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1 | AN ACT concerning financial 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 Transmitters of Money Act is amended by | |||||||||||||||||||||||||||||||||||||
5 | changing Sections 20 and 37 as follows:
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6 | (205 ILCS 657/20)
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7 | Sec. 20. Qualifications for a license.
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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:
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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:
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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.
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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.
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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.
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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.
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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.
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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.
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35 | (Source: P.A. 92-400, eff. 1-1-02.)
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1 | (205 ILCS 657/37)
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2 | Sec. 37. Display of disclosure notice.
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3 | (a) Each authorized seller shall conspicuously display a
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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 .
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9 | (b) The disclosure notice shall contain the following | ||||||
10 | information:
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11 | (1) In the case of an authorized seller only, the name | ||||||
12 | of the authorized
seller's licensee issuing the disclosure
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13 | notice.
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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.
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17 | (3) A statement that the authorization
may be revoked | ||||||
18 | at any time by the
licensee.
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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.
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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
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29 | commits a Class B misdemeanor.
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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 |
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1 | customer that the seller was no longer authorized by the
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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.
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7 | (e) As used in this Section, "civil liability" means | ||||||
8 | liability for actual
loss,
reasonable attorney's fees, and | ||||||
9 | costs.
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10 | (Source: P.A. 93-535, eff. 1-1-04.)
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11 | Section 99. Effective date. This Act takes effect upon | ||||||
12 | becoming law.
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