(815 ILCS 605/10)
(from Ch. 121 1/2, par. 2110)
If a credit services organization is required to obtain a
surety bond pursuant to paragraph (1) of Section 5 of this Act, the following procedures
shall be applicable:
(a) If a bond is obtained, a copy of it shall be filed with the Office
of the Secretary of State.
(b) The required bond shall be in favor of the State of Illinois for the
benefit of any person who is damaged by any violation of this Act. The
bond shall also be in favor of any person damaged by such practices.
Any person claiming against the bond for a violation of this Act may
maintain an action at law against the credit services organization and
against the surety. The surety shall be liable only for actual damages and
not the punitive damages permitted under Section 11(b) of this Act. The
aggregate liability of the surety to all persons damaged by a credit
services organization's violation of this Act shall in no event exceed the
amount of the bond.
(c) The bond shall be in the amount of $100,000 and shall be maintained
for a period of 2 years after the date that the credit services
organization ceases operations.
(Source: P.A. 85-1384.)