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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(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 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 or receiver theretofore given shall become unsatisfactory, then the distributor 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 or receiver. If such new bond shall be furnished by the distributor 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 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 or receiver and, unless such distributor 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 or receiver. If such new bond shall be furnished by said distributor or receiver as above provided, the Department shall cancel the bond for which such new bond shall be substituted.(Source: P.A. 104-6, eff. 1-1-26.) |