Ill. Admin. Code tit. 44 § 650.200

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

Section 650.200 - Methods of Improving a Financial Rating

a) Personal assets of stockholders, officers, directors, members, partners, beneficiaries or employees may not be pledged to improve the financial rating of the contractor seeking prequalification.

b) Assets of another company may not be pledged to improve the financial rating of the contractor seeking prequalification.

c) Loans which are renegotiated and involve the time frame or the encumbrance of assets of the company may be reconsidered. Only loans which total in excess of $100,000 will be considered. A copy of the new loan agreement is required.

d) Subsequent efforts to increase capitalization or to otherwise increase a financial rating which take place more than one year from the date of the financial statement will not be permitted to improve the financial rating of a company. Only subsequent efforts that are made within one year from the date of the financial statement which the Department considers material will be used to increase financial ratings.

Ill. Admin. Code tit. 44, § 650.200

Amended at 24 Ill. Reg. 18775, effective December 7, 2000