(205 ILCS 670/15a) (from Ch. 17, par. 5416)
Sec. 15a.
Credit insurance.
Voluntary credit life insurance, credit accident and health insurance, involuntary unemployment
insurance,
credit property insurance, or other credit insurance policies approved or
permitted by the Director of Insurance and any
charge therefor which is deducted from the loan or paid by the obligor
shall comply with the Illinois Insurance Code and all lawful
requirements of the Director of Insurance related thereto. When there are 2
or more obligors on the loan contract, only one charge for credit life
insurance and credit accident and health insurance may be made and only one
of the obligors need be required to be insured, except that joint
credit insurance may cover two obligors. Insurance obtained from, by
or through a licensee shall be in effect when the loan is transacted. The
purchase of such insurance through the licensee or from an agent, broker or
insurer specified by the licensee shall not be a condition precedent to the
granting of the loan.
(Source: P.A. 90-437, eff. 1-1-98.)
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