625 ILCS 5/ Illinois Vehicle Code.

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625 ILCS 5/7-204

(625 ILCS 5/7-204) (from Ch. 95 1/2, par. 7-204)

Sec. 7-204. Form and amount of security - Definition.

(A) Any security required to be deposited under this Act shall be in
the form as the Secretary of State may require by administrative rule, and
in the amounts as the
Administrator may determine to be sufficient to satisfy any judgment or
judgments for damages against an operator or owner but in no case in excess
of the limits specified in Section 7-203 of this Act in reference to the
acceptable limits of a policy or bond nor for an amount less than $1,500 (or $500 if any of  the  vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601).

(B) The person depositing security shall specify in writing the person
or persons on whose behalf the deposit is made and, while at any time the
deposit is in the custody of the Secretary of State or State Treasurer, the
person depositing it may, in writing, amend the specification of the person
or persons on whose behalf the deposit is made to include an additional
person or persons; provided, however, that a single deposit of security
shall be applicable only on behalf of persons, required to furnish security
because of the same crash.

(C) Within 10 days after any security required under the provisions of
this Article is deposited with the Secretary of State, the Secretary shall
send notice of the security deposit to the following, if known:

1. To each owner and operator of any vehicle involved

in the crash  that sustained damage in excess of $1,500 (or $500 if any of  the  vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601);

2. To any person who sustained damage to personal or

real property in excess of $1,500 (or $500 if any of  the  vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601);

3. To any person who was injured as a result of the

crash; and

4. To the estate of any person killed as a result of

the crash.

(Source: P.A. 102-982, eff. 7-1-23.)

625 ILCS 5/7-205

(625 ILCS 5/7-205) (from Ch. 95 1/2, par. 7-205)

Sec. 7-205.

Failure to deposit security - Hearings and suspensions.

The Secretary of State, within 15 days after receipt of the
determination of the Administrator that a deposit of security is required
under this Code, shall review all reports, documents and
other pertinent evidence in his possession, and make a preliminary finding
as to whether or not there is a reasonable possibility of a civil
judgment being entered in a court of proper jurisdiction against the
person so certified by the Administrator under this Code.

(a) Upon a preliminary finding that there is such a reasonable
possibility, the Secretary of State shall notify such person by mail that his driving
privileges, driver's license or registration will be suspended
45 days after the date of the mailing of the notice unless the person can
prove to the satisfaction of the Secretary of State that he has deposited
or has had deposited and filed on his behalf the security required under
this Code or, within 15 days of the mailing of such
notice, requests
a formal hearing to determine whether his driving privileges, driver's license
or registration should be suspended or whether the Secretary should enter
an order of exoneration, and that such hearing shall be scheduled within
45 days after the mailing of such notice in accordance with the rules and
regulations of the Secretary of State.

(b) Upon a preliminary finding that there is not such a reasonable
possibility, the Secretary of State may elect to take
no further action.

(c) In the event an order of suspension so entered applies to a nonresident
owner or driver, then the
privilege of driving or using a motor vehicle within the territorial limits
of this State shall be so suspended.

(Source: P.A. 84-797.)

625 ILCS 5/7-206

(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.)

625 ILCS 5/7-207

(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.)