102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5261
 
Introduced 1/31/2022, by Rep. Jaime M. Andrade, Jr.
 
SYNOPSIS AS INTRODUCED:
 

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

     Amends the Currency Exchange Act. Provides that, for the sale of one or more money orders with an aggregate face value of $250 or more to any person in a single day, a licensee under the Act 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.
  


LRB102 23798 BMS 35416 b

 
 
A BILL FOR
 

  
HB5261LRB102 23798 BMS 35416 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 
5changing Section 17 as follows:
 


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




7    Sec. 17. Books, accounts, and records. 
8    (a) Every licensee shall keep and use in his business such 
9books,
accounts, and records as will enable the Secretary to 
10determine whether such
licensee is complying with the 
11provisions of this Act and with the rules,
regulations, and 
12directions made by the Secretary hereunder.

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

17    (c)     For the sale or issuance of one or more money orders 
18with an 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 
23licensee. 
 
 
HB5261- 2 -LRB102 23798 BMS 35416 b

1    (d) Each licensee shall preserve the record required by 
2this Section subsection for
at least 7 years or until the money 
3order to which it pertains is returned
to the licensee. Each 
4money order returned to the licensee shall be
preserved for 
5not less than 3 years from the month and year of sale or

6issuance by the licensee. The licensee shall keep the record, 
7or an
authentic microfilm copy thereof, required to be 
8preserved by this
subsection within this state at its 
9principal office or other place readily accessible to the 
10Secretary
and his representatives. If a licensee sells or 
11transfers his business at a
location or an address, his 
12obligations under this paragraph devolve upon
the successor 
13licensee and subsequent successor licensees, if any, at such

14location or address. If a licensee ceases to do business in 
15this state, he
shall deposit the records and money orders he is 
16required to preserve, with
the Secretary.

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