Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 390/20

(815 ILCS 390/20) (from Ch. 21, par. 220)

Sec. 20. Records.

(a) Each licensee must keep accurate accounts, books and
records in this State
at the principal place of business identified in the
licensee's license application or as otherwise approved by
the Comptroller in writing
of all transactions, copies of agreements, dates and
amounts of payments made or received, the names and addresses of the
contracting parties, the names and addresses of persons for whose benefit
funds are received, if known, and the names of the trust depositories.
Additionally, for a period not to exceed 6 months after
the performance of all terms in a pre-need sales contract,
the licensee shall maintain copies of each pre-need
contract at the licensee branch location where the contract
was entered or at some other location agreed to by the Comptroller in
writing.

(b) Each licensee must maintain such records for a period of 3
years
after the licensee shall have fulfilled his or her obligation
under the pre-need
contract or 3 years after any stored merchandise shall have been provided
to the purchaser or beneficiary, whichever is later.

(c) Each licensee shall submit reports to the Comptroller
annually,
under oath, on forms furnished by the Comptroller.  The annual report
shall
contain, but shall not be limited to, the following:

(1) An accounting of the principal deposit and

additions of principal during the fiscal year.

(2) An accounting of any withdrawal of principal or

earnings.

(3) An accounting at the end of each fiscal year, of

the total amount of principal and earnings held.

(d) The annual report shall be filed by the licensee with the
Comptroller within 75 days after the end of the licensee's fiscal year.  An
extension of up to 60 days may be granted by the Comptroller, upon a
showing of need by the licensee.  Any other reports shall be in
the form
furnished or specified by the Comptroller.  If a licensee fails to submit an
annual report to the Comptroller within the time specified in this Section, the
Comptroller shall impose upon the licensee a penalty of $5 per day for the first 15 days past due, $10 per day for 16 through 30 days past due, $15 per day for 31 through 45 days past due, and $20 per day for the 46th day and every day thereafter the licensee remains delinquent in submitting the annual report.  The
Comptroller may abate all or part of the $5 daily penalty for good cause
shown.  Each
report shall be accompanied by a check or money order in the
amount of $10
payable to:  Comptroller, State of Illinois.

(e) On and after the effective date of this amendatory Act of the 91st
General Assembly, a licensee may
report all required information concerning the sale of outer burial containers
on the licensee's annual report required to be filed under this Act and
shall
not be required to report that information under the Illinois Funeral or
Burial
Funds Act, as long as the information is reported under this Act.

(Source: P.A. 97-593, eff. 8-26-11.)