Illinois § 7-4
Full text of Illinois Illinois Compiled Statutes § 7-4, with citation guidance and answers to common questions.
§ 7-4.
Reports of certain events. (a) A licensee shall file a report with the Secretary within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Sections 101 through 110, as amended or recodified from time to time, for bankruptcy or reorganization; (2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or (3) the commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (b) A licensee shall file a report with the Secretary within 3 business days after the licensee has reason to know of the occurrence of any of the following events: (1) a charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or (2) a charge or conviction of an authorized delegate for a felony. (Source: P.A. 103-991, eff. 8-9-24.)
Frequently Asked Questions About Illinois § 7-4
What does Illinois Compiled Statutes § 7-4 cover?
Section 7-4 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 § 7-4?
A common citation format is "Illinois Compiled Statutes § 7-4" (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 § 7-4 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.