Sec. 513a3. License required.
182 words·~1 min read·
/il/chapter-215/act-5/513a3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 513a3. License required.
(a)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 engaged in the business of financing insurance premiums if 10% or more of the producer's total premium accounts receivable are more than 90 days past due.
(c)In addition to any other penalty set forth in this Article, any person violating subsection
(a)of this Section may, after hearing as set forth in Article XXIV of this Code, be required to pay a civil penalty of not more than $2,000 for each offense.
(d)In addition to any other penalty set forth in this Article, any person violating subsection
(a)of this Section is guilty of a Class A misdemeanor. Any individual violating subsection
(a)of this Section, and misappropriating or converting any monies collected in conjunction with the violation, is guilty of a Class 4 felony.