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Illinois Compiled Statutes

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Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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765 ILCS 1026/15-1006

    (765 ILCS 1026/15-1006)
    Sec. 15-1006. Failure of person examined to retain records. If a person subject to examination under Section 15-1002 does not retain the records required by Section 15-404, the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards adopted under Section 15-1003. A payment made based on estimation under this Section is a penalty for failure to maintain the records required by Section 15-404 and does not relieve a person from an obligation to report and deliver property to a State in which the holder is domiciled.
(Source: P.A. 100-22, eff. 1-1-18.)