Illinois § 513a10 Maximum service charge

Illinois Statutes

§ 513a10 — Maximum service charge

Illinois § 513a10

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article XXXIIA - Premium Finance Regulation

This text of Illinois § 513a10 (Maximum service charge) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 513a10 (2026).

Text

(a)No service charge shall be made for financing premiums other than as permitted by this Article.

(b)The service charge is to be computed on the principal balance from the effective date of the insurance coverage for which the premiums are being advanced to and including the date when the final installment of the premium finance agreement is payable.

(c)The service charge shall be a maximum of $10 per $100 per year plus an allowable charge as follows: Allowable Charge Amount of Principal Per Finance Agreement Balance $20 $0 to $499 $30 $500 to $999 $40 $1000 or more (d) The service charge or any other charge made by the licensee does not have to be refunded upon cancellation or prepayment. The allowable charge is considered to be part of the service charge.

(e)A premium finance agreem

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(a) No service charge shall be made for financing premiums other than as permitted by this Article. (b) The service charge is to be computed on the principal balance from the effective date of the insurance coverage for which the premiums are being advanced to and including the date when the final installment of the premium finance agreement is payable. (c) The service charge shall be a maximum of $10 per $100 per year plus an allowable charge as follows: Allowable Charge Amount of Principal Per Finance Agreement Balance $20 $0 to $499 $30 $500 to $999 $40 $1000 or more (d) The service charge or any other charge made by the licensee does not have to be refunded upon cancellation or prepayment. The allowable charge is considered to be part of the service charge. (e) A premium finance agreement may provide for a delinquency charge of not less than $1 nor more than 5% of any installment in default for more than 5 days. (f) Any other charges shall be disclosed in the premium finance agreement.