Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 405/15.1

(205 ILCS 405/15.1) (from Ch. 17, par. 4825)

Sec. 15.1.

If the Secretary determines that any licensee is insolvent or is  violating this Act, or if the owner, executor, or successor in interest of a currency exchange abandons the currency exchange, he or she shall appoint a receiver, who shall, under his
or her direction, for the purpose of receivership, take possession of and title to
the books, records, and assets of every description of the community
currency exchange. The Secretary may require of the receiver such security
as he or she deems proper and, upon appointment of the receiver, shall have
published, once each week for 4 consecutive weeks in a newspaper having a
general circulation in the community, a notice calling on all persons who
have claims against the community currency exchange, to present them to the
receiver.

Within 10 days after the receiver takes possession of the property, the
licensee may apply to the Circuit Court of the county where the community currency exchange is located to enjoin
further proceedings in the premises.

The receiver may operate the community currency exchange until the
Secretary determines that possession should be restored to the licensee or
that the business should be liquidated.

(Source: P.A. 97-315, eff. 1-1-12.)