This Act does not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection insurance is for the sole purpose of protecting the interest of the creditor when the debtor fails to insure collateral as required by the credit agreement.
815 ILCS 180/45
No fiduciary relationship
Known as the Collateral Protection Act
The act spans §§ 815-180-1 to 815-180-99 (15 sections).
P.A. 89-623, eff. 8-9-96.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.