Section 740.420  Termination

The Treasurer reserves the right to freeze and/or terminate the participant's IPTIP services for failure to comply with the terms and conditions of the custodian bank as set forth in the custodian bank agreement or the Treasurer as set forth in the Illinois Funds agreement (see Section 744.410(b) and (c)).  Prior to freezing or terminating any services, the Treasurer will provide a minimum of 30 days' notice of the intent to freeze or terminate. The notice will identify the grounds for freezing or terminating.  If satisfactory remedial action is not taken by the participant within the 30 day period, the Treasurer will freeze or terminate the services, depending upon the type of notice given.  Notwithstanding anything to the contrary in this Section, the Treasurer may freeze the participant's custodial accounts without notice if there is illegal, or suspected illegal, use of the custodial accounts; if there is use of the custodial accounts that is unauthorized by the participant, or suspected to be so unauthorized; if there is a request from law enforcement; or for any reason that the custodial accounts cannot be provided through no fault of the Treasurer's (e.g., problems with the custodian bank).  Failure by the Treasurer to freeze or terminate services in one instance does not waive the Treasurer's right to freeze or terminate services in subsequent instances.