Illinois Administrative Code
Title 8 - AGRICULTURE AND ANIMALS
Part 3 - DEPARTMENT OF AGRICULTURE ACTING AS TRUSTEE ON BEHALF OF CLAIMANTS
Subpart B - PROCEDURE FOR THE COLLECTION, CONTROL AND DISTRIBUTION OF COLLATERAL FILED IN LIEU OF A SURETY BOND WITH THE DIRECTOR OF THE ILLINOIS DEPARTMENT OF AGRICULTURE ACTING ON BEHALF OF CLAIMANTS
Section 3.140 - Return of Collateral When There Is No Business Failure

Universal Citation: 8 IL Admin Code § 3.140

Current through Register Vol. 48, No. 12, March 22, 2024

If a business ceases operation, the collateral shall be released to the licensee registrant at the conclusion of the time period for filing claims (see 8 Ill. Adm. Code 3.100 ), provided an investigation by the Department of Agriculture reveals that no apparent statutory liability arose during the period of time the business was operating. Notification that the business has ceased and request for the release of the collateral shall be delivered in writing to the Department at its Springfield office by the licensee/registrant. Within the first two weeks of its investigation, the Department shall place at least 3 notices in a newspaper in the business' licensed location informing persons with claims to submit them.

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