Illinois § 15-1006
Full text of Illinois Illinois Compiled Statutes § 15-1006, with citation guidance and answers to common questions.
§ 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.)
Frequently Asked Questions About Illinois § 15-1006
What does Illinois Compiled Statutes § 15-1006 cover?
Section 15-1006 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-1006?
A common citation format is "Illinois Compiled Statutes § 15-1006" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-1006 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.