Sec. 90. Closing of business; surrender of license.
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/il/chapter-815/act-121/90A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 90. Closing of business; surrender of license. At least 10 days before a licensee ceases operations, closes business, or files for bankruptcy:
(1)The licensee shall notify the Department of its action in writing.
(2)With the exception of filing for bankruptcy, the licensee shall surrender its
license to the Secretary for cancellation; the surrender of the license shall not affect the licensee's civil or criminal liability for acts committed before surrender or entitle the licensee to a return of any part of the annual license fee.
(3)The licensee shall notify the Department of the location where the books, accounts,
contracts, and records will be maintained and the procedure to ensure prompt return of contracts, titles, and releases to the customers.
(4)The accounts, books, records, and contracts shall be maintained and serviced by the
licensee or another licensee under this Act or an entity exempt from licensure under this Act.
(5)The Department shall have the authority to conduct examinations of the books,
records, and funding documents at any time after surrender of the license, filing of bankruptcy, or the cessation of operations.