(625 ILCS 5/7-206) (from Ch. 95 1/2, par. 7-206)
Sec. 7-206.
Release from liability.
(a) A person shall be
relieved from the requirement for deposit of security required by Section
7-201 in the event there shall be filed with the Secretary
of State satisfactory evidence that the person
who would otherwise be required to deposit security has been released from liability.
(b) A covenant not to sue shall relieve the parties thereto
as to each other from the security requirements of this Article.
(Source: P.A. 83-831.)
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(625 ILCS 5/7-207) (from Ch. 95 1/2, par. 7-207)
Sec. 7-207.
Adjudication of non-liability.
A person shall be relieved from the requirement for deposit of security,
required by Section 7-201 of this Act, in the event there shall be filed
with the Secretary of State evidence satisfactory of a final adjudication
of non-liability.
(Source: P.A. 77-327.)
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(625 ILCS 5/7-208) (from Ch. 95 1/2, par. 7-208)
Sec. 7-208. Agreements for payment of damages. (a) Any 2
or more of the persons involved in
a motor vehicle crash subject
to the provisions of Section 7-201 or their authorized representatives,
may at any time enter into a
written agreement for the payment of an agreed amount in installments, with
respect to all claims for injuries or damages resulting from the motor
vehicle crash.
(b) The Secretary of State, to the extent provided by any
such written agreement properly filed with him, shall not require the
deposit of security and shall terminate any prior order of suspension, or,
if security has
previously been deposited, the Secretary of State shall immediately return
such security to the depositor or an appropriate personal representative.
(c) In the event of a default in any payment under such agreement
and upon notice of such default the Secretary of State shall forthwith suspend
the driver's license and registration, or nonresident's
operating privileges, of such person in default which shall not be restored
unless and until:
1. Such person deposits and thereafter maintains | ||
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2. Two years have elapsed since the acceptance of the | ||
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3. The person enters into a second written agreement | ||
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(Source: P.A. 102-982, eff. 7-1-23 .)
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(625 ILCS 5/7-209) (from Ch. 95 1/2, par. 7-209)
Sec. 7-209. Payment upon judgment. The payment of a judgment arising out
of a motor vehicle crash or the payment upon such judgment
of an amount equal to the maximum amount which could be required for deposit
under this Article shall for the purposes of this Code be
deemed satisfied.
(Source: P.A. 102-982, eff. 7-1-23 .)
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