Form DSD SR81 Security Deposit in Accordance With Section 7-205 of the Illinois Safety Responsibility Law - Illinois

What Is Form DSD SR81?

This is a legal form that was released by the Illinois Secretary of State - 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 Form DSD SR81?A: Form DSD SR81 is a form used for the security deposit in accordance with Section 7-205 of the Illinois Safety Responsibility Law in Illinois.

Q: What does Form DSD SR81 pertain to?A: Form DSD SR81 pertains to the security deposit required under the Illinois Safety Responsibility Law.

Q: Who is required to use Form DSD SR81?A: Any individual or company who is required to provide a security deposit under Section 7-205 of the Illinois Safety Responsibility Law must use Form DSD SR81.

Q: What is the purpose of the security deposit?A: The security deposit is intended to ensure that individuals or companies fulfill their financial responsibility in the event of a motor vehicle accident involving their vehicles.

Q: Are there any specific requirements for the security deposit?A: Yes, the security deposit must be in the form of cash, cashier's check, money order, or a surety bond.

Q: How much is the security deposit?A: The amount of the security deposit can vary depending on the circumstances, but it is typically $25,000.

Q: What happens to the security deposit?A: The security deposit is held by the Illinois Secretary of State's Office and may be used to satisfy any judgments or claims resulting from a motor vehicle accident involving the individual or company.

Q: Is the security deposit refundable?A: Yes, if the individual or company maintains a satisfactory record of financial responsibility for three years, the security deposit may be refunded.

Q: What happens if the individual or company fails to maintain financial responsibility?A: If the individual or company fails to maintain financial responsibility, the security deposit may be forfeited and used to satisfy any judgments or claims.