IL SB2987

Requires all timber buyers to obtain liability insurance in an appropriate amount set by administrative rule before licensure and maintain it continuously while licensed.

Establishes surety bond or letter of credit requirements at 10% of timber purchase amounts (minimum $5,000, maximum $150,000) for timber buyer applicants, with doubled minimums for those with previously forfeited bonds.

Requires timber growers with 5+ acres of timberland in any county to obtain a free landowner timber number from the Department of Natural Resources before commercial timber cutting; numbers expire after 2 years unless extended by rule.

Mandates timber buyers submit reports to the Department when purchasing timber and deduct 4% of purchase price (or minimum fair market value if price cannot be determined) to forward to the Department.

Applies the Seizure and Forfeiture Reporting Act to property seized or forfeited under the timber buyer licensing statute and increases civil and criminal penalties for violations, including enhanced penalties for unlicensed timber purchases and fraudulent misrepresentations.