(815 ILCS 375/9.02)
(from Ch. 121 1/2, par. 569.02)
In any situation in which a person has purchased a motor
vehicle under an installment sales contract and has purchased
or credit disability insurance with such contract, the
contract must include a notice containing the following
(1) IF YOU HAVE PURCHASED EITHER CREDIT LIFE OR CREDIT DISABILITY
INSURANCE, OR BOTH, TO GUARANTEE PAYMENTS BEING MADE IN CASE OF YOUR DEATH
OR DISABILITY, ON YOUR VEHICLE PURCHASED UNDER AN INSTALLMENT SALES
CONTRACT, YOU MAY BE ENTITLED TO A PARTIAL REFUND OF YOUR PREMIUM IF YOU
PAY OFF YOUR INSTALLMENT LOAN EARLY.
(2) IN CASE OF EARLY COMPLETE PAYMENT OF YOUR LOAN, YOU
SHOULD CONTACT THE SELLER OF YOUR CREDIT LIFE OR CREDIT DISABILITY
INSURANCE TO SEE IF A REFUND IS DUE. IF YOUR VEHICLE DEALER FINANCED YOUR
LOAN, THE SELLER OF YOUR CREDIT LIFE OR CREDIT DISABILITY INSURANCE IS YOUR
The above provisions shall be in large block print at least 1/8" in height.
The notice form shall also be captioned: "NOTICE OF POSSIBLE REFUND OF
CREDIT LIFE OR DISABILITY INSURANCE PREMIUM."
The willful failure to provide such a notice shall subject the
insurance seller to liability to the purchaser for 3 times the amount of
refund due or $100, whichever is greater.
(Source: P.A. 90-437, eff. 1-1-98.)