(215 ILCS 5/1406)
Insurance and financial institution products.
(a) No financial institution may offer banking products or services, or fix
or vary the consideration of the offer, on a condition or requirement that the
customer obtain insurance from the financial institution or any affiliate of
the financial institution.
(b) A financial institution that offers banking products or services in
conformity with the provisions of Section 106 of the Bank Holding Company Act
Amendments of 1970 (12 U.S.C. 1972) shall be deemed to be in compliance with
the provisions of subsection (a) of this Section.
(c) No financial institution shall require that a customer or prospective
customer of the financial institution purchase an insurance product from any
particular registered firm or insurance producer as a condition for the lending
of money or extension of credit, the establishment or maintenance of a
checking, savings, or other deposit account, or the establishment or
of a trust account.
(Source: P.A. 90-41, eff. 10-1-97.)