(815 ILCS 405/4) (from Ch. 121 1/2, par. 504)
Sec. 4.
Every retail installment contract must contain the names of the
seller and of the buyer, the place of business of the seller, the residence
of the buyer as specified by the buyer, and a description or identification
of the goods sold or to be sold or services furnished or rendered or to be
furnished or rendered. The contract must clearly state and describe any
security taken or retained by the seller. No charge may be made to a buyer
under an installment contract or charge agreement for insurance against
loss or damage to the goods, for insurance against liability for personal
injury or property damage caused to others by reason of ownership or
operation of the goods, for credit life insurance, for credit health and
accident insurance or for any other kind of insurance, unless the
installment contract or charge agreement separately specifies for each kind
of insurance the type of coverage, the term of coverage and the separate,
identified charge made therefor. However, a single charge may be made for
credit life, credit health and accident insurance whose issuance in a
single form or package has been authorized by the Director of Insurance and
whose charges for its various parts can not be separately stated, and, in
the case of contracts or charge agreements negotiated and entered into by
mail or telephone, in which the kind of insurance, type of coverage, the
term of coverage and the charge to be made therefor is clearly set forth in
a catalog or other printed solicitation of the seller, disclosure shall be
made in the manner required by Section 24 or Section 25 of this Act,
whichever one is applicable.
(Source: Laws 1967, p. 2149.)
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