On January 20th, 2009, a new bill was presented concerning depositories in the state of Illinois. The new bill, which is titled HB 264 generates the Illinois Urban Development Authority and requires its depositories to obtain a surety bond conditioned upon the protection of money deposited and reimbursement of the deposits. The minimum quantity accepted for the surety bond must be equivalent to at least to the greatest amount anticipated to be on deposit at any given instance. HB 264 was enacted on 8/11/2009.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.