Know All Persons by These Presents, That We, __________________ _____________________________________, of ___________________________________, hereinafter referred to as Principal and __________________, a corporation organized and existing to do business in the State of Illinois, for the use and benefit of all persons who may be damaged by breach of this bond, as Obligees, in the penal sum of $10,000 for a non-accredited school, $40,000 for a CDL or teen accredited school, $60,000 for a CDL accredited and teen accredited school, $50,000 for a CDL or teen accredited school with three or more licensed branches, $70,000 for a CDL accredited and teen accredited school with three or more licensed branches, lawful money of the United States of America, for the payment of which sum, well and truly to be made, we bind ourselves, our executors, administrators, successors and assigns, firmly by these presents. The condition of this obligation is such that the principal has made application for a license or permit to the State of Illinois for the purpose of exercising the vocation of a driver training school. If the Principal faithfully complies with the Illinois Vehicle Code and all rules and regulations that have been or may hereafter be in force concerning the license or permit, and shall save and keep harmless the Obligees from all loss or damage that may be sustained as a result of the issuance of the license or permit to the Principal, this obligation shall be void; otherwise, this obligation shall remain in full force and effect. The bond will expire but may be continued by renewal certificate signed by Principal and Surety. The Surety may at any time terminate its liability by giving 30 days written notice to the Commercial Driver Training School Section of the Driver Services Department, 1800 W. Hawthorne Lane, West Chicago, Illinois 60185, and the Surety shall not be liable for any default after that 30-day notice period, except for defaults occurring prior thereto.
Signed, Sealed and Dated this ________ day of _______________, 20__.
Principal _______________________________________________
Surety _________________________________________________
By _____________________________________________________
Attorney-in-fact
Ill. Admin. Code tit. 92, § 1060.20
Amended at 37 Ill. Reg. 18893, effective November 5, 2013