(215 ILCS 5/513a1)
(from Ch. 73, par. 1065.60a1)
Scope of Article.
(a) Except as provided in subsection (b), this Article applies to all
persons engaged in the business of financing insurance premiums, entering
into premium finance agreements, or otherwise acquiring premium finance
agreements, and insurance companies and insurance producers as defined in
this Code, except in connection with premiums on the kinds of business
described as Class 1(a) or Class 1(b) of Section 4.
(b) Except for the provisions of Section 513a11 that apply to all
premium financing agreements in which the right to cancel one or more
policies of insurance on behalf of the named has been assigned to the
lender, this Article does not apply to the following entities:
(1) Credit unions, as defined in the Illinois Credit
(2) Banks, as defined in the Illinois Banking Act.
(3) Savings and loan associations, as defined in the
Illinois Savings and Loan Act of 1985.
(4) Persons operating under the provisions of Section
(5) Persons operating under the Consumer Installment
Loan Act or the Consumer Finance Act.
(6) Persons that acquire premium finance agreements
from insurance companies and entities described in paragraphs (1) through (5).
(Source: P.A. 87-811.)