Bill Text: IL SB3719 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Currency Exchange Act. Provides that for the sale or issuance of one or more money orders with an aggregate face value of $250 or more to any person in a single day, a licensee shall verify the purchaser's name and address by examination of a government-issued identification, and shall record the name and address of the purchaser and the type and number of the identification examined by the licensee. Makes other changes.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB3719 Detail]
Download: Illinois-2019-SB3719-Introduced.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Currency Exchange Act is amended by changing | |||||||||||||||||||
| 5 | Section 17 as follows:
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| 6 | (205 ILCS 405/17) (from Ch. 17, par. 4833)
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| 7 | Sec. 17. Required records; preservation of records. Every | |||||||||||||||||||
| 8 | licensee shall keep and use in his business such books,
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| 9 | accounts, and records as will enable the Secretary to determine | |||||||||||||||||||
| 10 | whether such
licensee is complying with the provisions of this | |||||||||||||||||||
| 11 | Act and with the rules,
regulations, and directions made by the | |||||||||||||||||||
| 12 | Secretary hereunder.
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| 13 | Each licensee shall record or cause to be recorded the | |||||||||||||||||||
| 14 | following
information with respect to each money order it sells | |||||||||||||||||||
| 15 | or issues: (1) the
amount; (2) the month and year of sale or | |||||||||||||||||||
| 16 | issuance; and (3) the serial
number.
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| 17 | For the sale or issuance of one or more money orders with | |||||||||||||||||||
| 18 | an aggregate face value of $250 or more to any person in a | |||||||||||||||||||
| 19 | single day, the licensee shall verify the purchaser's name and | |||||||||||||||||||
| 20 | address by examination of a government-issued identification, | |||||||||||||||||||
| 21 | and shall record the name and address of the purchaser and the | |||||||||||||||||||
| 22 | type and number of the identification examined by the licensee. | |||||||||||||||||||
| 23 | Each licensee shall preserve the record required by this | |||||||||||||||||||
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| 1 | subsection for
at least 7 years or until the money order to | ||||||
| 2 | which it pertains is returned
to the licensee. Each money order | ||||||
| 3 | returned to the licensee shall be
preserved for not less than 3 | ||||||
| 4 | years from the month and year of sale or
issuance by the | ||||||
| 5 | licensee. The licensee shall keep the record, or an
authentic | ||||||
| 6 | microfilm copy thereof, required to be preserved by this
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| 7 | subsection within this state at its principal office or other | ||||||
| 8 | place readily accessible to the Secretary
and his | ||||||
| 9 | representatives. If a licensee sells or transfers his business | ||||||
| 10 | at a
location or an address, his obligations under this | ||||||
| 11 | paragraph devolve upon
the successor licensee and subsequent | ||||||
| 12 | successor licensees, if any, at such
location or address. If a | ||||||
| 13 | licensee ceases to do business in this state, he shall deposit | ||||||
| 14 | the records and money orders he is required to preserve, with
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| 15 | the Secretary.
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| 16 | (Source: P.A. 99-445, eff. 1-1-16.)
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