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Code · Illinois · Chapter 215 — INSURANCE · Act 5

Sec. 1580. Escrow or trust accounts.

68 words·~1 min read·/il/chapter-215/act-5/1580

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Sec. 1580. Escrow or trust accounts. A public adjuster who receives, accepts, or holds any funds on behalf of an insured towards the settlement of a claim for loss or damage shall deposit the funds in a non-interest bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the public adjuster's home state or where the loss occurred.
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