(215 ILCS 5/1411)
Sec. 1411.
Commissions and compensation.
No financial institution shall
pay, directly or indirectly, any commission, service fee, brokerage, or other
valuable consideration to any person for services as an insurance producer,
temporary insurance producer, or limited insurance representative, or for such
services by the person's members, officers, directors or employees, unless the
person, and any member, officer, director, or employee performing the service,
held a valid license regarding the class of insurance as to which the service
was rendered, or unless the person was a properly registered firm at the time
the service was performed. No person, other than a person properly licensed
or registered in accordance with Article XXXI of this Code at
the time the person performs services as an insurance producer, temporary
insurance producer, or limited insurance representative, shall accept any
commission, service fee, brokerage, or other valuable consideration for such
services. This Section shall not prevent payment or receipt of:
(1) renewal or other deferred commissions to or by any person entitled
thereto under this Section;
(2) fees to or by a financial institution or any other person for services
that do not require licensure as an insurance producer, temporary insurance
producer, limited insurance representative,
or registered firm; or
(3) consideration paid to a financial institution by a registered firm,
insurance producer, insurance company, or any other person pursuant to any
lease
agreement.
(Source: P.A. 90-41, eff. 10-1-97.)
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