Illinois Compiled Statutes 240 ILCS 40/5-35 – Termination of license
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(a) Revocation of a license by the Department constitutes a termination of the license on the earlier of:
(1) the day of the revocation order;
(2) the day that a licensee voluntarily files for
(1) the day of the revocation order;
Terms Used In Illinois Compiled Statutes 240 ILCS 40/5-35
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(2) the day that a licensee voluntarily files for
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bankruptcy under the federal bankruptcy laws; or
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(3) the day that an order for relief is entered in
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reference to a licensee as a consequence of a petition for involuntary bankruptcy filed under the federal bankruptcy laws.
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(b) Voluntary surrender of a license by a licensee constitutes a termination of the license on the day the surrender occurs.
(c) Failure to apply for a license renewal constitutes a termination of the license on the day the license expires.
(d) Denial of a license renewal by the Department constitutes a termination of the license on the day of the order denying the license renewal.
(c) Failure to apply for a license renewal constitutes a termination of the license on the day the license expires.
(d) Denial of a license renewal by the Department constitutes a termination of the license on the day of the order denying the license renewal.