ILCS » Chapter 815 · Act 5
Illinois Compiled Statutes

815 ILCS 5/2.14 (2026)

"Face amount certificate contract" means any form of "face amount certificate" or "periodic payment plan certificate" (as so designated and defined under the Federal Investment Company Act of 1940) and shall also mean any form of annuity contract (other than an annuity contract issued by a life insurance company authorized to transact business in this State), or installment face amount certificate contract, or installment face amount certificate, or installment participation certificate, or installment face amount certificate bond, or similar security evidencing an obligation on the part of the issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, or to pay the proceeds of liquidation of an interest in certain specified securities or in a unit or fund, upon the payment of a single lump sum at the date of issuance, or in consideration of the payment of periodic installments of a stated or determinable amount

✓ current as of May 2026
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(815 ILCS 5/2.14) (from Ch. 121 1/2, par. 137.2-14)
    Sec. 2.14. "Face amount certificate contract" means any form of "face amount certificate" or "periodic payment plan certificate" (as so designated and defined under the Federal Investment Company Act of 1940) and shall also mean any form of annuity contract (other than an annuity contract issued by a life insurance company authorized to transact business in this State), or installment face amount certificate contract, or installment face amount certificate, or installment participation certificate, or installment face amount certificate bond, or similar security evidencing an obligation on the part of the issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, or to pay the proceeds of liquidation of an interest in certain specified securities or in a unit or fund, upon the payment of a single lump sum at the date of issuance, or in consideration of the payment of periodic installments of a stated or determinable amount.
(Source: Laws 1961, p. 3663.)

    
Notes of Decisions
Cited in 4 cases, 2016–2019 · leading case: Van Dyke v. White, 2019 IL 121452 (Ill. 2019).
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Van Dyke v. White, 2019 IL 121452 (Ill. 2019). · cites it 3× “14 of the Act (815 ILCS 5/2.14) (West 2012)) and that it falls under the authority of the Department of Insurance to regulate annuity policies.”
Van Dyke v. White, 2016 IL App (4th) 141109 (Ill. App. Ct. 2016). · cites it 3× “14 of the Act (815 ILCS 5/2.14 (West 2012)) excluded indexed annuities from the Act’s definition of “security” and because he did not act as an investment adviser.”
Van Dyke v. White, 2016 IL App (4th) 141109 (Ill. App. Ct. 2016). · cites it 3× “14 of the Act (815 ILCS 5/2.14 (West 2012)) excluded indexed annuities from the Act’s definition of “security” and because he did not act as an investment adviser.”
Van Dyke v. White, 2019 IL 121452 (Ill. 2019). “14 of the Act (815 ILCS 5/2.14) (West 2012)) and that it falls under the authority of the Department of Insurance to regulate annuity policies.”
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