(a) No service contract shall be issued or sold in this State until the following information has been submitted to the Department: (1) the name of the service contract provider; (2) a list identifying the service contract provider's executive officer or officers directly responsible for the service contract provider's service contract business; (3) the name and address of the service contract provider's agent for service of process in this State, if other than the service contract provider; (4) a true and accurate copy of all service contracts to be sold in this State; and (5) a statement indicating under which provision of Section 15 the service contract provider qualifies to do business in this State as a service contract provider. (b) The service contract provider shall pay an initial registration fee of $1,000 and a renewal fee of $150 each year thereafter. All fees and penalties collected under this Act shall be paid to the Director and deposited in the Insurance Financial Regulation Fund.
215 ILCS 152/25
Registration requirements for service contract providers
Known as the Service Contract Act
The act spans §§ 215-152-1 to 215-152-99 (14 sections).
P.A. 93-32, eff. 7-1-03.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.