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 152/35)
Sec. 35. Cancellation and refunds. (a) No service contract may be issued, sold, or offered for sale in this State
unless the service
contract clearly states that the service contract holder is allowed to cancel
the service
contract. If the service contract holder elects cancellation, the service
contract provider may
retain a cancellation fee not to exceed the lesser of 10% of the service
contract price or
$50. The service contract cancellation provision must provide that the service
contract may be cancelled:
(1) within 30 days after its purchase if no service |
| has been provided and that a full refund of the service contract consideration, less any cancellation fee stated in the service contract will be paid to the service contract holder; or
|
|
(2) at any other time and a pro rata refund of the
|
| service contract consideration for the unexpired term of the service contract, based on the number of elapsed months, miles, hours, or such other reasonably applicable measure which is clearly disclosed in the service contract, less the value of any service received, and any cancellation fee stated in the service contract will be paid to the service contract holder.
|
|
(b) In the event of the cancellation of a service contract that includes the coverage described in paragraph (6) of the definition of "service contract" in Section 5 of this Act, the service contract provider is not required to, but may, refund the purchase price of the vehicle protection product. The coverage described in paragraph (6) of the definition of "service contract" in Section 5 of this Act may not be offered as or within a service contract unless the service contract clearly states whether the service contract holder is entitled to a refund of the purchase price of the vehicle protection product and, if applicable, the terms of such refund.
(Source: P.A. 100-272, eff. 1-1-18.)
|
