Illinois Code § 7-204

§ 7-204.

Form and amount of security - Definition. (A) Any security required to be deposited under this Act shall be in the form as the Secretary of State may require by administrative rule, and in the amounts as the Administrator may determine to be sufficient to satisfy any judgment or judgments for damages against an operator or owner but in no case in excess of the limits specified in Section 7-203 of this Act in reference to the acceptable limits of a policy or bond nor for an amount less than $1,500 (or $500 if any of the vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601). (B) The person depositing security shall specify in writing the person or persons on whose behalf the deposit is made and, while at any time the deposit is in the custody of the Secretary of State or State Treasurer, the person depositing it may, in writing, amend the specification of the person or persons on whose behalf the deposit is made to include an additional person or persons; provided, however, that a single deposit of security shall be applicable only on behalf of persons, required to furnish security because of the same crash. (C) Within 10 days after any security required under the provisions of this Article is deposited with the Secretary of State, the Secretary shall send notice of the security deposit to the following, if known: 1. To each owner and operator of any vehicle involved in the crash that sustained damage in excess of $1,500 (or $500 if any of the vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601); 2. To any person who sustained damage to personal or real property in excess of $1,500 (or $500 if any of the vehicles involved in the crash is subject to Section 7-601 but is not covered by a liability insurance policy in accordance with Section 7-601); 3. To any person who was injured as a result of the crash; and 4. To the estate of any person killed as a result of the crash. (Source: P.A. 102-982, eff. 7-1-23.)