Illinois Administrative Code
Title 14 - COMMERCE
Part 100 - ELECTRONIC COMMERCE SECURITY ACT
Section 100.50 - Suitable Guaranty
Universal Citation: 14 IL Admin Code ยง 100.50
Current through Register Vol. 48, No. 38, September 20, 2024
In order to receive the Secretary's certification of a qualified security procedure, an applicant is required to:
a) Provide suitable guaranty in the form of a surety bond executed by an insurer lawfully operating in this State or an irrevocable letter of credit issued by a financial institution lawfully operating in this State in the amount of $100,000.
b) The form of the suitable guaranty or letter of credit must:
1) identify the
insurer;
2) identify the
applicant;
3) be made payable to
the Secretary for the purpose of persons holding qualified rights of payment
against the applicant named as principal of the bond or customer of the letter
of credit;
4) state that the bond
or letter of credit is issued under the Act; and
5) specify a term of effectiveness of at
least five years.
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