Illinois Compiled Statutes
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205 ILCS 657/30
(205 ILCS 657/30)
(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 the greater
or an amount equal to the daily average of outstanding payment instruments
for the preceding 12 months or operational history, whichever is shorter, 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
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.
(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 Uniform
of 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
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. 92-400, eff. 1-1-02.)