Ill. Admin. Code tit. 44 § 5010.690

Current through Register Vol. 48, No. 49, December 6, 2024

Section 5010.690 - Trade-In Procedure

a) All agencies wishing to trade in transferable equipment must notify the Department in writing of their intentions.

b) The written notification must contain:

1) a full description of the equipment to be traded in, including the date purchased, inventory number, and serial number, if applicable;

2) a full description of the new equipment the agency is seeking to obtain;

3) the name of the person or business accepting the trade-in;

4) the cost of the new item; and

5) the value allowed on the trade-in.

c) The Department willthen approve or disapprove the request. Approval will be granted when the requested trade-in is economically advantageous to the State.

d) If the trade-in is approved, the agency making the trade-in shall submit a completed Property Change Report Form to the Department, noting a transaction code 34.

e) To allow for year end processing, an extra 30 day time period for reporting trade-in transactions shall be granted by the Department.

Ill. Admin. Code tit. 44, § 5010.690

Amended at 43 Ill. Reg. 5637, effective 5/3/2019