(225 ILCS 120/24)
(Section scheduled to be repealed on January 1, 2023) Sec. 24. Bond required. The Department shall require every wholesale distributor applying for licensure under this Act to submit a bond not to exceed $100,000 or another equivalent means of security acceptable to the Department, such as an irrevocable letter of credit or a deposit in a trust account or financial institution, payable to a fund established by the Department. Chain pharmacy warehouses and warehouses that are operated by agencies of this State that are not engaged in
wholesale distribution are exempt from the bond requirement of this Section. The purpose of the bond is to secure payment of any fines or penalties imposed by the Department and any fees and costs incurred by the Department regarding that license, which are authorized under State law and which the licensee fails to pay 30 days after the fines, penalties, or costs become final. The Department may make a claim against the bond or security until one year after the licensee's license ceases to be valid. A single bond may suffice to cover all facilities operated by an applicant or its affiliates licensed in this State. The Department shall establish a fund, separate from its other accounts, in which to deposit the wholesale distributor bonds required under this Section.
(Source: P.A. 95-689, eff. 10-29-07.)|