(625 ILCS 5/8-103)
(from Ch. 95 1/2, par. 8-103)
Bond as proof of financial responsibility.
1. A bond of the owner of motor vehicles, subject to the provisions
of Section 8-101 or 8-101.1, with a solvent and responsible surety company authorized
to do business under the laws of this State as surety thereon; or
2. A bond of such owner, with one or more personal sureties, owning real
estate in the State of Illinois, of the value in the aggregate of $250,000
over and above all encumbrances, when approved by the Secretary of State
shall be proof of financial responsibility as required by Section 8-101 or 8-101.1.
3. The bond shall not be approved unless accompanied by affidavits of
the personal sureties, attached, stating the location, legal description,
market value, nature and amount of encumbrances (if any), and the value
above all encumbrances of such real estate scheduled to qualify on such
bond, and not then unless all requirements for such bond as provided for by
this Code have been met.
(Source: P.A. 82-949