SERVICE CONTRACT ACT
Synopsis of Bill as introduced:
Amends the Illinois Insurance Code. Adds a caption to a Section
concerning the refund of unearned premium upon death of the insured.
HOUSE AMENDMENT NO. 1.
Deletes reference to:
215 ILCS 5/357.31
Adds reference to:
Replaces the title and everything after the enacting clause.
Creates the Service Contract Act. Provides for the regulation of
service contracts by the Director of Insurance. Establishes minimum
financial requirements for sellers of service contracts. Sets forth
requirements for service contract reimbursement policies. Requires
registration of service contract providers and establishes record
keeping and disciplinary procedures. Applies to service contracts
sold 90 or more days after the effective date of this Act. Effective
FISCAL NOTE, H-AM 1 (Dpt. of Insurance)
No fiscal impact.
STATE MANDATES ACT FISCAL NOTE, H-AM 1
HB 3464 fails to create a State mandate.
SENATE AMENDMENT NO. 1.
Exempts service contract providers that manufacture, build, sell,
or lease the product that is the subject of the service contract from
the financial, reimbursement policy, and registration requirements of
the Act. Requires sellers, other than manufacturers, of motor
vehicles to comply with all provisions of the Act.
Last action on Bill: PUBLIC ACT.............................. 90-0711
Last action date: 98-08-07
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
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