HB 4226

Abstract

Amends the Illinois Insurance Code. Provides that notice to a party, and any other document that is required under applicable law in a premium finance agreement or that serves as evidence of a premium finance agreement, may be stored, presented, and delivered by electronic means. Provides that delivery of a notice or document by electronic means shall be considered equivalent to any delivery method required under applicable law, including delivery by first class mail; first class mail, postage prepaid; certified mail; certificate of mail; or certificate of mailing. Provides requirements to allow premium finance companies to deliver documents by electronic means. Provides that the legal effectiveness, validity, or enforceability of any premium finance agreement executed by a party may not be denied solely because the agreement was delivered by electronic means if the premium finance company has obtained the electronic consent or confirmation of consent of the party in accordance with the Act. Contains provisions to withdraw consent for electronic delivery of documents. Makes other changes. Effective January 1, 2016.