§ 15-30 — Replacement of articles or property; insurance

Illinois § 15-30

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 511/: Pawnbroker Regulation Act of 2023.

Text

(a) If any articles or property pledged are lost or rendered inoperable, the pawnbroker shall replace the articles or property with identical articles or property, except that if the pawnbroker cannot reasonably obtain identical articles or property, the pawnbroker shall replace the articles or property with like articles or property. (b) No pawnbroker shall conduct business in this State, unless the pawnbroker maintains insurance coverage covering all hazards equal to at least 2 times the aggregate value of the outstanding pawns for items held in pawn. Such insurance shall be obtained from an insurance company authorized to do business in Illinois. (c) The pawnbroker shall file a copy of proof of insurance coverage with the Secretary. A pawnbroker or an insurance company shall not cancel the insurance coverage, except upon notice to the Secretary by certified mail, return receipt requested. The cancellation is not effective until 30 days after the Secretary receives the notice.

Legislative History

(Source: P.A. 103-585, eff. 3-22-24.)