Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

215 ILCS 5/1407

(215 ILCS 5/1407)

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.)