625 ILCS 5/7-204

(625 ILCS 5/7-204) (from Ch. 95 1/2, par. 7-204)

Sec. 7-204. Form and amount of security - Definition.

(A) Any security required to be deposited under this Act shall be in
the form as the Secretary of State may require by administrative rule, and
in the amounts as the
Administrator may determine to be sufficient to satisfy any judgment or
judgments for damages against an operator or owner but in no case in excess
of the limits specified in Section 7-203 of this Act in reference to the
acceptable limits of a policy or bond nor for an amount less than $1,500 (or $500 if any of  the  vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601).

(B) The person depositing security shall specify in writing the person
or persons on whose behalf the deposit is made and, while at any time the
deposit is in the custody of the Secretary of State or State Treasurer, the
person depositing it may, in writing, amend the specification of the person
or persons on whose behalf the deposit is made to include an additional
person or persons; provided, however, that a single deposit of security
shall be applicable only on behalf of persons, required to furnish security
because of the same crash.

(C) Within 10 days after any security required under the provisions of
this Article is deposited with the Secretary of State, the Secretary shall
send notice of the security deposit to the following, if known:

1. To each owner and operator of any vehicle involved