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205 ILCS 405/15.2
(205 ILCS 405/15.2) (from Ch. 17, par. 4831)
Sec. 15.2.
No community currency exchange shall determine its affairs and
close up its business unless it shall first deposit with the Secretary an
amount of money equal to the whole of its debts, liabilities and lawful
demands against it including the costs and expenses of this proceeding, and
shall surrender to the Secretary its community currency exchange license,
and shall file with the Secretary a statement of termination signed by the
licensee of such community currency exchange, containing a pronouncement of
intent to close up its business and liquidate its liabilities, and also
containing a sworn list itemizing in full all such debts, liabilities and
lawful demands against it. Corporate licensees shall attach to, and make a
part of such statement of termination, a copy of a resolution providing for
the determination and closing up of the licensee's affairs, certified by
the secretary of such licensee and duly adopted at a shareholders' meeting
by the holders of at least two-thirds of the outstanding shares entitled to
vote at such meeting. Upon the filing with the Secretary of a statement of
termination the Secretary shall cause notice thereof to be published once
each week for three consecutive weeks in a public newspaper of general
circulation published in the city or village where such community currency
exchange is located, and if no newspaper shall be there published, then in
a public newspaper of general circulation nearest to said city or village;
and such publication shall give notice that the debts, liabilities and
lawful demands against such community currency exchange will be redeemed by
the Secretary on demand in writing made by the owner thereof, at any time
within one year from the date of first publication. After the expiration
of such one-year period, the Secretary shall return to the person or
persons designated in the statement of termination to receive such
repayment and in the proportion therein specified, any balance of money
then remaining in his possession, if any there be, after first deducting
therefrom all unpaid costs and expenses incurred in connection with this
proceeding. The Secretary shall receive for his services, exclusive of costs
and expenses, two per cent of any amount up to $5,000.00, and one per cent
of any amount in excess of $5,000.00, deposited with him hereunder by any
one community currency exchange. Nothing contained herein shall affect or
impair the liability of any bonding or insurance company on any bond or
insurance policy issued under this Act relating to such community currency
exchange.
(Source: P.A. 100-958, eff. 8-19-18.)
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