A public adjuster who receives, accepts, or holds any funds on behalf of an insured towards the settlement of a claim for loss or damage shall deposit the funds in a non-interest bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the public adjuster's home state or where the loss occurred.
215 ILCS 5/1580
Escrow or trust accounts
Known as the Public Adjusters Law
The act spans §§ 215-5-1501 to 215-5-1615 (25 sections).
P.A. 96-1332, eff. 1-1-11.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.