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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(205 ILCS 670/2) (from Ch. 17, par. 5402)
Sec. 2.
Application; fees; positive net worth.
Application for such license shall be in writing, and in the
form prescribed by the Director. Such
applicant at the time of making such application shall pay to the
Director the sum of $300 as an application fee and the additional
sum of $450
as an annual license
fee, for a period terminating on the last day of the current
calendar year; provided that if the application is filed after June 30th
in any year, such license fee shall be 1/2 of the annual license fee
for such year.
Before the license is granted, every applicant shall prove in form
satisfactory to the Director that the applicant has and will maintain a
positive net
worth of a minimum of $30,000. Every applicant and licensee shall maintain
a surety bond in
the
principal sum of $25,000 issued by a bonding company authorized
to do
business in this State and which shall be approved by the Director. Such
bond shall run to the Director and shall be for the benefit of any consumer
who incurs damages as a result of any violation of the Act or rules by a
licensee. If
the Director finds at any time that a bond is of insufficient size, is
insecure, exhausted, or otherwise doubtful, an additional bond in such
amount as determined by the Director shall be filed by the licensee within
30 days after written demand therefor by the Director.
"Net worth" means total assets minus total liabilities.
(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
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