Section 215 ILCS 5/1407 - Rebating and discounting(a) No financial institution may offer a rebate on an insurance product in violation of Section 151 of this Code.(b) No financial institution may offer a discount on a loan or extension of credit for the purpose of inducing the customer to purchase insurance required in connection with the loan or extension of credit. P.A. 90-41, eff. 10/1/1997.