Bill Text: IL SB0087 | 2011-2012 | 97th General Assembly | Chaptered
Bill Title: Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Passed) 2011-08-23 - Public Act . . . . . . . . . 97-0511 [SB0087 Detail]
Download: Illinois-2011-SB0087-Chaptered.html
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| Public Act 097-0511 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Transmitters of Money Act is amended by | ||||
changing Section 15 as follows:
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(205 ILCS 657/15)
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Sec. 15. Exemptions. The following are exempt from the
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licensing requirements of this Act:
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(1) The United States and any department or agency of the | ||||
United States.
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(2) This State and any political subdivision of this State.
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(3) Banks, trust companies, building and loan | ||||
associations, savings and loan
associations, savings banks, or | ||||
credit unions, licensed or organized under the
laws of any
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state
or of the United States and any foreign bank maintaining | ||||
a branch or agency
licensed or organized under the laws of any | ||||
state or of the United States.
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(4) Currency exchanges licensed under the Currency | ||||
Exchange Act are exempt
from licensing only for (i) the | ||||
issuance of money orders or (ii) the sale, loading, or | ||||
unloading of stored value cards.
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(5) Corporations and associations exempt under item (3) or | ||||
(4) from
the licensing
requirements of this Act are not exempt
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from approval by the Director as authorized sellers. Nothing in | ||
this Act shall
be
deemed to enlarge the powers of those | ||
corporations and associations.
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(Source: P.A. 88-643, eff. 1-1-95; 89-601, eff. 8-2-96.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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