Illinois General Assembly - Illinois Compiled Statutes

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240 ILCS 40/15-30

(240 ILCS 40/15-30)

Sec. 15-30.

Financial and record keeping deficiencies;
collateral and guarantees.

(a) An applicant or a licensee has a financial deficiency if it
does not meet the minimum financial requirements of Section 5-25
and subsection (b) of Section 10-15 of this Code.

(b) A licensee must collateralize all financial deficiencies
at the rate of one dollar's worth of collateral
for each dollar of the aggregate sum of the individual ratio
deficiencies, the net worth deficiencies, and 90% asset requirement
deficiencies.

(c) A licensee who
is found to have record keeping
deficiencies, other than in reference to violations as set forth in
subsection (b) of Section 10-15 and in Sections 15-15 and 15-20, may be
required by the Department to post collateral up to the amount of $10,000.

(d) If an applicant for a new license or a renewal of a
license has financial deficiencies or the Department has reason to believe that
the financial
stability of an applicant or a licensee is in question, the
Department may require the applicant or licensee to provide the
Department, in addition to collateral, personal, corporate, or
other related person guarantees in a form and in an amount satisfactory to the
Department.

(e) Subject to subsection (c) of Section 5-15, the posting of collateral and
the delivery of guarantees does not relieve a licensee of the continuing
obligation to otherwise comply with the requirements imposed by the Code.

(Source: P.A. 93-225, eff. 7-21-03.)