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Form F2428 Surety Bond - Medical Cannabis Dispensing Organization - Illinois
What Is Form F2428?
This is a legal form that was released by the Illinois Department of Financial and Professional Regulation - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is a Form F2428?
A: Form F2428 is a Surety Bond for Medical Cannabis Dispensing Organization in Illinois.
Q: What is a Surety Bond?
A: A Surety Bond is a legally binding contract between three parties: the principal (the Medical Cannabis Dispensing Organization), the obligee (the state or regulatory agency), and the surety (the bonding company).
Q: Why is a Surety Bond required for Medical Cannabis Dispensing Organizations?
A: A Surety Bond is required to ensure that the Medical Cannabis Dispensing Organization fulfills its obligations and operates in compliance with state regulations.
Q: What is the purpose of Form F2428 Surety Bond?
A: The purpose of Form F2428 Surety Bond is to provide financial protection to the state in case the Medical Cannabis Dispensing Organization fails to meet its obligations.
Q: Who needs to fill out Form F2428?
A: Medical Cannabis Dispensing Organizations in Illinois are required to fill out Form F2428.
Q: Is there a fee for obtaining a Surety Bond?
A: Yes, there is a fee associated with obtaining a Surety Bond. The fee amount may vary depending on the bonding company.
Q: Are there any specific requirements for the Surety Bond amount?
A: Yes, the Surety Bond amount is determined by the IDFPR and may vary depending on the number of dispensary locations and the anticipated annual gross sales.
Q: Can I use a different form of security instead of a Surety Bond?
A: No, a Surety Bond is the specific form of security required for Medical Cannabis Dispensing Organizations in Illinois.
Q: What happens if the Medical Cannabis Dispensing Organization fails to meet its obligations?
A: If the Medical Cannabis Dispensing Organization fails to meet its obligations, the state may make a claim against the Surety Bond to cover any financial losses.
Q: Is the Surety Bond renewable?
A: Yes, the Surety Bond is typically renewable on an annual basis.
Form Details:
- Released on October 1, 2021;
- The latest edition provided by the Illinois Department of Financial and Professional Regulation;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form F2428 by clicking the link below or browse more documents and templates provided by the Illinois Department of Financial and Professional Regulation.
Download Form F2428 Surety Bond - Medical Cannabis Dispensing Organization - Illinois
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