Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
205 ILCS 657/30
(205 ILCS 657/30)
Sec. 30. Surety bond.
(a) An applicant for a license shall post and a
licensee must maintain with the Director a bond or bonds issued by corporations
qualified to do business as surety companies in this State.
(b) The applicant or licensee shall post a bond in the amount of $50,000 or an amount equal to 1% of all Illinois-based activity, whichever is greater, up to
a maximum amount of $2,000,000. When the amount of the required bond exceeds
$1,000,000, the applicant or licensee may, in the alternative, post a bond in
the amount of $1,000,000 plus a dollar for dollar increase in the net worth of
the applicant or licensee over and above the amount required in Section 20, up
to a total amount of $2,000,000.
(c) The bond must be in a form satisfactory to the Director and shall run
to the State of Illinois for the benefit of any claimant against the applicant
or licensee with respect to the receipt, handling, transmission, and payment
of money by the licensee or authorized seller in connection with the licensed
operations. A claimant damaged by a breach of the conditions of a
bond
shall have a right to action upon the bond for damages suffered thereby and
may bring suit directly on the bond, or the Director may bring suit on
behalf of the claimant.
(d) (Blank).
(e) (Blank).
(f) After receiving a license, the licensee must maintain
the required bond plus net worth (if applicable) until
5 years after it ceases to do business in this State unless all outstanding
payment instruments are eliminated or the provisions under the Revised Uniform
Unclaimed Property Act have become operative and are adhered to by the
licensee. Notwithstanding this provision, however, the amount required to be
maintained may be reduced to the extent that the amount of the licensee's
payment instruments outstanding in this State are reduced.
(g) If the Director at any time reasonably determines that the required bond
is insecure, deficient in amount, or
exhausted in
whole or in part, he may in writing require the filing of a new or supplemental
bond in order to secure compliance with this Act and may
demand compliance with the requirement within 30 days following
service on the licensee.
(Source: P.A. 100-22, eff. 1-1-18; 100-640, eff. 7-27-18.)
|
|
