Chicago Heights, Illinois liquor license surety bond
Business owners who want a liquor license must file a $10,000 Illinois liquor license bond with the city of Chicago Heights each year, with both initial and renewal applications. This bond amount was increased from the $1,000 requirement that was established in the mid-1950s and has not been in place since before the 2007 rewrite of the liquor code.
How much does a $10,000 Chicago Heights liquor bond cost?
SuretyBonds.com can issue your $10,000 liquor license bond for a one-year term for $100. However, applicants wishing to save time and money can purchase this bond for multiple years with a 25% multi-year discount. This means that instead of annual $100 payments, the bond applicant would pay a one-time premium of $175 for two years of bond coverage.
This bond is not subject to underwriting consideration, so all applicants will be quoted at the same premium. Upon purchase, your original bond documents will be shipped via trackable mail and must then be filed with the obligee (the city of Chicago Heights).
What are the terms of liquor license bonds?
A liquor license bond provides financial guarantees that liquor store owners will comply with the laws that regulate alcohol sales. Also known as alcohol tax bonds, they require bonded entities to maintain valid liquor licenses and pay all taxes. When liquor store owners fail to fulfill the terms of their bonds, the government can make a claim on bond funds to recover any losses — especially those resulting from unpaid taxes.
A liquor license bond guarantees that if a licensee does not comply with all terms and requirements of the City of Chicago Heights Code of Ordinances, the licensee will be held financially responsible for all penalties, fines, or costs. The surety company is required to pay these initial fees, but the licensee must reimburse the surety for any funds paid out.
How to apply for a Chicago Heights Liquor License
Before a liquor license will be granted, an applicant must submit all required documentation and fees to the liquor commissioner.
Submit your $10,000 liquor license bond
Pay the application fee as required by section 4-20
Include all required information as outlined by Chapter 4 Section 7
The application must be in writing and must be signed by either the individual applicant or a duly authorized agent, manager, or member. The application must be verified by oath or affidavit.
If an applicant does not submit all necessary documentation in a timely manner, the application shall be deemed incomplete by the liquor commissioner. All processing of the application shall be suspended unless the applicant reactivates the application within 60 days of the application’s original filing date.
Reactivating the application can be done by:
Submitting all required documentation
Paying the $200 license application reactivation fee
Once reactivated, the liquor commissioner will then review all original and additional materials to determine whether a liquor license will be granted. If the applicant fails to reactivate the application or withdraws the application, the application will expire and the license fee or reactivation fee will be forfeited.