Illinois Compiled Statutes 815 ILCS 122/3-10 – Closing of business; surrender of license
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At least 10 days before a licensee ceases operations, closes the business, or files for bankruptcy, the licensee shall:
(1) Notify the Department of its intended action in
(1) Notify the Department of its intended action in
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writing.
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(2) With the exception of filing for bankruptcy,
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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 or after the surrender or entitle the licensee to a return of any part of the annual license fee.
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(3) Notify the Department of the location where the
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books, accounts, contracts, and records will be maintained.
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The accounts, books, records, and contracts shall be maintained and serviced by the licensee, by another licensee under this Act, or by the Department.
Terms Used In Illinois Compiled Statutes 815 ILCS 122/3-10
- 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.