93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4798

 

Introduced 02/04/04, by Susana Mendoza

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 657/20
205 ILCS 657/37

    Amends the Transmitters of Money Act. Requires the Department of Financial Institutions to record all approved licenses, provide each licensee with a final order, and place it on the Department's webpage or make it available to consumers upon request. Requires each license to include the final order number, the full legal name of the licensee, the customer service number of the licensee, and the corporate officer or director bearing regulatory responsibility for the transmitter service. Requires all documentation submitted to the Department pursuant to this Section to be signed by the officer or director listed on the license and list the name of a person knowledgeable and responsible for the record submitted, and that person must certify that he or she has control of the record. In provisions pertaining to displaying a disclosure notice, provides that each authorized seller must provide consumers transacting business with a licensee under this Act with a copy of the disclosure notice. Requires that disclosure notice contain all rates and surcharges to be built into the bill payment service applicable to the consumer for use of the service. Effective immediately.


LRB093 18020 SAS 43706 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4798 LRB093 18020 SAS 43706 b

1     AN ACT concerning financial regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Transmitters of Money Act is amended by
5 changing Sections 20 and 37 as follows:
 
6     (205 ILCS 657/20)
7     Sec. 20. Qualifications for a license.
8     (a) In order to obtain a license under this Act, an
9 applicant must prove to the satisfaction of the Director all of
10 the following:
11         (1) That the applicant has and maintains the net worth
12     specified in Column A, computed according to generally
13     accepted accounting principles, corresponding to the
14     number of locations in this State at which the applicant is
15     conducting business or proposes to conduct business by
16     itself and by any authorized sellers specified in Column B:
17    Column AColumn B
18    $35,0001
19    50,0002-3
20    100,0004-5
21    150,0006-9
22    200,00010-14
23    300,00015-19
24    400,00020-24
25    500,00025 or more
26         (2) That the applicant is in good standing and in
27     statutory compliance in the state or country of
28     incorporation or when the applicant is an entity other than
29     a corporation, is properly registered under the laws of
30     this State or another state or country, and if required,
31     the corporation or entity is authorized to do business in
32     the State of Illinois.

 

 

HB4798 - 2 - LRB093 18020 SAS 43706 b

1         (3) That the applicant has not been convicted within
2     the 10 years preceding the application of a felony under
3     the laws of this State, another state, the United States,
4     or a foreign jurisdiction.
5         (4) That no officer, director, controlling person, or
6     principal of the applicant has been convicted within the 10
7     years preceding the application of a felony under the laws
8     of this State, another state, the United States, or a
9     foreign jurisdiction.
10         (5) That the financial responsibility, financial
11     condition, business experience, character, and general
12     fitness of the applicant and its management are such as to
13     justify the confidence of the public and that the applicant
14     is fit, willing, and able to carry on the proposed business
15     in a lawful and fair manner.
16     (b) The Director may, for good cause shown, waive the
17 requirement of items (3) and (4) of subsection (a) of this
18 Section.
19     (c) The Department must record each approved license and
20 the terms of service of the licensee. The Department must give
21 each license a final order number that can be reviewed by the
22 public on the Department's website or made available directly
23 to consumers upon request. Each license must include the final
24 order number, the full legal name of the licensee, the customer
25 service number of the licensee, and the corporate officer or
26 director bearing regulatory responsibility for the transmitter
27 service. All reporting and documentation submitted to the
28 Department pursuant to the license requirements in this Section
29 must be signed by the officer or director listed on the
30 license. All reporting and documentation submitted to the
31 Department pursuant to this Section must also list the name of
32 a person knowledgeable and responsible for the record
33 submitted, and that person must certify that he or she has
34 control of the record in question.
35 (Source: P.A. 92-400, eff. 1-1-02.)
 

 

 

HB4798 - 3 - LRB093 18020 SAS 43706 b

1     (205 ILCS 657/37)
2     Sec. 37. Display of disclosure notice.
3     (a) Each authorized seller shall conspicuously display a
4 disclosure notice supplied by the licensee; each licensee that
5 transmits money directly shall also conspicuously display a
6 disclosure notice; a copy of the disclosure notice shall be
7 provided to each consumer that transacts business with a
8 licensee under this Act.
9     (b) The disclosure notice shall contain the following
10 information:
11         (1) In the case of an authorized seller only, the name
12     of the authorized seller's licensee issuing the disclosure
13     notice.
14         (2) A toll-free telephone number for the Department of
15     Financial Institutions which will provide customer support
16     for suspected violations of this Act.
17         (3) A statement that the authorization may be revoked
18     at any time by the licensee.
19         (4) All rates and surcharges to be built into the bill
20     payment service applicable to the consumer for use of the
21     service.
22     (c) A licensee shall notify the Department within 30 days
23 when an authorized seller is no longer an authorized seller for
24 the licensee. An authorized seller who has been terminated
25 shall remove the disclosure notice from the premises within 10
26 business days after such termination. A terminated authorized
27 seller who wilfully and knowingly refuses to remove the
28 disclosure notice within 10 business days of termination
29 commits a Class B misdemeanor.
30     (d) If a customer of a former authorized seller
31 detrimentally relies on a disclosure notice that was not
32 removed, the former authorized seller shall be civilly liable
33 if the customer proves: (1) that the entity possessed the
34 disclosure notice beyond 10 business days from the termination
35 of authorization by the licensee, (2) that the entity held
36 itself out as an authorized seller, without informing the

 

 

HB4798 - 4 - LRB093 18020 SAS 43706 b

1 customer that the seller was no longer authorized by the
2 licensee, (3) that the customer justifiably relied upon the
3 conspicuously displayed disclosure notice formerly provided by
4 the licensee, and (4) that the entity engaged in the business
5 of transmitting money after its termination as an authorized
6 seller.
7     (e) As used in this Section, "civil liability" means
8 liability for actual loss, reasonable attorney's fees, and
9 costs.
10 (Source: P.A. 93-535, eff. 1-1-04.)
 
11     Section 99. Effective date. This Act takes effect upon
12 becoming law.