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Illinois Statutes Chapter 225. Professions,Occupations and Business Operations § 45/4b. Licensee bankruptcy

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 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.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 225. Professions,Occupations and Business Operations § 45/4b. Licensee bankruptcy - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-225-professionsoccupations-and-business-operations/il-st-sect-225-45-4b/

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