Insurance License Hub

The Illinois Premium Finance Company license

Premium Finance Company

Lends a policyholder the premium and takes a service charge. Illinois is the only state on this site where a producer can acquire the license requirement by accounting rather than by choosing to: let a tenth of your receivables run ninety days past due and the Code deems you to be in the business.

Course

None

This license has no pre-licensing course route.

Ways in

1

There is no state exam for this license.

Exam

n/a

Not required on any of the routes below.

Every way to qualify

  1. Route 1 Certify the rates, the forms and $50,000 of net worth

    No state exam for this license

    Net worth

    • A minimum net worth of $50,000, found by the Director at application and certified again by the applicant at every renewal.

    and the certifications

    • Certification that no charge for financing premiums will exceed the rates the Article permits, and that the premium finance agreement and other forms in use comply with the Article, with a non-refundable annual fee of $400 attached to the application. A partnership or corporation appoints one or more partners or officers answerable for the firm's compliance and reports any change within 30 days.

    215 ILCS 5/513a3(b) is the part worth reading twice: "An insurance producer shall be deemed to be engaged in the business of financing insurance premiums if 10% or more of the producer's total premium accounts receivable are more than 90 days past due."The same test appears in the Article's own definition of financing insurance premiums at 513a2(b)(2), so a producer with slow receivables is not merely at risk of a finding, it is inside the definition. Acting without the license carries a civil penalty of up to $2,000 for each offence and is a Class A misdemeanor, and an individual who misappropriates or converts money collected in the course of it commits a Class 4 felony. There is no examination and no pre-licensing course.

    Read at ilga.gov on 2026-08-20

No national seller sells a course for this license. There is no examination and no course: the qualification is $50,000 of net worth, a rate certification and a form of agreement.