Illinois Authorizes the Electronic Delivery of Documents in Connection With Premium Finance Agreements

State Issues State Legislation Electronic Records

On September 8, Illinois Governor Bruce Rauner signed into law amendments to the state’s insurance code to authorize the electronic storage, presentment, and delivery of notices and other documents required in connection with premium finance agreements. Public Act 100-0495 provides that a premium finance company can electronically deliver notices and other documents if the receiving party has provided its consent and the premium finance company has made certain required disclosures. The amendments take effect January 1, 2018.