Illinois General Assembly - Illinois Compiled Statutes

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225 ILCS 45/3f

(225 ILCS 45/3f)

Sec. 3f.

Revocation of license.

(a) The Comptroller, upon determination that grounds
exist for the revocation or suspension of a license issued
under this Act, may revoke or suspend, if appropriate, the license issued to
a licensee or to a particular branch office location with respect to which
the grounds for revocation or suspension may occur or exist.

(b) Whenever a license is revoked by the
Comptroller, he or she shall apply to the Circuit Court of the county wherein
the licensee is located for a receiver to administer the trust funds of the
licensee or to maintain the life insurance policies and tax-deferred annuities
held by the licensee under a pre-need contract.

(Source: P.A. 92-419, eff. 1-1-02.)