101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5444
 
Introduced , by Rep. Lamont J. Robinson, Jr.
 
SYNOPSIS AS INTRODUCED:
 

 
  
205 ILCS 405/17  from Ch. 17, par. 4833

     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.
  


LRB101 17936 BMS 67372 b

 
 
A BILL FOR
 

  
HB5444LRB101 17936 BMS 67372 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Currency Exchange Act is amended  by changing 
5Section 17 as follows:
 


6    (205 ILCS 405/17)  (from Ch. 17, par. 4833)




7    Sec. 17. Required records; preservation of records. Every 
8licensee shall keep and use in his business such books,

9accounts, and records as will enable the Secretary to determine 
10whether such
licensee is complying with the provisions of this 
11Act and with the rules,
regulations, and directions made by the 
12Secretary hereunder.

13    Each licensee shall record or cause to be recorded the 
14following
information with respect to each money order it sells 
15or issues: (1) the
amount; (2) the month and year of sale or 
16issuance; and (3) the serial
number.

17    For the sale or issuance of one or more money orders with 
18an aggregate face value of $250 or more to any person in a 
19single day, the licensee shall verify the purchaser's name and 
20address by examination of a government-issued identification, 
21and shall record the name and address of the purchaser and the 
22type and number of the identification examined by the licensee. 
23    Each licensee shall preserve the record required by this 
 
 
HB5444- 2 -LRB101 17936 BMS 67372 b

1subsection for
at least 7 years or until the money order to 
2which it pertains is returned
to the licensee. Each money order 
3returned to the licensee shall be
preserved for not less than 3 
4years from the month and year of sale or
issuance by the 
5licensee. The licensee shall keep the record, or an
authentic 
6microfilm copy thereof, required to be preserved by this

7subsection within this state at its principal office or other 
8place readily accessible to the Secretary
and his 
9representatives. If a licensee sells or transfers his business 
10at a
location or an address, his  obligations under this 
11paragraph devolve upon
the successor licensee and subsequent 
12successor licensees, if any, at such
location or address. If a 
13licensee ceases to do business in this state, he shall deposit 
14the records and money orders he is required to preserve, with

15the Secretary.

16(Source: P.A. 99-445, eff. 1-1-16.)