(a) No financial institution may offer a rebate on an insurance product in violation of Section 151 of this Code. (b) No financial institution may offer a discount on a loan or extension of credit for the purpose of inducing the customer to purchase insurance required in connection with the loan or extension of credit.
215 ILCS 5/1407
Rebating and discounting
Known as the Financial Institutions Insurance Sales Law
The act spans §§ 215-5-1400 to 215-5-1416 (17 sections).
P.A. 90-41, eff. 10-1-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.