Illinois Warehouse Bonds
Under new enactment for HB 2284 will eliminate the current schedule of amounts for a surety bond or insurance policy. A scheduled amount was previously required under existing law for personal property warehouseman. This new law will work in compliance with the Illinois Commerce Commission to determine the amount that needs to be posted, rather than having a set statute. In previous law the amount was based on the size of the warehouse and would range from $5,000 to $25,000. This would also include an additional $5,000 for each additional $100,000 net square feet or net cubic feet of volume in the warehouse. This new law became effective on January 1, 2010.