The seller may charge a premium for insurance, in lieu of perfecting a security interest, to the extent that the premium does not exceed the fees paid to public officials for determining the existence of or for perfecting or satisfying a security interest. The premium must be disclosed in the itemization of the amount financed.
815 ILCS 405/23.1
Other fees
Known as the Retail Installment Sales Act
The act spans §§ 815-405-1 to 815-405-9 (60 sections).
P.A. 90-437, eff. 1-1-98.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.