Sec. 25. Registration requirements for service contract providers.
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/il/chapter-215/act-152/25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 25. Registration requirements for service contract providers.
(a)No service contract shall be issued or sold in this State until the following information has been submitted to the Department:
(1)the name of the service contract provider;
(2)a list identifying the service contract provider's executive officer or officers
directly responsible for the service contract provider's service contract business;
(3)the name and address of the service contract provider's agent for service of process
in this State, if other than the service contract provider;
(4)a true and accurate copy of all service contracts to be sold in this State; and
(5)a statement indicating under which provision of Section 15 the service contract
provider qualifies to do business in this State as a service contract provider.
(b)The service contract provider shall pay an initial registration fee of $1,000 and a renewal fee of $150 each year thereafter. All fees and penalties collected under this Act shall be paid to the Director and deposited in the Insurance Financial Regulation Fund.