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Illinois Statutes Chapter 240. Warehouses § 40/5-35. Termination of license

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

§ 5-35. Termination of license.

(a) Revocation of a license by the Department constitutes a termination of the license on the earlier of:

(1) the day of the revocation order;

(2) the day that a licensee voluntarily files for bankruptcy under the federal bankruptcy laws; or

(3) the day that an order for relief is entered in reference to a licensee as a consequence of a petition for involuntary bankruptcy filed under the federal bankruptcy laws.

(b) Voluntary surrender of a license by a licensee constitutes a termination of the license on the day the surrender occurs.

(c) Failure to apply for a license renewal constitutes a termination of the license on the day the license expires.

(d) Denial of a license renewal by the Department constitutes a termination of the license on the day of the order denying the license renewal.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 240. Warehouses § 40/5-35. Termination of license - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-240-warehouses/il-st-sect-240-40-5-35/

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