Governor Quinn Signs SB 1912 into law (Now Public Act 98-548)
Public Act 98-548 seeks to ensure timely payment of settlements by setting reasonable deadlines. It allows ample time for preparation of documents including the necessary releases and finalization or protection of liens. If payment is not made within the statutory period, the court, after a hearing, can enter a judgment for the plaintiff on the settlement amount plus costs of obtaining the judgment and statutory interest already applicable to judgments.
Effective date is January 1, 2014.
Public Act 98-548 was sponsored by Senator Kwame Raoul and Representative Elgie Sims.
Click here for a full text of the legislation.
Stephen D. Phillips, President
Illinois Trial Lawyers Association