reglab/housing_qa huggingface dataset:
215 ILCS 5/1301
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1001)Sec. 1301.     Purpose.     The purpose of this Article is to protect the  interests of Illinois insureds by:(1) establishing minimum standards and procedures for the effectuation  of mortgage insurance consolidations;(2) establishing disclosure requirements specific to mortgage insurance  consolidations and requiring insurers to make such disclosures on a timely  basis;(3) clarifying the applicability of the unfair rate discrimination  provisions of this Code to consolidations involved in loan transfers so as  to prevent premium increases for consumers resulting from mandatory premium  recalculation;(4) requiring that group mortgage life insurance certificates  contain minimum standard provisions including conversion rights; and(5) preventing the arbitrary termination of mortgage insurance coverage  in connection with consolidations.    (Source: P.A. 86-378.)
215 ILCS 5/1302
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1002)Sec. 1302.     Scope.     (a) This Article applies:(1) To all insurance companies authorized to transact the business of  insurance in this State of the kind or kinds of business described in Class  1(a) and (b) and Class 2(a) of Section 4 of this Code except for the kind  or kinds of business described in Article IX 1/2 of this Code.(2) To all mortgage insurance coverage offered, issued, or issued  for delivery in this State, by mail or otherwise,  in connection with consolidations regardless of whether the financial  institution involved is located in or outside Illinois.(3) To all consolidations whether the old coverage is provided under an  individual or group policy.(b) Except as otherwise specifically provided, it is not intended that  this Article conflict with or supersede any other provisions of this Code,  or any rules promulgated by the Department of Insurance implementing any  such provisions.    (Source: P.A. 86-378.)
215 ILCS 5/1303
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1003)Sec. 1303. Definitions. The following definitions shall apply to  this Article:"Consolidation" means any transaction in which a financial institution  makes its premium collection services available to its mortgage debtors in  connection with a particular insurer's ("new insurer") offer of mortgage  insurance, which offer is made to debtors who, immediately prior to the  offer, had mortgage insurance with another insurer ("old insurer") and were  paying premiums for that insurance with their monthly mortgage payments."Financial institution" or "servicer" means any entity or organization  that services mortgage loans by collecting and accounting for monthly mortgage  insurance premiums as part of the debtor's monthly mortgage payment for one  or more insurers."Insured" means the individual loan customer or certificate holder."Loan transfer" means a transaction in which the servicing of a block of  mortgage loans is transferred from one servicer to another servicer.  This shall include, but not be limited to, mergers or acquisitions."Loan transfer consolidation" means a consolidation in which coverage is  limited to insureds whose mortgage loans have been sold or transferred in  the secondary market from one servicer to another."Group-to-group consolidation" means a consolidation in which coverages  under both the old plan and the new plan is provided under group policies."Mortgage insurance" means mortgage life insurance (term or ordinary),  mortgage disability insurance, mortgage accidental death insurance, or any  combination thereof, including both individual and group policies, and  any certificates issued thereunder, on credit transactions of more than 10  years duration and written in connection with a credit transaction that is  secured by a first mortgage or deed of trust and made to finance the  purchase of real property or the construction of a dwelling thereon or to  refinance a prior credit transaction made for such a purpose."New coverage" or "new plan" means the mortgage insurance coverage or  plan for which a financial institution collects premium beginning on the  effective date of a consolidation."New insurer" means any insurer who offers mortgage insurance coverage to  borrowers of the financial institution who can no longer remit monthly  premiums for the old insurer along with their monthly mortgage payment."Old coverage" or "old plan" means the mortgage insurance coverage or  plan for which a financial institution collects premiums immediately prior  to a consolidation."Old insurer" means any insurer for whom a financial institution will no  longer make its premium collection facilities available for all or some  of the insurer's policyholders or certificate holders.  (Source: P.A. 100-201, eff. 8-18-17.)
215 ILCS 5/1304
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1004)Sec. 1304.     General requirements.     Except as provided in Section 1305, no  insurer shall participate in any consolidation unless, in addition to all  other requirements provided by law, it complies with the following:(1) The new insurer must calculate premiums for the new coverage on the  basis of its own rates, the prospective insured's then attained age, if  applicable, and the amount of insurance offered.(2) Notice of the new premium shall be mailed, together with the offer  of new coverage, to the prospective insured at least 30 days prior to the  effective date of the new coverage.(3) The new coverage shall be put into effect only after the new insurer  receives an application which has been signed by the prospective insured.(4) Whenever the existing coverage is provided under individual  policies, the new insurer shall comply with the requirements of Part 917 of  Title 50 of the Illinois Administrative Code, promulgated by the Department of Insurance.(5) All riders which are a part of the existing insurance shall be  offered without proof of insurability to all policyholders (or certificate  holders) obtained by consolidation, including, but not limited to, waiver  of premium and accidental death insurance.(6) Prospective insureds shall be given the option to name the  beneficiary of their choice by the new insurer, if the previous beneficiary  is other than a financial institution.(7) Regulations including, but not limited to, those promulgated by the  Department of Insurance implementing Sections 143, 149, 151, 236, 237, 421,  424 and 507.1 of this Code concerning misrepresentations to any  policyholder for the purpose of inducing or tending to induce such  policyholder to lapse, forfeit or surrender his insurance, unfair or  deceptive practices, complaints, solicitation and replacement of life  insurance, compensation, and rebating shall be complied with.    (Source: P.A. 86-378.)
215 ILCS 5/1306
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1006)Sec. 1306.     Out-of-state consolidations.     If Illinois residents whose  loans are serviced outside Illinois are involved in a group-to-group  consolidation by an out-of-state servicer, Section 1305 may be employed if  the Illinois residents are an incidental part of the consolidation.  Otherwise the provisions of this Article shall apply to any consolidation  insofar as it involves Illinois residents.  For purposes of this provision  "incidental" shall mean that the Illinois residents comprise less than 25%  or 100 lives of the total lives involved in the consolidation, whichever  is less.    (Source: P.A. 86-378.)
215 ILCS 5/1307
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1007)Sec. 1307.     Group certificates.     No insurer may participate in a  group-to-group consolidation or a loan transfer consolidation unless in  addition to all other requirements provided by law, it complies with  the following:(1) A group certificate must be delivered to each debtor insured under  the new plan, which certificate shall include the following information:(A) the name or names of the single or joint insureds;(B) identification of the insured mortgage;(C) the amount of insurance under the new plan;(D) the premium for the new coverage;(E) the effective date of the new coverage;(F) the beneficiary for the new coverage.(2) The new coverage offered to the prospective insured must be the same  coverage as the old coverage, including all supplemental benefits, or the  same type of coverage as the old coverage, whichever is otherwise required  by this Article.(3) A group certificate evidencing the new coverage may not include a  contestability clause or, in the case of mortgage life insurance, a  provision excluding suicide.    (Source: P.A. 86-378.)
215 ILCS 5/1308
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1008)Sec. 1308.     Conversion privilege.     Notwithstanding the provisions of  Section 231.1(H) of this Code, all group mortgage life insurance policies  and any certificates issued thereunder shall include a conversion privilege  permitting a debtor insured to convert, without evidence of insurability,  to an individual policy of decreasing term insurance within 30 days of the  date the debtor insured's group coverage is terminated for any reason other  than the nonpayment of premiums.  The initial amount of coverage under the  individual policy shall be an amount equal to the amount of coverage  terminated under the group policy and shall decrease over a term that  corresponds with the scheduled term of the insured debtor's mortgage loan.  The premium for the individual policy shall be the same  premium the debtor insured was paying under the group policy.    (Source: P.A. 86-378.)
215 ILCS 5/1309
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1009)Sec. 1309.     Required disclosures.     (a) In conjunction with the offer of new  coverage involving any consolidation, the new insurer shall disclose in  writing to each insured under the old plan or plans at least 30 days prior  to the effective date of the new coverage the following:(1) Identification of the insured mortgage.(2) The name of the insured or insureds.(3) Name of the owner of the individual policy or master policy (if  group insurance) under both the new and old plans, if known.(4) The premium for the new and old coverage.(5) Amount of coverage for both the new and old plans.  If the amount of  coverage for the old plan is not known, a statement that the amount may be  scheduled and it may be less than or greater than the amount of the loan  and the insured should check the policy schedule for an exact amount of  coverage.(6) Effective dates of the old coverage if the contestable or suicide  period have not expired as of the effective date of the new coverage.  If  the new insurer waives the contestable and suicide period, then the  effective date of the old coverage does not need to be disclosed.(7) Name of the beneficiary under the old plan, if known.(8) A statement as to whether the old plan was an individual or group  plan and a statement as to whether the new plan is an individual or a  group plan.(9) A statement that neither the old plan or new plan is required.(10) A statement that the prospective insured may have the right to  continue or convert his old coverage by paying premiums directly to the old  insurer, and what the prospective insured must do to keep the old coverage  in effect including, but not limited to, the name and address of the  company involved, the policy number or other information which reasonably  identifies the insured's plan of coverage, the amount of the premium and  where it is to be sent.(11) A statement that the mortgage payment will be reduced by the amount  of the old plan premium if the new plan is not accepted.(12) Name and home office address of the new and old insurer, as well as  the address and phone number for the customer services office for Illinois  insureds.(13) The effective date of the new coverage.(14) Whether premium rates under the new plan are guaranteed.(15) Material differences, if any between the new plan and the old plan.(b) Any insurer which fails to provide the written notice required by  subsection (a) at least 30 days prior to the effective date of the new  coverage shall notify the debtor, in writing, that he has the right to an  unconditional refund of all premiums paid for the new coverage as long as  he exercises that right, in writing, within 30 days from that notification.    (Source: P.A. 86-378.)
215 ILCS 5/1310
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1010)Sec. 1310.     Compensation.     No sponsorship fees, or other special fees  designed to induce their participation, shall be paid to a financial  institution in connection with any mortgage consolidation, and any  compensation paid to either the financial institution or any of its  representatives shall be only in accordance with Section 151 and all other  applicable provisions of this Code.    (Source: P.A. 86-378.)
215 ILCS 5/1311
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

 (from Ch. 73, par. 1065.1011)Sec. 1311.         No group policy or group certificate of mortgage insurance  used in connection with a consolidation, nor any application, endorsement  or rider which becomes a part of any such group policy or certificate, may  be issued or delivered in this State until a copy of the form has been  filed with and approved by the Director.    (Source: P.A. 86-378.)
215 ILCS 5/1312
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIII - Mortgage Insurance Consolidation

(215 ILCS 5/1312) (from Ch. 73, par. 1065.1012)Sec. 1312.         The Director is authorized to adopt such rules governing  mortgage insurance consolidations as he deems necessary to implement or  enforce this Article.    (Source: P.A. 86-378.)
215 ILCS 5/Art. XLIV heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

 Article XLIV.      FINANCIAL INSTITUTIONS INSURANCE SALES LAW
215 ILCS 5/1400
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1400.     Title.     This Article may be cited as the Financial Institutions  Insurance Sales Law.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1401
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1401.     Purpose.     The purpose of this Article is to increase the  availability of insurance products to the citizens of this State by expanding  those businesses authorized to sell insurance products to include financial  institutions, and to protect the interests of the citizens of this State by  regulating their authority to do so.  This Article does not apply to activities  or services conducted in this State by or for a financial institution that do  not require  licensure as an insurance producer, temporary  insurance producer, limited insurance representative, or registered firm.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1403
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1403. Licensure requirements for financial institutions.(a)  A financial institution transacting insurance business in this State  shall register with the Director pursuant to the Illinois Insurance Code and  shall be subject to the laws, rules, and penalties of the Illinois Insurance  Code.(b) The solicitation and sale of insurance by a financial institution  shall be conducted only by individuals who have been issued and maintain an  insurance producer's license pursuant to the Illinois Insurance Code and shall  be subject to the laws, rules, and penalties of the Illinois Insurance Code.(c)  For the purposes of this Section, a "financial institution" means the  subsidiary of a financial institution when the financial institution is  transacting insurance business in this State only through the subsidiary.  For  the purposes of Section 499.1 of the Illinois Insurance Code, a financial  institution shall be deemed to be a corporation.(d) Nothing in Section 500-100 of this Code shall be construed to require a limited lines producer license or any other form or class of producer's license for financial institutions, or their employees, if the financial institution has purchased or sponsored a group credit life, credit accident and health, credit casualty, credit property, or other group credit insurance policy or program under which the financial institution enrolls or performs other administrative services, or both, to enable individuals to purchase insurance coverage under the group credit insurance policy sold by a licensed producer in compliance with Section 155.56.  A financial institution that performs enrollment or other administrative services, or both, with respect to its group credit insurance policies or programs shall be deemed to be in compliance with paragraph (2) of subsection (b) of Section 500-20 of this Code. (Source: P.A. 100-349, eff. 8-25-17.)
215 ILCS 5/1404
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1404.     Subsidiaries or divisions.     A financial institution shall not  qualify for registration as a registered firm under Section 499.1 of  this Code unless: (1) it establishes a separate subsidiary that  acts as the registered firm or (2) it is otherwise permitted by law to sell  insurance directly through the financial institution, and it establishes a  separate division within the financial institution to conduct the business of  the registered firm.  The subsidiary or division acting as a registered firm  shall maintain records for insurance transactions that are  separate and distinct from the records of the financial institution.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1405
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1405.     Extensions of credit.     A financial institution shall not delay  or impede the completion of a loan transaction or other transactions involving  the extension of credit for the purpose of influencing a customer's selection  of any insurance product.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1406
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1406.     Insurance and financial institution products.(a) No financial institution may offer banking products or services, or fix  or vary the consideration of the offer, on a condition or requirement that the  customer obtain insurance from the financial institution or any affiliate of  the financial institution.(b) A financial institution that offers banking products or services in  conformity with the provisions of Section 106 of the Bank Holding Company Act  Amendments of 1970 (12 U.S.C.  1972) shall be deemed to be in compliance with  the provisions of subsection (a) of this Section.(c) No financial institution shall require that a customer or prospective  customer of the financial institution purchase an insurance product from any  particular registered firm or insurance producer as a condition for the lending  of money or extension of credit, the establishment or maintenance of a  checking, savings, or other deposit account, or the establishment or  maintenance  of a trust account.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1407
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1407.     Rebating and discounting.(a) No financial institution may offer a rebate on  an insurance product in violation of Section 151 of this  Code.(b) No financial institution may offer a discount on a loan or extension of  credit for the purpose of inducing the customer to purchase insurance required  in connection with the loan or extension of credit.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1408
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1408.     Discrimination prohibited.     No financial institution may:(1) require as a condition of providing any product or service or renewal of  any contract for providing a product or service to any customer, that the  customer acquire, finance, or negotiate any policy or contract of insurance  through a particular insurer, insurance producer, or registered firm;(2) in connection with a loan or extension of credit that requires a borrower  to obtain insurance, reject an insurance policy solely because the policy has  been issued or underwritten by any person who is not associated with the  financial institution;(3) impose any discriminatory requirement on any insurance producer who is  not associated with the financial institution that is not imposed on any  insurance producer who is associated with the financial institution; or(4) if the financial institution is a registered firm, require any debtor,  insurer, or insurance producer to pay a separate charge in connection with the  handling of insurance  that is required under a contract, unless: (i) the financial institution is the  registered firm  providing the insurance, (ii) if the financial institution is not the  registered  firm providing the insurance, the charge would be uniformly applied if the  financial institution was the registered firm providing the insurance, or (iii)  the charge is otherwise permitted by this Code or other  applicable State or federal law.    (Source: P.A. 90-41, eff. 10-1-97.)
215 ILCS 5/1409
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XLIV - Financial Institutions Insurance Sales Law

Sec. 1409.     Disclosure.     A financial institution shall clearly and  conspicuously disclose in any written advertisement or promotional or  informational material regarding an insurance product that the insurance  offered, recommended, sponsored, or sold:(1) is not a deposit;(2) is not insured by the Federal Deposit Insurance Corporation, or in the  case of a credit union, by the National Credit Union Share Insurance Fund;(3) is not guaranteed by the financial institution or an affiliated insured  depository institution; and(4) where appropriate, involves investment risk, including potential loss of  principal.    (Source: P.A. 90-41, eff. 10-1-97.)