Illinois Compiled Statutes 20 ILCS 2610/17b – Retiring officer; purchase of service firearm and police badge
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Terms Used In Illinois Compiled Statutes 20 ILCS 2610/17b
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
The Director of the Illinois State Police shall establish a policy to allow a State Police officer who is honorably retiring or separating in good standing to purchase either one or both of the following: (i) any State Police badge previously issued to that officer; or (ii) if the officer has a currently valid Firearm Owner’s Identification Card, the service firearm issued or previously issued to the officer by the Illinois State Police. The cost of the firearm purchased shall be the replacement value of the firearm and not the firearm’s fair market value.