§ 513a1 — 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 Union Act. (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 4a of the Interest Act. (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).

Legislative History

(Source: P.A. 87-811.)