IL SB1731

Amends the Service Contract Act to add a 0.5% tax on gross consideration received by service contract providers for the privilege of doing business in Illinois.

Tax applies to service contract providers meeting financial requirements under Section 15(2) or Section 15(3) of the Act.

Tax revenue shall be remitted to the Director of Insurance in accordance with Section 409 of the Illinois Insurance Code (annual privilege tax provisions).

Clarifies that service contract providers complying with the Act are exempt from Illinois Insurance Code requirements "unless otherwise provided in this Act," creating statutory basis for the new tax requirement.