(A) The applicant under this subchapter shall file with the City Clerk’s office a surety bond or shall make a cash deposit. The amount of the bond or deposit shall be equal to 50% of the wholesale value of the merchandise that the applicant intends to offer for sale; however, the amount of the bond or deposit shall not be less than $1,000 nor more than $10,000.
(B) The City Clerk’s office shall transfer the deposit or bond to the Attorney General of this state within 14 days after the applicant ceases to do business in the city and the Attorney General shall hold the deposit or bond for two years for the benefit of any person who suffers loss or damage as a result of the purchase of merchandise from that person licensed under this subchapter and §§ 111.001 through 111.005 or as the result of the negligent or intentionally tortious act of the person licensed under this subchapter and §§ 111.001 through 111.005. The Attorney General shall pay any portion of the bond or deposit to any person in accordance with the order of a court without making an independent finding as to the amount of the bond or deposit that is payable to that person. Any balance of the deposit held by the Attorney General two years after the expiration of a license of a person under this subchapter and §§ 111.001 through 111.005 shall be refunded to the person.
(1990 Code, § 19-49) (Ord. 74-314, passed 3-18-1974; Ord. 90-1344, passed 5-7-1990)
Statutory reference:
Similar provisions, see ILCS Ch. 225, Act 465, § 4