Sec. 1402. Definitions.

488 words·~2 min read·/il/chapter-215/act-5/1402

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Sec. 1402. Definitions. For the purposes of this Article:

"Financial institution" means:

(1)a State bank, a national bank, or an out-of-state bank, as those terms are defined

in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out-of-state bank;

(2)a foreign banking corporation, as that term is defined in the Foreign Banking Office

Act, or any subsidiary of a foreign banking corporation;

(3)a corporate fiduciary, as that term is defined in the Corporate Fiduciary Act;

(4)a savings bank organized under the Savings Bank Act, an out-of-state savings bank

chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out-of-state savings bank or a federal savings bank;

(5)an association or federal association, as those terms are defined in the Illinois

Savings and Loan Act of 1985, or any subsidiary of an association or federal association;

(6)an out-of-state savings and loan association chartered under the laws of a state

other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out-of-state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois; or

(7)a credit union as defined in the Illinois Credit Union Act, or any subsidiary of a

credit union.

To the extent that any entity other than a financial institution conducts insurance activities in this State on behalf of or on the premises of the financial institution, such entity shall be subject to this Article for the purposes of those activities.

"Insurance" means all lines of insurance defined and regulated as insurance under this Code, but for the purposes of this Article, "insurance" shall not include the following lines of insurance, provided that this paragraph shall not be deemed to preclude or otherwise limit regulation of the following lines of insurance pursuant to and to the extent otherwise provided by any other insurance law of this State:

(1)credit life, credit accident and health, credit involuntary unemployment, credit

casualty and credit property insurance;

(2)extended service contracts and warranty agreements;

(3)insurance obtained by the debtor to provide payment for the difference between the

remaining balance on a loan or other extension of credit and the amount of insurance coverage on the collateral securing the loan or other extension of credit;

(4)insurance placed by a financial institution on collateral used in connection with a

loan or other extension of credit when a debtor breaches the contractual obligation to provide that insurance;

(5)title insurance regulated by the Title Insurance Act; and

(6)private mortgage insurance and financial guarantee insurance.