Section 205.10  Average Daily Balance

 

The average daily balance of payment instruments shall be calculated by averaging the balance of outstanding payment instruments as of the last day of each month for the previous 12 months or operational history, whichever is shorter.

 

Section 205.20  Authorized Sellers

 

a)         A licensee shall report to the Director, on a quarterly basis, the addition, removal or termination of operations of an authorized seller location on forms presented by the Director.

 

b)         This report must be accompanied by $10.00 for each authorized seller added during the respective quarter and sample of the written contract entered into between the licensee and authorized seller.

 

Section 205.30  Examinations

 

a)         Examination Reports

 

1)         The following definitions apply to this Section.

 

A)        "Safety and soundness examination" means an examination that includes, but is not limited to, a determination of the financial condition of the licensee based on generally accepted accounting principles.

 

B)        "Banking authority of the United States, of this State or of any other state" means the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Office of the Comptroller of the Currency, National Credit Union Administration or any other supervisory agency of the United States, of this State or of any other state responsible for regulating financial institutions, including, but not limited to, banks, savings associations, saving banks, and credit unions.

 

2)         For any licensee subject to a safety and soundness examination performed by a banking authority of the United States, of this State or of any other state, the Director may, at his or her discretion, accept the safety and soundness examination report of a banking authority of the United States, of this State or of any other state in lieu of a safety and soundness examination performed by the Department.

 

b)         Examination Fee

 

The Department shall charge $400 for each examiner day or part thereof and actual travel costs for any examination of records conducted pursuant to the Act.

c)         Verification Examination

 

The Department may conduct an examination for the purpose of verifying that the licensee has taken necessary actions to correct violations of the Act and/or related rules and shall charge the licensee $550 for each examiner day or portion thereof, when the Director determines the verification examination must be performed on site at any facility of the licensee.

 

(Source:  Added at 26 Ill. Reg. 14261, effective October 1, 2002)

 

 

Section 205.35  Fees

 

a)         Pursuant to Section 45(b) of the Transmitters of Money Act [205 ILCS 657] (Act), the fees outlined in Section 45(a) of the Act are amended as follows:

 

1)         Application Fee.  For applying for a license, an application fee of $2,500 and a license fee of $0. 

 

2)         Renewal Fee.  For renewal of a license, a fee will be calculated based on the total dollar volume of transactions, including transactions by authorized sellers, reported, pursuant to Section 40(4) of the Act, by the licensee in its annual renewal application.  The renewal fee shall be calculated in the following manner based on the licensee's reported Illinois volume:

 

Transactions of $1,000,000 or less	$1,000 renewal fee
Transactions over $1,000,000 but less than $10,000,000	$1,000 plus an additional amount equal to a rate of .0004 for each dollar in volume more than $1,000,000 but less than $10,000,000
Transactions over $10,000,000 but less than $100,000,000	$4,600 plus an additional amount equal to a rate of .0002 for each dollar in volume more than $10,000,000 but less than $100,000,000
Transactions over $100,000,000	$22,600 plus an additional amount equal to a rate of .0001 for each dollar in volume more than $100,000,000 up to a maximum fee of $50,000

 

3)         For process or other notice served upon the Director as provided by Section 100 of the Act, a fee of $10.

 

4)         For an application for renewal of a license received by the Department after December 1, a penalty fee of $50 per day for each day after December 1, in addition to any other fees required under this Section, unless an extension of time has been applied for and approved prior to December 1.

 

b)         For failure to submit financial statements required by Section 40 of the Act, a penalty fee of $50 per day for each day after the date the financial statements are required to be submitted to the Department (120 days after the end of the licensee’s fiscal year), unless an extension of time has been applied for and approved prior to the date financial statements are due.

 

c)         Unless otherwise indicated by the Act, these fees shall be nonrefundable. All moneys received by the Department under the Act shall be deposited into the Financial Institution Fund.

 

(Source:  Amended at 46 Ill. Reg. 12577, effective July 8, 2022)

 

Section 205.40  Revocation or Suspension of License

 

If it is determined that the Director had the authority to issue the suspension or revocation of a license pursuant to Section 80 of the Act, he or she may issue orders as may be reasonably necessary to correct, eliminate or remedy the situation.

 

(Source:  Added at 26 Ill. Reg. 14261, effective October 1, 2002)

 

Section 205.50  Reports/Documents

 

Any reports/documents the Director may require from a licensee under the Act or this Part must be transmitted by mail or electronic format at the option of the Director.

 

(Source:  Added at 26 Ill. Reg. 14261, effective October 1, 2002)

 

Section 205.60  Permissible Investments

 

Digital currency shall not constitute a permissible investment for purposes of Section 50(a) of the Act.  For the purposes of this Section, “digital currency” means a digital representation of value that: 

 

a)         is used as a medium of exchange, unit of account, or store of value; and

 

b)         is not “money” as the term is defined in Section 5 of the Act, whether or not denominated in money.

 

(Source:  Added at 47 Ill. Reg. 795, effective January 5, 2023)