Sec. 4b. Licensee bankruptcy.
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/il/chapter-225/act-45/4bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4b. Licensee bankruptcy. In the event of a licensee's bankruptcy, insolvency, or assignment for the benefit of creditors, or in the event of the bankruptcy, insolvency, or assignment for the benefit of creditors of any person, partnership, association, corporation, or other entity that possesses a controlling interest in a licensee, the licensee shall provide notice in writing of that event to each purchaser of a pre-need sales contract or a pre-need contract within 30 days after the event of bankruptcy, insolvency, or assignment for the benefit of creditors. At a minimum, the notice must contain the following:
(1)The name and address of the licensee.
(2)If different from the licensee, the name and address of the party that is the
subject of the bankruptcy, insolvency, or assignment for the benefit of creditors.
(3)A brief description of the event of bankruptcy, insolvency, or assignment for the
benefit of creditors.
(4)The case name or other identifying title of any matter pending in any court, federal
or State, pertaining to the bankruptcy, insolvency, or assignment for the benefit of creditors.
(5)The name and address of the court in which the bankruptcy, insolvency, or assignment
for the benefit of creditors is pending.
(6)A description of any action the purchaser must undertake to file a claim or to
protect the purchaser's interests, including the purchaser's right to a refund under this Act.