14 Ill. Adm. Code 100.50
Suitable Guaranty
Section 100
Section 100.50Â Suitable
Guaranty
In order to receive the
Secretary's certification of a qualified security procedure, an applicant is
required to:
a)Â Â Â Â Â Â Â Â Provide suitable guaranty in the form of a surety bond
executed by an insurer lawfully operating in this State or an irrevocable
letter of credit issued by a financial institution lawfully operating in this
State in the amount of $100,000.
b)Â Â Â Â Â Â Â Â The form of the suitable guaranty or letter of credit must:
1)Â Â Â Â Â Â Â Â identify the insurer;
2)Â Â Â Â Â Â Â Â identify the applicant;
3)Â Â Â Â Â Â Â Â be made payable to the Secretary for the purpose of persons
holding qualified rights of payment against the applicant named as principal of
the bond or customer of the letter of credit;
4)Â Â Â Â Â Â Â Â state that the bond or letter of credit is issued under the
Act; and
5)Â Â Â Â Â Â Â Â specify a term of effectiveness of at least five years.