Collateral protection insurance may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the Department of Insurance. The insurance shall be evidenced by an individual policy or a certificate of insurance.
815 ILCS 180/35
Selection of insurance carrier
Known as the Collateral Protection Act
The act spans §§ 815-180-1 to 815-180-99 (15 sections).
P.A. 89-623, eff. 8-9-96.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.