Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 157/30

(215 ILCS 157/30)

Sec. 30.

Initial notification.

(a) If an insurer writing personal insurance uses credit information in
underwriting or rating a consumer, the insurer or its agent shall disclose,
either on the
insurance application or at the time the insurance application is taken, that
it may obtain
credit information in connection with the application. The disclosure shall be
either
written or provided to an applicant in the same medium as the application for
insurance.
The insurer need not provide the disclosure statement required under this
Section to any
insured on a renewal policy, if the consumer has previously been provided a
disclosure
statement.

(b) Use of the following example disclosure statement constitutes compliance
with this Section: "In connection with this application for insurance, we may
review
your credit report or obtain or use a credit-based insurance score based on the
information
contained in that credit report. We may use a third party in connection with
the
development of your insurance score.".

(Source: P.A. 93-114, eff. 10-1-03.)