Illinois Depository Bond

Category: Uncategorized
Published: Apr 22, 2011
HB 264: Depository Bond

The Illinois Urban Development Authority was created under HB 264. Under this it requires its depositories to post a surety bond. This surety bond must be issued in the condition of the safekeeping of money be deposited and also the repayment of the deposits. The minimum bond amount posted must be equal to at least the maximum sum expected to be on deposit at any given time.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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