State statute · Illinois

215 ILCS 5, Article XXXIIA, Secs. 513a1 through 513a13, 13 sections: Premium Finance Regulation

Publisher: Illinois General Assembly, Legislative Reference Bureau
Edition: Illinois Compiled Statutes as published by the Legislative Reference Bureau. The...
Last checked: 2026-09-17
Status: Illinois Compiled Statutes, public domain

Edition and licensing notes

Publisher. Illinois General Assembly, Legislative Reference Bureau (ilga.gov)

Edition. Illinois Compiled Statutes as published by the Legislative Reference Bureau. The publisher's own currency statement on the full-text page reads: "Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law... Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database." Retrieved 2026-09-17.

Status. Illinois Compiled Statutes, public domain (Illinois General Assembly).

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What this document is

215 ILCS 5, Article XXXIIA - Premium Finance Regulation (Secs. 513a1 through 513a13, 13 sections) is a state statute published by Illinois General Assembly, Legislative Reference Bureau (ilga.gov). It is one of the Illinois documents that insurance license exam questions are written from, including illinois property & casualty, illinois personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

215 ILCS 5/513a11(b)-(c) (Cancellation requirements upon default)
“Not less than 10 days written notice shall be mailed to the named insured of the intent of the premium finance company to cancel the insurance contract unless the default is cured within the 10 day period. (c) After expiration of the 10 day period, the premium finance company may request, in the...”
215 ILCS 5/513a10(a)-(c) (Maximum service charge)
“(a) No service charge shall be made for financing premiums other than as permitted by this Article. (b) The service charge is to be computed on the principal balance from the effective date of the insurance coverage for which the premiums are being advanced to and including the date when the final...”
215 ILCS 5/513a3(a)-(b) (License required)
“No person may act as a premium finance company or hold himself out to be engaged in the business of financing insurance premiums, either directly or indirectly, without first having obtained a license as a premium finance company from the Director. (b) An insurance producer shall be deemed to be...”
215 ILCS 5/513a1(a) (Scope of Article)
“Except as provided in subsection (b), this Article applies to all persons engaged in the business of financing insurance premiums, entering into premium finance agreements, or otherwise acquiring premium finance agreements, and insurance companies and insurance producers as defined in this Code,...”
215 ILCS 5/513a12(a) (Books and records)
“Until payment in full and 3 years thereafter every licensee shall maintain each premium finance agreement or duplicate originals thereof and all original documents relating thereto (except those papers returned to the insured) so as to be readily available for examination by the Director.”
215 ILCS 5/513a11(d) (Cancellation requirements upon default)
“All statutory, regulatory, and contractual restrictions providing that the insurance contract may not be cancelled unless notice is given to a governmental agency, mortgagee, or other third party shall apply where cancellation is effected under provisions of this Section. The insurer shall give the...”

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Questions about this source

215 ILCS 5, Article XXXIIA - Premium Finance Regulation (Secs. 513a1 through 513a13, 13 sections) is a state statute published by Illinois General Assembly, Legislative Reference Bureau (ilga.gov). Edition: Illinois Compiled Statutes as published by the Legislative Reference Bureau. The publisher's own currency statement on the full-text page reads: "Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law... Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database." Retrieved 2026-09-17..

No. This page summarizes the document and links to the official version. Always rely on the text published by Illinois General Assembly, Legislative Reference Bureau (ilga.gov) for the current law.

Practice questions for Illinois Property & Casualty, Illinois Personal Lines cite this document.

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