SB1560 Summary

• Replaces performance bond requirement with $500,000 minimum liability insurance requirement for timber buyers, with insurance issued by authorized insurance or surety companies.

• Increases resident timber buyer license application fee from $25 to $125 and establishes new $300 fee for non-resident applications.

• Defines new terms including "Agent," "Transporter," "Good standing," and "Proof of ownership" to clarify who must be licensed and what documentation is required.

• Expands prohibitions on unlicensed timber buying to include deceptive practices, misrepresentation of contract terms, and conducting business without required liability insurance.

• Makes property seized or forfeited under the Timber Buyers Licensing Act subject to the Seizure and Forfeiture Reporting Act and deposits auction proceeds into the Illinois Forestry Development Fund.