INS-CONTRACT PROVIDER-TAX

Amends the Service Contract Act. Includes in certain conditions that a service contract provider must meet in order to issue, sell, or offer to sell a service contract in this State a requirement that the service contract provider shall pay, for the privilege of doing business in this State, a tax equal to 0.5% of the gross consideration received. Provides that the tax shall be remitted to the Director of Insurance in accordance with the provisions of the Illinois Insurance Code concerning the annual privilege tax payable by companies and makes a corresponding change.