Illinois § 513a12
Full text of Illinois Illinois Compiled Statutes § 513a12, with citation guidance and answers to common questions.
§ 513a12.
(from Ch. 73, par. 1065.60a12) Sec. 513a12. Books and records. (a) Until payment in full and 3 years thereafter every licensee shall maintain each premium finance agreement or duplicate originals thereof and all original documents relating thereto (except those papers returned to the insured) so as to be readily available for examination by the Director. (b) Every licensee shall maintain a register, ledger, or combination of records for each premium finance agreement that can readily show: (1) the date of acquisition; (2) the name of the insured; (3) the identifying number; (4) the principal balance; (5) the amount of all charges assessed; (6) the balance; and (7) a distribution of proceeds showing the dates, amounts, and names of the persons to whom any part of the proceeds were distributed. (Source: P.A. 87-811.)
Frequently Asked Questions About Illinois § 513a12
What does Illinois Compiled Statutes § 513a12 cover?
Section 513a12 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 513a12?
A common citation format is "Illinois Compiled Statutes § 513a12" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 513a12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.