(815 ILCS 405/11) (from Ch. 121 1/2, par. 511)
Sec. 11.
If any insurance for which an amount is included in the
contract or charge agreement is cancelled, any unearned insurance refund
exceeding one dollar received or receivable by the holder or, if the amount
included for insurance in the contract or charge agreement exceeds the
premiums paid or payable by the holder, any unearned portion of
the amount so included exceeding one dollar shall be credited on the final
maturing installments of the contract except to the extent those amounts
are applied toward payment for similar insurance protecting the interests
of the buyer and the holder or either of them.
(Source: P.A. 90-437, eff. 1-1-98.)
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