(215 ILCS 5/310.1) (from Ch. 73, par. 922.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 310.1.
Suspension, revocation or refusal to renew certificate of
authority.
(a) Domestic Societies. When, upon investigation, the Director
is satisfied that any domestic society transacting business under this
amendatory Act has exceeded its powers or has failed to comply with any
provisions of this amendatory Act or is conducting business fraudulently or in
a
way hazardous to its members, creditors or the public or is not carrying
out its contracts in good faith, the Director shall notify the society of
his or her findings, stating in writing the grounds of his or her
dissatisfaction, and, after reasonable notice, require the society on a date
named to show cause why its certificate of authority should not be revoked
or suspended or why such society should not be fined as hereinafter
provided or why the Director should not proceed against the society under
Article XIII of this Code. If, on the date named in said notice, such
objections have not been removed to the satisfaction of the Director
or if the society does not present good and sufficient reasons why its
authority to transact business in this State should not at that time be
revoked or suspended or why such society should not be fined as
hereinafter provided, the Director may revoke the authority of the society to
continue business in this State and proceed against the society under
Article XIII of this Code or suspend such certificate of authority for any
period of time up to, but not to exceed, 2 years; or may by order require
such society to pay to the people of the State of Illinois a penalty in a
sum not exceeding $10,000, and, upon the failure of such
society to pay such penalty within 20 days after the mailing of such
order, postage prepaid, registered and addressed to the last known place
of business of such society, unless such order is stayed by an order of a
court of competent jurisdiction, the Director may revoke or suspend the
license of such society for any period of time up to, but not exceeding, a
period of 2 years.
(b) Foreign or alien societies. The Director shall suspend, revoke or
refuse to renew certificates of authority in accordance with Article VI of this
Code.
(Source: P.A. 93-32, eff. 7-1-03.)
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