(625 ILCS 5/5-107) (from Ch. 95 1/2, par. 5-107)
Sec. 5-107. Bond exemption. The following persons shall be exempt from
the bond required
in Sections 5-101 and 5-102: (1) Any person who has been
continuously
licensed under Section 5-101 or 5-102 since calendar year
1983; (2) any licensee who as determined by the Secretary of State, has
faithfully and continuously complied with conditions of the bond
requirement for a period of 60 consecutive months after the effective date of this amendatory Act of the 100th General Assembly.
This exemption shall continue for each licensee until such time as he may
be determined by the Secretary of State to be delinquent or deficient in
the transmittal of title and registration fees or taxes.
A person whose license is cancelled due to the voluntary surrender of
such license, who applies for a new license for the same license year or
one license year after the license year of the cancelled license, will
remain exempt under paragraph (1) above if the only break in the continuous
licensure is caused by the cancellation due to the voluntary surrender of
the license.
(Source: P.A. 100-450, eff. 1-1-18.)
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