At least 10 days before a licensee ceases operations, closes business, or files for bankruptcy:
         (1) The licensee shall notify the Department of its
    
action in writing.
        (2) With the exception of filing for bankruptcy, the
    
licensee shall surrender its license to the Secretary for cancellation; the surrender of the license shall not affect the licensee’s civil or criminal liability for acts committed before surrender or entitle the licensee to a return of any part of the annual license fee.
        (3) The licensee shall notify the Department of the
    
location where the books, accounts, contracts, and records will be maintained and the procedure to ensure prompt return of contracts, titles, and releases to the customers.
        (4) The accounts, books, records, and contracts
    
shall be maintained and serviced by the licensee or another licensee under this Act or an entity exempt from licensure under this Act.
        (5) The Department shall have the authority to
    
conduct examinations of the books, records, and funding documents at any time after surrender of the license, filing of bankruptcy, or the cessation of operations.

Terms Used In Illinois Compiled Statutes 815 ILCS 121/90

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
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