(815 ILCS 620/601) (from Ch. 29, par. 601)
Sec. 601.
Maintenance of bond.
Every invention developer rendering or offering
to render invention development services in this State shall maintain
a bond issued by a surety company admitted to do business in this State.
The principal sum of the bond shall be 5 percent of the invention developer's
gross income from the invention development business in this State during
the invention developer's last fiscal year, except that the principal sum
of the bond shall not be less than $25,000 in the first or any subsequent
year of operations. A copy of such bond shall be filed with the Secretary
of State prior to the time the invention developer first commences business
in this State. The invention developer shall have 90 days after the end of
each fiscal year within which to change the bond as may be necessary to
conform to the requirements of this Section.
(Source: P.A. 81-542.)
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