear repayment of money, sets
forth the relevant terms and conditions, and is signed by the creditor and
the debtor.

(Source: P.A. 86-613.)

815 ILCS 160/3

(815 ILCS 160/3) (from Ch. 17, par. 7103)

Sec. 3.

Actions not considered agreements.

The following 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 satisfies the requirements of Section 2:

(1) the rendering of financial advice by a creditor to a debtor;

(2) the consultation by a creditor with a debtor; or

(3) the agreement by a creditor to modify or amend an existing credit
agreement or to otherwise take certain actions, such as entering into a new
credit agreement, forbearing from exercising remedies in connection with an
existing credit agreement, or rescheduling or extending installments due
under an existing credit agreement.

(Source: P.A. 86-613.)

815 ILCS 160/3.1

(815 ILCS 160/3.1)

Sec. 3.1.

Liability; privity of contract.

No creditor shall be liable to
a person not in privity of contract with the creditor for civil damages arising
out of a credit agreement, or any conditions precedent thereto, except for acts
or conduct by the creditor that constitute fraud against the person.

(Source: P.A. 89-309, eff. 8-11-95.)