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35 ILCS 505/11.5
(35 ILCS 505/11.5) (from Ch. 120, par. 427a)
Sec. 11.5.
In the event that liability upon the bond filed by a
distributor, supplier, or receiver with the Department
shall be
discharged or reduced, whether by judgment rendered, payment made or
otherwise, or if in the opinion of the Department the bond of any
distributor, supplier, or receiver theretofore given
shall
become unsatisfactory, then the distributor, supplier, or receiver shall forthwith, upon the written demand of the Department, file a new
bond in the same manner and form and in an amount and with sureties
satisfactory to the Department, failing which the Department shall
forthwith revoke the license of the distributor, supplier, or receiver.
If such new bond shall be furnished by the distributor, supplier, or
receiver as above provided, the Department shall cancel the
bond for which such new bond shall be substituted.
Any surety on any bond furnished by any distributor, supplier, or
receiver shall be released and discharged from any and all
liability to
the State of Illinois accruing on such bond after the expiration of 60 days
from the date upon which such surety shall have filed with the Department
written request so to be released and discharged. But such request shall
not operate to relieve, release or discharge such surety from any liability
already accrued, or which shall accrue, before the expiration of said
60-day period. The Department shall, promptly on receipt of such request,
notify the distributor, supplier, or receiver and, unless
such
distributor, supplier, or receiver shall on or before the
expiration of such 60-day period file with the Department a new bond with a
surety or sureties satisfactory to the Department in the amount and form
hereinbefore provided, the Department shall forthwith cancel the license of
such distributor, supplier, or receiver. If such new bond
shall
be furnished by said distributor, supplier, or receiver
as above
provided, the Department shall cancel the bond for which such new bond
shall be substituted.
(Source: P.A. 91-173, eff. 1-1-00.)
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