IL HB4135

Amends the Illinois Sureties Act to clarify that the Act applies to sureties who share primary liabilities with their principals on promissory notes, payment obligations, or performance contracts

Specifies that covered sureties must have primary liabilities originating from the same contracts under which their principals are obligated

Excludes guarantors of payment and guarantors of collection from the Act's coverage when their obligations are not primary liabilities

Excludes guarantors whose obligations are created through separate contractual agreements between creditors and guarantors, distinct from the principal's contractual obligations

Takes effect immediately upon becoming law