Sec. 7-4. Reports of certain events.

205 words·~1 min read·/il/chapter-205/act-658/7-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A licensee shall file a report with the Secretary within one business day after the licensee has reason to know of the occurrence of any of the following events:

(1)the filing of a petition by or against the licensee under the United States

Bankruptcy Code, 11 U.S.C. Sections 101 through 110, as amended or recodified from time to time, for bankruptcy or reorganization;

(2)the filing of a petition by or against the licensee for receivership, the

commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or

(3)the commencement of a proceeding to revoke or suspend its license in a state or

country in which the licensee engages in business or is licensed.

(b)A licensee shall file a report with the Secretary within 3 business days after the licensee has reason to know of the occurrence of any of the following events:

(1)a charge or conviction of the licensee or of a key individual or person in control

of the licensee for a felony; or

(2)a charge or conviction of an authorized delegate for a felony.