Illinois Compiled Statutes 215 ILCS 5 Illinois Insurance Code. Section 1407

    (215 ILCS 5/1407)

    Sec. 1407. Rebating and discounting.

    (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.

(Source: P.A. 90-41, eff. 10-1-97.)

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Last modified: February 18, 2015