Sec. 3. Actions not considered agreements.
110 words·~1 min read·
/il/chapter-815/act-160/3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.