Sec. 5-107. Bond exemption.
178 words·~1 min read·
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Sec. 5-107. Bond exemption. The following persons shall be exempt from the bond required in Sections 5-101 and 5-102:
(1)Any person who has been continuously licensed under Section 5-101 or 5-102 since calendar year 1983;
(2)any licensee who as determined by the Secretary of State, has faithfully and continuously complied with conditions of the bond requirement for a period of 60 consecutive months after the effective date of this amendatory Act of the 100th General Assembly.
This exemption shall continue for each licensee until such time as he may be determined by the Secretary of State to be delinquent or deficient in the transmittal of title and registration fees or taxes.
A person whose license is cancelled due to the voluntary surrender of such license, who applies for a new license for the same license year or one license year after the license year of the cancelled license, will remain exempt under paragraph
(1)above if the only break in the continuous licensure is caused by the cancellation due to the voluntary surrender of the license.