Bill Text: IL SB2922 | 2013-2014 | 98th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Insurance Code to provide that a public adjuster may not charge, agree to, or accept any compensation, payment, commissions, fee, or other valuable consideration in excess of 10% of the amount of the insurance settlement claim paid by the insurer.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0701 [SB2922 Detail]

Download: Illinois-2013-SB2922-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB2922 Introduced 2/4/2014, by Sen. William R. Haine SYNOPSIS AS INTRODUCED:
215 ILCS 5/1570
Amends the Illinois Insurance Code to provide that a public adjuster may not charge, agree to, or accept any compensation, payment, commissions, fee, or other valuable consideration in excess of 10% of the amount of the insurance settlement claim paid by the insurer.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Insurance Code is amended by
changing Section 1570 as follows:
(215 ILCS 5/1570)
Sec. 1570. Public adjuster fees.
(a) A public adjuster shall not pay a commission, service
fee, or other valuable consideration to a person for
investigating or settling claims in this State if that person
is required to be licensed under this Article and is not so
licensed.
(b) A person shall not accept a commission, service fee, or
other valuable consideration for investigating or settling
claims in this State if that person is required to be licensed
under this Article and is not so licensed.
(c) A public adjuster may pay or assign commission, service
fees, or other valuable consideration to persons who do not
investigate or settle claims in this State, unless the payment
would violate State law.
(d) A public adjuster may not charge, agree to, or accept
any compensation, payment, commissions, fee, or other valuable
consideration in excess of 10% of the amount of the insurance

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settlement claim paid by the insurer.
(Source: P.A. 96-1332, eff. 1-1-11.)