Ill. Admin. Code tit. 50, § 8100.1701 - Place of Deposit

Each independent escrowee shall:

a) instead of physical delivery of the bonds to the Division, place the required deposit in the custody of any trust company or bank located in this State and qualified to do business under the Corporate Fiduciary Act, ("Depository Institution");

b) execute and deliver to the Division, a Pledgor/Pledgee Authorization form for filing with the Depository Institution; and

c) file with the Division a true and correct copy of the safekeeping certificate issued by the Depository Institution setting forth the amount of and description of the bonds on deposit.

Notes

Ill. Admin. Code tit. 50, § 8100.1701

Amended at 34 Ill. Reg. 852, effective December 29, 2009