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90_SB1586
215 ILCS 5/155.52
Amends the Illinois Insurance Code. Caps the amount of
credit life insurance at no greater than the principal of the
loan.
SDS/bill0062/dcp
SDS/bill0062/dcp
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 155.52.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 155.52 as follows:
7 (215 ILCS 5/155.52) (from Ch. 73, par. 767.52)
8 Sec. 155.52 Definitions.
9 For the purpose of this Article:
10 (a) "Credit life insurance" means insurance on the life
11 of a debtor pursuant to or in connection with a specific loan
12 or other credit transaction;
13 (b) "Credit Accident and health insurance" means
14 insurance on a debtor to provide indemnity for payments
15 becoming due on a specific loan or other credit transaction
16 while the debtor is disabled as defined in the policy;
17 (c) "Creditor" means the lender of money or vendor or
18 lessor of goods, services, property, rights or privileges,
19 for which payment is arranged through a credit transaction or
20 any successor to the right, title or interest of any such
21 lender, vendor or lessor, and an affiliate, associate or
22 subsidiary of any of them or any director, officer or
23 employee of any of them or any other person in any way
24 associated with any of them;
25 (d) "Debtor" means a borrower of money or a purchaser or
26 lessee of goods, services, property, rights or privileges for
27 which payment is arranged through a credit transaction;
28 (e) "Indebtedness" means the total amount of principal
29 payable by a debtor to a creditor in connection with a loan
30 or other credit transaction;
31 (f) "Director" means the Director of Insurance of the
-2- SDS/bill0062/dcp
1 State of Illinois.
2 (Source: Laws 1959, p. 1140.).