Terms Used In Illinois Compiled Statutes 20 ILCS 2505/2505-306

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
     The Director shall establish a program to allow a Department investigator who is honorably retiring in good standing to purchase either one or both of the following: (1) any badge previously issued to the investigator by the Department; or (2) if the investigator has a currently valid Firearm Owner’s Identification Card, the service firearm issued or previously issued to the investigator by the Department. The cost of the firearm shall be the replacement value of the firearm and not the firearm’s fair market value.