IL SB1912

Requires settling defendants in personal injury, property damage, wrongful death, and tort actions to tender a release to the plaintiff within 14 days of written settlement confirmation.

Mandates defendants pay all settlement amounts within 30 days of the plaintiff's tender of an executed release and applicable lien documentation.

Allows plaintiffs to protect third-party recovery and subrogation interests (attorney's liens, healthcare provider liens, Medicare, Medicaid, state healthcare, or private insurance) through signed releases, attorney holdback agreements, or defendant holdback arrangements.

Authorizes courts to enter judgment against defendants who fail to timely pay the settlement amount, plus costs and interest at the statutory rate calculated from the tender date.

Exempts the State of Illinois, state agencies, state officers, municipalities, and class action lawsuits from these settlement payment requirements, effective January 1, 2014.