Illinois Compiled Statutes 815 ILCS 121/90 – Closing of business; surrender of license
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At least 10 days before a licensee ceases operations, closes business, or files for bankruptcy:
(1) The licensee shall notify the Department of its
(1) The licensee shall notify the Department of its
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action in writing.
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(2) With the exception of filing for bankruptcy, the
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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.
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(3) The licensee shall notify the Department of the
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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.
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(4) The accounts, books, records, and contracts
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shall be maintained and serviced by the licensee or another licensee under this Act or an entity exempt from licensure under this Act.
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(5) The Department shall have the authority to
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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.
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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.