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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,
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Section 5. The Transmitters of Money Act is amended by | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | changing Sections 5, 10, 15, 20, 25, 30, 37, 40, 45, 50, 55, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 60, 65, 75, 80, 85, and 95 as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | (205 ILCS 657/5)
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9 | Sec. 5. Definitions. As used in this Act, unless the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | context otherwise
requires, the words and phrases defined in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | this Section have the meanings
set forth in this Section.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | "Agent"
"Authorized seller" means a person not an employee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | of a licensee who
engages in the business regulated by this Act | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | on behalf of a licensee under
a contract between that person | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | and the licensee.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | "Bill payment service" means the business of transmitting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | money on behalf
of an Illinois resident for the purpose of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | paying the resident's bills.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | "Controlling person" means a person owning or holding the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | power to vote
25% or more of the outstanding voting securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | of a licensee or the power to
vote the securities of another | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22 | controlling person of the licensee. For
purposes of determining | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | the percentage of a licensee controlled by a
controlling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | person,
the person's interest shall be combined with the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25 | interest of any other
person controlled, directly or | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26 | indirectly, by that person
or by a spouse, parent, or child of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27 | that person.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28 | "Department" means the Department of Financial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29 | Institutions.
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30 | "Director" means the Director of Financial Institutions.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 | "Licensee" means a person licensed under this Act.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32 | "Location" means a place of business at which activity |
| |||||||
| |||||||
1 | regulated by this Act
occurs.
| ||||||
2 | "Material litigation" means any litigation that, according | ||||||
3 | to generally
accepted accounting principles, is deemed | ||||||
4 | significant to a licensee's financial
health and would be | ||||||
5 | required to be referenced in a licensee's annual audited
| ||||||
6 | financial statements, reports to shareholders, or similar | ||||||
7 | documents.
| ||||||
8 | "Money" means a medium of exchange that is authorized or | ||||||
9 | adopted by a
domestic or foreign government as a part of its | ||||||
10 | currency and that is
customarily used and accepted as a medium | ||||||
11 | of exchange in the country of
issuance.
| ||||||
12 | "Money transmitter" means a person
who is located in or | ||||||
13 | doing business in this State and who directly or through
agents
| ||||||
14 | authorized sellers does any of the
following in this State:
| ||||||
15 | (1) Sells or issues payment instruments.
| ||||||
16 | (2) Engages in the business of receiving money for | ||||||
17 | transmission or
transmitting money.
| ||||||
18 | (3) Engages in the business of exchanging, for | ||||||
19 | compensation, money of the
United States Government or a | ||||||
20 | foreign government to or from money of another
government.
| ||||||
21 | "Outstanding payment instrument" means, unless otherwise | ||||||
22 | treated by or
accounted for under generally accepted accounting | ||||||
23 | principles on the books of
the licensee, a payment instrument | ||||||
24 | issued by the
licensee that has been sold in the United States | ||||||
25 | directly by the licensee
or
has been sold in the United States | ||||||
26 | by an
agent
authorized seller of the licensee and reported
to | ||||||
27 | the licensee as having been sold, but has not been paid by or | ||||||
28 | for
the licensee.
| ||||||
29 | "Payment instrument" means a check, draft, money order, | ||||||
30 | traveler's check,
stored value card, or
other instrument or | ||||||
31 | memorandum, written order or written receipt for the
| ||||||
32 | transmission or payment of money sold or issued to one or more | ||||||
33 | persons whether
or not that instrument or order is negotiable. | ||||||
34 | Payment instrument does not
include an instrument that is | ||||||
35 | redeemable by the issuer in merchandise or
service, a credit | ||||||
36 | card voucher, or a letter of credit. A written order for the
|
| |||||||
| |||||||
1 | transmission or payment of money that results in the issuance | ||||||
2 | of a check,
draft, money order, traveler's check, or other | ||||||
3 | instrument or memorandum is not
a
payment instrument.
| ||||||
4 | "Person" means an individual, partnership, association, | ||||||
5 | joint stock
association, corporation, or any other form of | ||||||
6 | business organization.
| ||||||
7 | "Stored value card" means any magnetic stripe card or other | ||||||
8 | electronic
payment instrument given in exchange for
money and | ||||||
9 | other similar consideration, including but not limited to
| ||||||
10 | checks, debit payments, money orders, drafts, credit payments, | ||||||
11 | and traveler's
checks,
where the card
or other
electronic | ||||||
12 | payment instrument represents a dollar value that the
consumer | ||||||
13 | can either use or give to another
individual.
| ||||||
14 | "Transmitting money" means the transmission of money by any | ||||||
15 | means, including
transmissions to or from locations within the | ||||||
16 | United States or to and from
locations outside of the United | ||||||
17 | States by payment instrument, facsimile or
electronic | ||||||
18 | transfer, or otherwise, and includes bill payment
services.
| ||||||
19 | (Source: P.A. 92-400, eff. 1-1-02; 93-535, eff. 1-1-04.)
| ||||||
20 | (205 ILCS 657/10)
| ||||||
21 | Sec. 10. License required. No person may engage in this | ||||||
22 | State in the
business
of selling or issuing payment | ||||||
23 | instruments, transmitting money, or
exchanging, for | ||||||
24 | compensation, payment instruments or money of the United States
| ||||||
25 | government or a foreign government to or from money of another | ||||||
26 | government
without first obtaining a license under this Act. | ||||||
27 | Separate licenses shall not
be
required, however, for persons | ||||||
28 | acting as authorized sellers of licensees under
this Act.
| ||||||
29 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
30 | (205 ILCS 657/15)
| ||||||
31 | Sec. 15. Exemptions. The following are exempt from the
| ||||||
32 | licensing requirements of this Act:
| ||||||
33 | (1) The United States and any department or agency of the | ||||||
34 | United States.
|
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1 | (2) This State and any political subdivision of this State.
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2 | (3) Banks, trust companies, building and loan | |||||||||||||||||||||||||||||
3 | associations, savings and loan
associations, savings banks, or | |||||||||||||||||||||||||||||
4 | credit unions, licensed or organized under the
laws of any
| |||||||||||||||||||||||||||||
5 | state
or of the United States and any foreign bank maintaining | |||||||||||||||||||||||||||||
6 | a branch or agency
licensed or organized under the laws of any | |||||||||||||||||||||||||||||
7 | state or of the United States.
| |||||||||||||||||||||||||||||
8 | (4) Currency exchanges licensed under the Currency | |||||||||||||||||||||||||||||
9 | Exchange Act are exempt
from licensing only for the issuance of | |||||||||||||||||||||||||||||
10 | money orders.
| |||||||||||||||||||||||||||||
11 | (5) Corporations and associations exempt under item (3) or | |||||||||||||||||||||||||||||
12 | (4) from
the licensing
requirements of this Act are not exempt
| |||||||||||||||||||||||||||||
13 | from approval by the Director as agents
authorized sellers . | |||||||||||||||||||||||||||||
14 | Nothing in this Act shall
be
deemed to enlarge the powers of | |||||||||||||||||||||||||||||
15 | those corporations and associations.
| |||||||||||||||||||||||||||||
16 | (Source: P.A. 88-643, eff. 1-1-95; 89-601, eff. 8-2-96.)
| |||||||||||||||||||||||||||||
17 | (205 ILCS 657/20)
| |||||||||||||||||||||||||||||
18 | Sec. 20. Qualifications for a license.
| |||||||||||||||||||||||||||||
19 | (a) In order to obtain a license
under this Act, an | |||||||||||||||||||||||||||||
20 | applicant must prove to the satisfaction of the Director all
of | |||||||||||||||||||||||||||||
21 | the following:
| |||||||||||||||||||||||||||||
22 | (1) That the applicant has and maintains the net worth | |||||||||||||||||||||||||||||
23 | specified in
Column A, computed
according to
generally | |||||||||||||||||||||||||||||
24 | accepted accounting principles, corresponding to the | |||||||||||||||||||||||||||||
25 | number of
locations
in this State at which the applicant is | |||||||||||||||||||||||||||||
26 | conducting business or proposes to
conduct business by | |||||||||||||||||||||||||||||
27 | itself and by any agents
authorized sellers specified in | |||||||||||||||||||||||||||||
28 | Column B:
| |||||||||||||||||||||||||||||
|
| ||||||||||
| ||||||||||
| ||||||||||
3 | (2) That the applicant is in good standing and in | |||||||||
4 | statutory compliance in
the
state or country of | |||||||||
5 | incorporation or when the applicant is an entity other
than | |||||||||
6 | a corporation, is properly registered under the laws of | |||||||||
7 | this State or
another state or country, and if required, | |||||||||
8 | the corporation or entity is
authorized to do business in | |||||||||
9 | the State of Illinois.
| |||||||||
10 | (3) That the applicant has not been convicted within | |||||||||
11 | the 10 years
preceding the application of
a
felony under | |||||||||
12 | the laws of this State, another state, the United States, | |||||||||
13 | or
a foreign jurisdiction.
| |||||||||
14 | (4) That no officer, director, controlling person, or | |||||||||
15 | principal of the
applicant
has been convicted within the 10 | |||||||||
16 | years preceding the application of a felony
under the laws | |||||||||
17 | of
this State, another state, the United States, or a | |||||||||
18 | foreign jurisdiction.
| |||||||||
19 | (5) That the financial responsibility, financial | |||||||||
20 | condition, business
experience,
character, and general | |||||||||
21 | fitness of the applicant and its management are such as
to | |||||||||
22 | justify the confidence of the public and that the applicant | |||||||||
23 | is
fit, willing, and able to carry on the proposed business | |||||||||
24 | in a lawful and fair
manner.
| |||||||||
25 | (b) The Director may, for good cause shown, waive the | |||||||||
26 | requirement of
items (3) and (4) of subsection (a) of this | |||||||||
27 | Section.
| |||||||||
28 | (Source: P.A. 92-400, eff. 1-1-02.)
| |||||||||
29 | (205 ILCS 657/25)
| |||||||||
30 | Sec. 25. Application for license.
| |||||||||
31 | (a) An application for a license must
be
in writing, under | |||||||||
32 | oath, and in the form the Director prescribes. The
application | |||||||||
33 | must contain or be accompanied by all of the following:
| |||||||||
34 | (1) The name of the applicant and the address of the | |||||||||
35 | principal place of
business of the applicant and the |
| |||||||
| |||||||
1 | address of all locations and proposed
locations of the | ||||||
2 | applicant in
this State.
| ||||||
3 | (2) The form of business organization of the applicant, | ||||||
4 | including:
| ||||||
5 | (A) a copy of its articles of incorporation and | ||||||
6 | amendments thereto and a
copy of its bylaws, certified | ||||||
7 | by its
secretary, if the applicant is a corporation;
| ||||||
8 | (B) a copy of its partnership agreement, certified | ||||||
9 | by a partner, if the
applicant is a partnership; or
| ||||||
10 | (C) a copy of the documents that control its | ||||||
11 | organizational structure,
certified by a managing | ||||||
12 | official, if the applicant is organized in some other
| ||||||
13 | form.
| ||||||
14 | (3) The name, business and home address, and a | ||||||
15 | chronological summary of
the business experience, material | ||||||
16 | litigation history, and felony convictions
over the | ||||||
17 | preceding 10 years of:
| ||||||
18 | (A) the proprietor, if the applicant is an | ||||||
19 | individual;
| ||||||
20 | (B) every partner, if the applicant is a | ||||||
21 | partnership;
| ||||||
22 | (C) each officer, director, and controlling | ||||||
23 | person, if the
applicant is a corporation; and
| ||||||
24 | (D) each person in a position to exercise control | ||||||
25 | over, or direction of,
the business of the applicant, | ||||||
26 | regardless of the form of organization of the
| ||||||
27 | applicant.
| ||||||
28 | (4) Financial statements, not more than one year old, | ||||||
29 | prepared in
accordance with generally accepted
accounting | ||||||
30 | principles and audited by a licensed public accountant or | ||||||
31 | certified
public accountant showing the financial | ||||||
32 | condition
of the applicant and an unaudited balance sheet | ||||||
33 | and statement of operation as
of the most recent quarterly | ||||||
34 | report before the date of the application,
certified by the | ||||||
35 | applicant or an officer or partner thereof. If the
| ||||||
36 | applicant is a wholly owned subsidiary or is eligible to |
| |||||||
| |||||||
1 | file consolidated
federal income tax returns with its | ||||||
2 | parent, however, unaudited financial
statements for
the | ||||||
3 | preceding year along with the unaudited financial | ||||||
4 | statements for the most
recent quarter may be submitted if | ||||||
5 | accompanied by the audited financial
statements of the | ||||||
6 | parent company for the preceding year along with the
| ||||||
7 | unaudited financial statement for the most recent quarter.
| ||||||
8 | (5) Filings of the applicant with the Securities and | ||||||
9 | Exchange Commission
or
similar foreign governmental entity | ||||||
10 | (English translation), if any.
| ||||||
11 | (6) A list of all other states in which the applicant | ||||||
12 | is licensed as a
money
transmitter and whether the license | ||||||
13 | of the applicant for those purposes has
ever
been | ||||||
14 | withdrawn, refused, canceled, or suspended in any other | ||||||
15 | state, with full
details.
| ||||||
16 | (7) A list of all money transmitter locations and | ||||||
17 | proposed locations in
this State.
| ||||||
18 | (8) A sample of the contract for agents
authorized | ||||||
19 | sellers .
| ||||||
20 | (9) A sample form of the proposed payment instruments | ||||||
21 | to be used in this
State.
| ||||||
22 | (10) The name and business address of the clearing | ||||||
23 | banks through which the
applicant intends to conduct any | ||||||
24 | business regulated under this Act.
| ||||||
25 | (11) A surety bond as required by Section 30 of this
| ||||||
26 | Act.
| ||||||
27 | (12) The applicable fees as required by Section 45 of | ||||||
28 | this Act.
| ||||||
29 | (13) A written consent to service of process as | ||||||
30 | provided by Section 100 of
this Act.
| ||||||
31 | (14) A written statement that the applicant is in full | ||||||
32 | compliance with and
agrees to continue to fully comply with
| ||||||
33 | all state and federal statutes and regulations relating to | ||||||
34 | money laundering.
| ||||||
35 | (15) All additional information the Director considers | ||||||
36 | necessary in order
to determine whether or not to issue the |
| |||||||
| |||||||
1 | applicant a license under
this Act.
| ||||||
2 | (b) The Director may, for good cause shown, waive, in part, | ||||||
3 | any
of the requirements of this Section.
| ||||||
4 | (Source: P.A. 92-400, eff. 1-1-02.)
| ||||||
5 | (205 ILCS 657/30)
| ||||||
6 | Sec. 30. Surety bond.
| ||||||
7 | (a) An applicant for a license shall post and a
licensee | ||||||
8 | must maintain with the Director a bond or bonds issued by | ||||||
9 | corporations
qualified to do business as surety companies in | ||||||
10 | this State.
| ||||||
11 | (b) The applicant or licensee shall post a bond in the | ||||||
12 | amount of the greater
of $100,000
or an amount equal to the | ||||||
13 | daily average of outstanding payment instruments
for the | ||||||
14 | preceding 12 months or operational history, whichever is | ||||||
15 | shorter, up to
a maximum amount of $2,000,000. When the amount | ||||||
16 | of the required bond exceeds
$1,000,000, the applicant or | ||||||
17 | licensee may, in the alternative, post a bond in
the amount of | ||||||
18 | $1,000,000 plus a dollar for dollar increase in the net worth | ||||||
19 | of
the applicant or licensee over and above the amount required | ||||||
20 | in Section 20, up
to a total amount of $2,000,000.
| ||||||
21 | (c) The bond must be in a form satisfactory to the Director | ||||||
22 | and shall run
to the State of Illinois for the benefit of any | ||||||
23 | claimant against the applicant
or licensee with respect to the | ||||||
24 | receipt, handling, transmission, and payment
of money by the | ||||||
25 | licensee or agent
authorized seller in connection with the | ||||||
26 | licensed
operations. A claimant damaged by a breach of the | ||||||
27 | conditions of a
bond
shall have a right to action upon the bond | ||||||
28 | for damages suffered thereby and
may bring suit directly on the | ||||||
29 | bond, or the Director may bring suit on
behalf of the claimant.
| ||||||
30 | (d) (Blank).
| ||||||
31 | (e) (Blank).
| ||||||
32 | (f) After receiving a license, the licensee must maintain
| ||||||
33 | the required bond plus net worth (if applicable) until
5 years | ||||||
34 | after it ceases to do business in this State unless all | ||||||
35 | outstanding
payment instruments are eliminated or the |
| |||||||
| |||||||
1 | provisions under the Uniform
Disposition
of Unclaimed Property | ||||||
2 | Act have become operative and are adhered to by the
licensee. | ||||||
3 | Notwithstanding this provision, however, the amount required | ||||||
4 | to be
maintained may be reduced to the extent that the amount | ||||||
5 | of the licensee's
payment instruments outstanding in this State | ||||||
6 | are reduced.
| ||||||
7 | (g) If the Director at any time reasonably determines that | ||||||
8 | the required bond
is insecure, deficient in amount, or
| ||||||
9 | exhausted in
whole or in part, he may in writing require the | ||||||
10 | filing of a new or supplemental
bond in order to secure | ||||||
11 | compliance with this Act and may
demand compliance with the | ||||||
12 | requirement within 30 days following
service on the licensee.
| ||||||
13 | (Source: P.A. 92-400, eff. 1-1-02.)
| ||||||
14 | (205 ILCS 657/37)
| ||||||
15 | Sec. 37. Display of disclosure notice.
| ||||||
16 | (a) Each agent
authorized seller shall conspicuously | ||||||
17 | display a
disclosure
notice supplied by the licensee; each | ||||||
18 | licensee that transmits money directly
shall also | ||||||
19 | conspicuously display a disclosure notice.
| ||||||
20 | (b) The disclosure notice shall contain the following | ||||||
21 | information:
| ||||||
22 | (1) In the case of an agent
authorized seller only, the | ||||||
23 | name of the authorized
seller's licensee issuing the | ||||||
24 | disclosure
notice.
| ||||||
25 | (2) A toll-free telephone number for the Department of | ||||||
26 | Financial
Institutions which will provide customer support | ||||||
27 | for suspected violations of
this
Act.
| ||||||
28 | (3) A statement that the authorization
may be revoked | ||||||
29 | at any time by the
licensee.
| ||||||
30 | (c) A licensee shall notify the Department within 30 days | ||||||
31 | when an
agent
authorized
seller is no longer an agent
| ||||||
32 | authorized seller for the licensee. An agent
authorized seller
| ||||||
33 | who has been terminated shall remove the disclosure notice from | ||||||
34 | the premises
within 10 business days after such termination. A | ||||||
35 | terminated
agent
authorized seller who wilfully and knowingly |
| |||||||
| |||||||
1 | refuses to remove the disclosure
notice within 10 business days | ||||||
2 | of termination
commits a Class B misdemeanor.
| ||||||
3 | (d) If a customer of a former agent
authorized seller
| ||||||
4 | detrimentally relies on a
disclosure notice that was not | ||||||
5 | removed, the former agent
authorized seller shall be
civilly | ||||||
6 | liable if the customer proves:
(1) that the
entity possessed | ||||||
7 | the disclosure notice beyond 10 business days from the
| ||||||
8 | termination of
authorization by the licensee, (2) that the | ||||||
9 | entity held itself out as an
agent
authorized seller ,
without | ||||||
10 | informing the customer that the seller was no longer authorized | ||||||
11 | by the
licensee,
(3) that the customer justifiably relied upon | ||||||
12 | the conspicuously displayed
disclosure notice
formerly | ||||||
13 | provided by the licensee, and (4) that the
entity engaged in | ||||||
14 | the business of transmitting money after its termination as
an | ||||||
15 | agent
authorized seller .
| ||||||
16 | (e) As used in this Section, "civil liability" means | ||||||
17 | liability for actual
loss,
reasonable attorney's fees, and | ||||||
18 | costs.
| ||||||
19 | (Source: P.A. 93-535, eff. 1-1-04.)
| ||||||
20 | (205 ILCS 657/40)
| ||||||
21 | Sec. 40. Renewals of license. As a condition for renewal of | ||||||
22 | a license,
a
licensee must submit to the Director, and the | ||||||
23 | Director must receive, on or
before December 1 of each year, an
| ||||||
24 | application for renewal made in writing and under oath on a | ||||||
25 | form
prescribed by the
Director. A licensee whose application | ||||||
26 | for
renewal is not received by the Department on or
before | ||||||
27 | December 31 shall not have its license renewed and
shall be | ||||||
28 | required to submit to the Director an application for a new | ||||||
29 | license in
accordance with Section 25. Upon a showing of good | ||||||
30 | cause, the Director may
extend the deadline for the filing of | ||||||
31 | an application for renewal. The
application for renewal of a | ||||||
32 | license shall contain or be accompanied by all of
the
| ||||||
33 | following:
| ||||||
34 | (1) The name of the licensee and the address of the | ||||||
35 | principal place of
business of the licensee.
|
| |||||||
| |||||||
1 | (2) A list of all locations where the licensee is | ||||||
2 | conducting business
under its license and a list of all | ||||||
3 | agents
authorized sellers through whom the
licensee is | ||||||
4 | conducting business under its license, including the name | ||||||
5 | and
business address of each agent
authorized seller .
| ||||||
6 | (3) Audited financial statements covering the past | ||||||
7 | year of operations,
prepared in accordance with generally | ||||||
8 | accepted accounting principles, showing
the financial | ||||||
9 | condition of the licensee. The licensee shall submit the | ||||||
10 | audited
financial statement after the application for
| ||||||
11 | renewal has been approved. The audited financial statement | ||||||
12 | must be received
by the Department no later than 120 days | ||||||
13 | after the end of the licensee's fiscal
year. If the | ||||||
14 | licensee is a wholly owned subsidiary or is eligible to
| ||||||
15 | file consolidated federal income tax returns with its | ||||||
16 | parent, the licensee may
submit unaudited financial | ||||||
17 | statements if accompanied by the audited financial
| ||||||
18 | statements of the parent company for its most recently | ||||||
19 | ended year.
| ||||||
20 | (4) A statement of the dollar amount and number of | ||||||
21 | money transmissions and
payment
instruments sold, issued, | ||||||
22 | exchanged, or transmitted in this State by the
licensee and
| ||||||
23 | its agents
authorized sellers for the past year.
| ||||||
24 | (5) A statement of the dollar amount of uncompleted | ||||||
25 | money transmissions
and
payment
instruments outstanding or | ||||||
26 | in transit, in this State, as of the most recent
quarter | ||||||
27 | available.
| ||||||
28 | (6) The annual license renewal fees and any penalty | ||||||
29 | fees as provided by
Section 45 of this Act.
| ||||||
30 | (7) Evidence sufficient to prove to the satisfaction of | ||||||
31 | the Director that
the licensee has complied with all | ||||||
32 | requirements under Section 20 relating to
its net worth,
| ||||||
33 | under Section 30 relating to its surety bond or other | ||||||
34 | security,
and under Section 50 relating to permissible | ||||||
35 | investments.
| ||||||
36 | (8) A statement of a change in information provided by |
| |||||||
| |||||||
1 | the licensee in its
application for a license or its | ||||||
2 | previous applications for renewal including,
but not | ||||||
3 | limited to, new directors, officers, agents
authorized | ||||||
4 | sellers , or clearing
banks and material changes in the | ||||||
5 | operation of the licensee's business.
| ||||||
6 | (Source: P.A. 92-400, eff. 1-1-02.)
| ||||||
7 | (205 ILCS 657/45)
| ||||||
8 | Sec. 45. Fees.
| ||||||
9 | (a) The Director shall charge and collect fees,
which shall | ||||||
10 | be nonrefundable unless otherwise indicated, in accordance | ||||||
11 | with the
provisions of this Act as follows:
| ||||||
12 | (1) For applying for a license, an application fee of | ||||||
13 | $100 and a
license
fee, which shall be refunded if the | ||||||
14 | application is denied or withdrawn, of
$100 plus $100
$10
| ||||||
15 | for each location at which the applicant and its agents
| ||||||
16 | authorized
sellers are conducting business or propose to | ||||||
17 | conduct business excepting the
applicant's principal place | ||||||
18 | of business.
| ||||||
19 | (2) For renewal of a license, a fee of $100 plus $100
| ||||||
20 | $10 for each location at
which the licensee and its agents
| ||||||
21 | authorized sellers are conducting business, except
the | ||||||
22 | licensee's principal place of business.
| ||||||
23 | (3) For an application to add an agent
authorized | ||||||
24 | seller location, $100
$10 for each
agent
authorized seller
| ||||||
25 | location.
| ||||||
26 | (4) For service of process or other notice upon the | ||||||
27 | Director as provided
by
Section 100, a fee of $10.
| ||||||
28 | (5) For an application for renewal of a license | ||||||
29 | received by the
Department after
December 1, a penalty fee | ||||||
30 | of $10 per day for each day after December
1 in addition to | ||||||
31 | any other
fees required under this Act unless an extension | ||||||
32 | of time has been granted by
the
Director.
| ||||||
33 | (6) For failure to submit financial statements as | ||||||
34 | required by Section 40,
a penalty fee of $10 per day for | ||||||
35 | each day the
statement is late
unless an extension of time |
| |||||||
| |||||||
1 | has been granted by the Director.
| ||||||
2 | (b) Beginning one year after the effective date of this | ||||||
3 | Act,
the Director may, by rule, amend the fees set forth in | ||||||
4 | this Section.
| ||||||
5 | (c) All moneys received by the Department under this Act | ||||||
6 | shall be deposited
into the Financial Institutions Fund.
| ||||||
7 | (Source: P.A. 92-400, eff. 1-1-02.)
| ||||||
8 | (205 ILCS 657/50)
| ||||||
9 | Sec. 50. Permissible investments.
| ||||||
10 | (a) A licensee shall maintain at all times permissible | ||||||
11 | investments that
have an aggregate market value computed in | ||||||
12 | accordance with generally accepted
accounting principles of | ||||||
13 | not less than the aggregate amount of all its
outstanding | ||||||
14 | payment instruments and other transfers, except to the extent | ||||||
15 | the
amount is reduced from permissible investments under its | ||||||
16 | method of accounting.
The permissible investments may be owned | ||||||
17 | by the licensee and, the
investments, in an amount equal to the | ||||||
18 | outstanding payment instruments issued
and sold in this State, | ||||||
19 | even if commingled with other assets of the licensee,
shall be | ||||||
20 | deemed by operation of law to be held in trust for the benefit | ||||||
21 | of the
purchasers of the licensee's outstanding payment | ||||||
22 | instruments in Illinois in the
event of the bankruptcy or | ||||||
23 | insolvency of the licensee. Permissible investments
include, | ||||||
24 | but are not limited to, all of the following unencumbered | ||||||
25 | items:
| ||||||
26 | (1) Cash on hand or on deposit in the name of the | ||||||
27 | licensee.
| ||||||
28 | (2) Certificates of deposit of a bank, savings and loan | ||||||
29 | association, or
credit union.
| ||||||
30 | (3) Bills of exchange or time drafts that are drawn on | ||||||
31 | and accepted by a
bank, otherwise known as banker's | ||||||
32 | acceptances, and that are eligible for
purchase by member | ||||||
33 | banks of the Federal Reserve System.
| ||||||
34 | (4) Commercial paper bearing a rating of one of the 3 | ||||||
35 | highest grades as
defined by a nationally recognized |
| |||||||
| |||||||
1 | organization that rates these securities.
| ||||||
2 | (5) Securities, obligations, or other instruments, | ||||||
3 | whose payment is
guaranteed by the general taxing authority | ||||||
4 | of the issuer, of the United States
or any state or of any | ||||||
5 | other governmental entity or political subdivision
or | ||||||
6 | instrumentality of a governmental entity that bear a rating | ||||||
7 | of one of
the 3 highest grades by Moody's Investor's | ||||||
8 | Service, Inc. or Standard and Poor's
Corporation.
| ||||||
9 | (6) Bonds or other obligations of a corporation | ||||||
10 | organized in a state of
the United States, the District of | ||||||
11 | Columbia, the Commonwealth of Puerto Rico,
or the several | ||||||
12 | territories organized by Congress that bear a rating of one
| ||||||
13 | of the 3 highest grades by Moody's Investor's Service, Inc. | ||||||
14 | or Standard and
Poor's Corporation.
| ||||||
15 | (7) Investment securities that are obligations of the | ||||||
16 | United States or its
agencies or instrumentalities or | ||||||
17 | obligations that are guaranteed fully as to
principal and | ||||||
18 | interest by the United States.
| ||||||
19 | (8) Receivables that are due a licensee from its agents
| ||||||
20 | authorized sellers
pursuant to contract described in | ||||||
21 | Section 75 that are not past due or
doubtful of collection.
| ||||||
22 | (b) Notwithstanding any other provision of this Act, the | ||||||
23 | Director, with
respect to any particular licensee or all | ||||||
24 | licensees, may approve other
permissible investments or limit | ||||||
25 | the extent to which any class of permissible
investments, | ||||||
26 | except for money and certificates of deposit, may be considered | ||||||
27 | a
permissible investment.
| ||||||
28 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
29 | (205 ILCS 657/55)
| ||||||
30 | Sec. 55. Reporting; examination; investigation.
| ||||||
31 | (a) The Director may require from a licensee any reports, | ||||||
32 | under penalty of
perjury, concerning the licensee's or its | ||||||
33 | agent's
authorized seller's business
conducted
under the | ||||||
34 | license issued under this Act that the Director considers
| ||||||
35 | necessary for the enforcement of this Act.
|
| |||||||
| |||||||
1 | (b) A licensee must report to the Director any change of | ||||||
2 | its principal
place of business, or its headquarters office if | ||||||
3 | different from its principal
place of business, even if located | ||||||
4 | outside of this State and a change of any
other location
at | ||||||
5 | which it or any of its agents
authorized sellers are conducting | ||||||
6 | business regulated
by this Act, within 15 days after the | ||||||
7 | effective date of the change.
| ||||||
8 | (c) A licensee must report to the Director any of the | ||||||
9 | following
significant developments pertaining to it or any | ||||||
10 | agent
authorized seller within 15
days after the licensee has | ||||||
11 | actual notice of its occurrence:
| ||||||
12 | (1) The filing for bankruptcy or for reorganization | ||||||
13 | under the bankruptcy
laws.
| ||||||
14 | (2) The institution of license revocation or | ||||||
15 | suspension procedures
against
the licensee in any
state.
| ||||||
16 | (3) A felony indictment related to the money | ||||||
17 | transmission activities of
the licensee or its agents
| ||||||
18 | authorized sellers in this State or of the licensee's
or | ||||||
19 | agent's
authorized seller's , officers, directors, | ||||||
20 | controlling persons, or
principals.
| ||||||
21 | (4) A felony conviction related to the money | ||||||
22 | transmission activities of
the licensee or its agents
| ||||||
23 | authorized sellers in this State or of the licensee's
or | ||||||
24 | agent's
authorized seller's , officers, directors, | ||||||
25 | controlling persons or principals.
| ||||||
26 | (d) A licensee that is a publicly traded corporation or a | ||||||
27 | subsidiary of
a publicly traded corporation or a nonpublicly | ||||||
28 | traded corporation must notify
the Director within 15 days | ||||||
29 | whenever a person becomes a controlling person.
Upon | ||||||
30 | notification, the Director may require all information he | ||||||
31 | considers
necessary to determine if a new application is | ||||||
32 | required. A licensee that is
an entity other than a corporation | ||||||
33 | shall submit a new application to the
Director
seeking prior | ||||||
34 | approval whenever a person proposes to become a controlling
| ||||||
35 | person or acquire an ownership interest.
| ||||||
36 | (e) The Director at any time either in person or through an |
| |||||||
| |||||||
1 | appointed
representative may visit and examine a licensee or | ||||||
2 | agent
authorized seller .
Unless it will interfere with the | ||||||
3 | Director's duties under this Act, reasonable
notice shall be | ||||||
4 | given to the licensee or agent
authorized seller . In conducting | ||||||
5 | the
examination, the Director or appointed representative | ||||||
6 | shall have full and free
access to all the books, papers, and | ||||||
7 | records of the licensee that relate to its
business and to the | ||||||
8 | books, papers, and records kept by any of its agents
authorized
| ||||||
9 | sellers and may examine the directors, officers, members, | ||||||
10 | agents, and employees
of any licensee or agent
authorized | ||||||
11 | seller or any other person in relation to its
affairs, | ||||||
12 | transactions, and condition.
| ||||||
13 | (f) On-site examinations of licensees or agents
authorized | ||||||
14 | sellers prescribed by
this Act may be conducted in conjunction | ||||||
15 | with representatives of other State
agencies or agencies of | ||||||
16 | another state or of the United States, as determined by
the | ||||||
17 | Director.
| ||||||
18 | (g) For the purpose of defraying examination expenses | ||||||
19 | incurred by the
Director, a licensee or agent
authorized seller
| ||||||
20 | shall pay an examination fee
established by rule and
the actual | ||||||
21 | expenses of the examination.
| ||||||
22 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
23 | (205 ILCS 657/60)
| ||||||
24 | Sec. 60. Records maintenance.
| ||||||
25 | (a) A licensee shall keep and use in its business books, | ||||||
26 | accounts, and
records in accordance with generally accepted | ||||||
27 | accounting principles that will
enable the Director to | ||||||
28 | determine whether the licensee is complying with the
provisions | ||||||
29 | of this Act or any other Act the administration of which is | ||||||
30 | vested
in the Director. A licensee shall preserve all of the | ||||||
31 | following records or
such
data as may be in electronic or other | ||||||
32 | retrievable form for at least 5 years:
| ||||||
33 | (1) General ledger records.
| ||||||
34 | (2) Settlement sheets received from agents
authorized | ||||||
35 | transmitter sellers .
|
| |||||||
| |||||||
1 | (3) All records of final entry.
| ||||||
2 | (4) Bank statements.
| ||||||
3 | (5) Bank reconciliation records.
| ||||||
4 | (b) A licensee shall require and its agents
authorized | ||||||
5 | sellers must preserve
for at
least 5 years all documents | ||||||
6 | relating to money transmission activities, unless
the data | ||||||
7 | embodied in those documents has been transmitted for | ||||||
8 | recordation by
the
licensee.
| ||||||
9 | (c) The records of the licensee regarding the business | ||||||
10 | regulated under this
Act shall be maintained at its principal | ||||||
11 | place of business or, with notice to
the Director, at another | ||||||
12 | location designated by the licensee. If the records
are | ||||||
13 | maintained outside this State, the licensee shall make them | ||||||
14 | accessible to
the Director.
| ||||||
15 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
16 | (205 ILCS 657/65)
| ||||||
17 | Sec. 65. Notice of source of instrument; transaction | ||||||
18 | records.
| ||||||
19 | (a) Every payment instrument other than a stored value card | ||||||
20 | sold through
an agent
authorized seller shall bear
the name of | ||||||
21 | the licensee and a unique consecutive number clearly stamped or
| ||||||
22 | imprinted on it. When an order for the transmission of money
| ||||||
23 | results in the issuance of a payment instrument, both the order | ||||||
24 | and the
payment
instrument may bear the same unique number.
| ||||||
25 | (b) A licensee or agent
authorized seller shall create a | ||||||
26 | record, which may be
reduced to computer or other electronic | ||||||
27 | medium, upon receiving any money from a
customer.
| ||||||
28 | (c) For each payment instrument other than a stored value | ||||||
29 | card sold, the
licensee shall require the
agent
authorized | ||||||
30 | seller to record the face amount
of the payment instrument and | ||||||
31 | the serial number of the payment instrument.
| ||||||
32 | (d) For each transmission of money, the licensee or agent
| ||||||
33 | authorized seller shall
record the date the money was received, | ||||||
34 | the face amount of the payment
instrument, the name of the | ||||||
35 | customer, the manner of transmission, including the
identity |
| |||||||
| |||||||
1 | and location of any bank or other financial institution | ||||||
2 | receiving or
otherwise involved in accomplishing the | ||||||
3 | transmission, the location to which the
money is transmitted if | ||||||
4 | different from the bank or other financial institution
required | ||||||
5 | to be
recorded, the name of the intended recipient, and the | ||||||
6 | date the
transmission was accomplished or the money was | ||||||
7 | refunded to the customer due to
an
inability to transmit or | ||||||
8 | failure of the intended recipient to receive or obtain
the | ||||||
9 | money transmitted. The
transmission shall be made by the | ||||||
10 | licensee or agent
authorized seller within
3 business days | ||||||
11 | after the receipt of the money to be transmitted. The
licensee | ||||||
12 | or agent
authorized seller , in addition to the records required | ||||||
13 | to be kept,
shall issue a receipt to each person delivering or | ||||||
14 | depositing money
with the licensee or agent
authorized seller
| ||||||
15 | indicating the date of the transaction,
the face amount of the | ||||||
16 | payment instrument, to whom the money is to be
transmitted, the | ||||||
17 | service charge, and the name and address of the licensee or | ||||||
18 | agent
authorized seller .
The receipt or a separate disclosure | ||||||
19 | at the time of the money transmission
shall also include a | ||||||
20 | statement of the licensee's refund procedures as well
as a | ||||||
21 | toll-free telephone number for customer assistance. An | ||||||
22 | inadvertent or
non-wilful failure to give a consumer the | ||||||
23 | disclosure provided for in this
Section shall not constitute a | ||||||
24 | violation of this Act.
The licensee or agent
authorized seller
| ||||||
25 | shall keep a copy of
every receipt in a permanent record book | ||||||
26 | or maintain the data embodied in the
receipt using | ||||||
27 | photographic, electronic, or other means.
| ||||||
28 | (e) For each exchange of money of the United States | ||||||
29 | government or a foreign
government to or from money of another | ||||||
30 | government, the licensee or agent
authorized
seller shall | ||||||
31 | record the date of the transaction, the amount of the | ||||||
32 | transaction,
the amount of funds stated in currency received by | ||||||
33 | the recipient, and
the rate of exchange at the time of the | ||||||
34 | transaction. The licensee or
agent
authorized seller , in | ||||||
35 | addition to the records required to be kept, shall
issue a | ||||||
36 | receipt to each person delivering or depositing money with the |
| |||||||
| |||||||
1 | licensee
or agent
authorized seller indicating the date of the | ||||||
2 | transaction, the amount of the
transaction, the service charge, | ||||||
3 | and the name and address of the licensee or agent
authorized | ||||||
4 | seller making the transaction. The licensee or agent
authorized | ||||||
5 | seller
shall keep a copy of every receipt in a permanent record | ||||||
6 | book or maintain data
embodied in the receipt using | ||||||
7 | photographic, electronic, or
other means.
| ||||||
8 | (f) Records required to be kept by the licensee or agent
| ||||||
9 | authorized seller under
this Act shall be preserved for at | ||||||
10 | least 5 years or as required to
comply with any other Act the | ||||||
11 | administration of which is vested in the
Director. The records | ||||||
12 | shall be made available for examination in accordance
with | ||||||
13 | Sections 55 and 60 of this Act.
| ||||||
14 | (Source: P.A. 93-535, eff. 1-1-04.)
| ||||||
15 | (205 ILCS 657/75)
| ||||||
16 | Sec. 75. Agents
Authorized sellers .
| ||||||
17 | (a) A licensee may conduct the business regulated
under | ||||||
18 | this Act at one or more locations in this State through agents
| ||||||
19 | authorized
sellers designated by the licensee.
| ||||||
20 | (b) No person shall act as an agent of a licensee, or act | ||||||
21 | in any other similar capacity, and no licensee shall appoint | ||||||
22 | another person to act as an agent, or to act in any other | ||||||
23 | similar capacity, for the receipt of transmission money on | ||||||
24 | behalf of that licensee, without first obtaining the | ||||||
25 | authorization of the Director
A licensee shall not allow a | ||||||
26 | person to act as its authorized seller
until all applicable | ||||||
27 | requirements of this Act have been complied with and the
name | ||||||
28 | and address of the person, on a form prescribed by the | ||||||
29 | Director, along
with all applicable fees have been submitted to | ||||||
30 | the Department by the licensee .
| ||||||
31 | (c) An application for the appointment of an agent shall be | ||||||
32 | submitted to the Director by a licensee for each proposed | ||||||
33 | agent, and shall be in writing, under oath, and in a form | ||||||
34 | prescribed by the Director. The application shall contain that | ||||||
35 | information which the Director may require
A licensee shall |
| |||||||
| |||||||
1 | enter into a contract with its authorized
seller detailing the | ||||||
2 | nature and scope of the relationship between the licensee
and | ||||||
3 | the authorized seller. The contract between a licensee and an | ||||||
4 | authorized
seller must require the authorized seller to operate | ||||||
5 | in full compliance with
the laws of this State and of the | ||||||
6 | United States.
The licensee shall provide the Director
with the | ||||||
7 | sample written contract .
| ||||||
8 | (d) If the application for the appointment of an agent is | ||||||
9 | not approved or denied within 45 days after the application is | ||||||
10 | filed with the Director, the application shall be deemed | ||||||
11 | approved by the Director. | ||||||
12 | For the purposes of this Section, an application for the | ||||||
13 | appointment of an agent is deemed to be filed with the Director | ||||||
14 | at the time the complete application, including any amendments | ||||||
15 | or supplements and containing all the information in the form | ||||||
16 | required by the Director, is received by the Director. | ||||||
17 | The Director may disapprove the application for the | ||||||
18 | appointment of an agent by a licensee if the Director finds any | ||||||
19 | of the following: | ||||||
20 | (1) That the operations and financial conditions | ||||||
21 | indicate that the licensee is not competent to appoint the | ||||||
22 | proposed agent to receive transmissions of money and to | ||||||
23 | supervise the proposed agent. | ||||||
24 | (2) That the proposed agent, any person who controls | ||||||
25 | the proposed agent, and any director or officer of the | ||||||
26 | proposed agent, if any, are not of good character or of | ||||||
27 | sound financial standing. | ||||||
28 | (3) That the proposed agent is not competent to engage | ||||||
29 | in the business of receiving money for transmission. | ||||||
30 | (4) That it is reasonable to believe that the proposed | ||||||
31 | agent, if appointed agent, will not comply with all | ||||||
32 | applicable provisions of this Act.
The financial | ||||||
33 | responsibility of a licensee for the actions of its
| ||||||
34 | authorized seller shall not exceed the amount of funds | ||||||
35 | received by the
authorized seller on behalf of its licensee | ||||||
36 | for transmission .
|
| |||||||
| |||||||
1 | (e) (Blank).
An authorized seller has an affirmative duty | ||||||
2 | not to (1) commit fraud or
misrepresentation and (2) submit | ||||||
3 | fraudulent statements to the licensee. A
licensee shall, as | ||||||
4 | soon as practical, report to the Director and to any other
| ||||||
5 | appropriate
official of this State or of the United States when | ||||||
6 | it has probable cause to
believe an authorized seller has | ||||||
7 | violated the affirmative duty set forth in
this subsection.
| ||||||
8 | (f) The licensee shall require the agent
authorized seller
| ||||||
9 | to hold in trust for
the licensee from the moment of receipt | ||||||
10 | the proceeds of any business transacted
under this Act in an | ||||||
11 | amount equal to the amount of proceeds due the
licensee less | ||||||
12 | the amount due the agent
authorized seller . The funds shall | ||||||
13 | remain
the property of the licensee whether or not commingled | ||||||
14 | by the agent
authorized seller
with its own funds. In the event | ||||||
15 | that the license is revoked by the Director,
all proceeds then | ||||||
16 | held in trust by agent
authorized sellers of that licensee | ||||||
17 | shall be
deemed to have been assigned to the Director. If an
| ||||||
18 | agent
authorized seller fails to remit funds to the licensee in | ||||||
19 | accordance with the
time
specified in its contract with the | ||||||
20 | licensee, the licensee may bring
a civil action against the | ||||||
21 | agent
authorized seller for 3 times the actual damages.
The | ||||||
22 | Director may provide by rule a maximum remittance time for | ||||||
23 | agents
authorized
sellers .
| ||||||
24 | (g) A licensee shall, upon discovery, immediately report to | ||||||
25 | the Director,
and an agent
authorized seller , shall upon | ||||||
26 | discovery, immediately report to its
licensee, the
theft or | ||||||
27 | loss of any payment instrument from the licensee or agent
| ||||||
28 | authorized seller
in Illinois, having a value in excess of $100 | ||||||
29 | or an aggregate value of $1,000
in any 3 month period.
| ||||||
30 | (h) Upon suspension or revocation of a license, the failure | ||||||
31 | of a licensee to
renew its license, or the denial of the | ||||||
32 | renewal of a license, the licensee
shall
notify its agents
| ||||||
33 | authorized sellers of the Director's action and require them
to | ||||||
34 | immediately cease operation as its authorized sellers.
| ||||||
35 | (i) A licensee shall report the
removal of an agent
| ||||||
36 | authorized seller location or the termination of operations of |
| |||||||
| |||||||
1 | an
agent
authorized seller location
to the Director on a | ||||||
2 | quarterly basis.
| ||||||
3 | (j) No agent
authorized seller shall act outside its scope | ||||||
4 | of authority as defined
by this Act and by its contract with | ||||||
5 | the licensee with regard to any
transaction regulated by this | ||||||
6 | Act.
| ||||||
7 | (k) The Director may issue an order revoking or suspending | ||||||
8 | any authorization issued pursuant to this Section, if, after a | ||||||
9 | hearing, the Director finds any of the following: | ||||||
10 | (1) The agent has violated any rule adopted by the | ||||||
11 | Director under this Act. | ||||||
12 | (2) Any fact or condition exists which would be grounds | ||||||
13 | for denying an application for authorizing an agent. | ||||||
14 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
15 | (205 ILCS 657/80)
| ||||||
16 | Sec. 80. Revocation or suspension of licenses.
| ||||||
17 | (a) The Director may suspend or revoke a license
if the | ||||||
18 | Director finds any of the following:
| ||||||
19 | (1) The licensee has knowingly made a material | ||||||
20 | misstatement or suppressed
or
withheld
information on an | ||||||
21 | application for a license or a document required to be
| ||||||
22 | filed with the Director.
| ||||||
23 | (2) A fact or condition exists that, if it had existed | ||||||
24 | or had been known
at the time the licensee applied for its | ||||||
25 | license, would have been grounds for
denying the | ||||||
26 | application.
| ||||||
27 | (3) The licensee is insolvent.
| ||||||
28 | (4) The licensee has knowingly violated a material | ||||||
29 | provision of this Act
or rules
adopted under this Act or an | ||||||
30 | order of the Director.
| ||||||
31 | (5) The licensee refuses to permit the Director to make | ||||||
32 | an examination
at reasonable times as authorized by this | ||||||
33 | Act.
| ||||||
34 | (6) The licensee knowingly fails to make a report | ||||||
35 | required by this Act.
|
| |||||||
| |||||||
1 | (7) The licensee fails to pay a judgment entered in | ||||||
2 | favor of a claimant,
plaintiff, or creditor in an action | ||||||
3 | arising out of the licensee's business
regulated under this | ||||||
4 | Act within 30 days after the judgment becomes final or
| ||||||
5 | within 30 days after expiration or termination of a stay of | ||||||
6 | execution.
| ||||||
7 | (8) The licensee has been convicted under the laws of | ||||||
8 | this State,
another state, or the United States of a felony | ||||||
9 | or of a crime involving a
breach of trust or dishonesty.
| ||||||
10 | (9) The licensee has failed to suspend or terminate its | ||||||
11 | agent's
authorized
seller's authority to act on its behalf | ||||||
12 | when the licensee knew
its agent
authorized seller was | ||||||
13 | violating or had violated
a material provision of this Act | ||||||
14 | or rules adopted under this Act
or
an order of the | ||||||
15 | Director.
| ||||||
16 | (b) In every case in which a license is suspended or | ||||||
17 | revoked or an
application
for a license or renewal of a license | ||||||
18 | is denied, the Director shall serve
notice
of his action, | ||||||
19 | including a statement of the reasons for his action, either
| ||||||
20 | personally or by certified mail, return receipt requested.
| ||||||
21 | Service by mail shall be deemed completed if the notice is | ||||||
22 | deposited in the
post office, postage paid, addressed to the | ||||||
23 | last known address specified in the
application for a license.
| ||||||
24 | (c) In the case of denial of an application for a license | ||||||
25 | or renewal of a
license, the applicant or licensee may request | ||||||
26 | in writing, within 30 days after
the date of service, a | ||||||
27 | hearing. In the case of a denial of an application for
renewal | ||||||
28 | of a license, the expiring license shall be deemed to continue | ||||||
29 | in force
until 30 days after the service of the notice of | ||||||
30 | denial or, if a hearing is
requested during that period, until | ||||||
31 | a final order is entered pursuant to a
hearing.
| ||||||
32 | (d) The order of suspension or revocation of a license | ||||||
33 | shall take effect
upon service of the order. The holder of any | ||||||
34 | suspended or revoked
license may request in writing, within 30 | ||||||
35 | days after the date of service, a
hearing. In
the event a | ||||||
36 | hearing is requested, the order shall remain temporary until a
|
| |||||||
| |||||||
1 | final order is entered pursuant to the hearing.
| ||||||
2 | (e) The hearing shall be held at the time and place | ||||||
3 | designated by
the Director in either the City of Springfield or | ||||||
4 | the City of Chicago. The
Director and any administrative law | ||||||
5 | judge designated by him shall have the
power to administer | ||||||
6 | oaths and affirmations, subpoena witnesses and compel their
| ||||||
7 | attendance, take evidence, authorize the taking of | ||||||
8 | depositions, and require the
production of books, papers, | ||||||
9 | correspondence, and other records or
information that he | ||||||
10 | considers relevant or material to the inquiry.
| ||||||
11 | (f) The Director may issue an order of suspension or | ||||||
12 | revocation of a license
that takes effect upon service of the | ||||||
13 | order and remains in
effect regardless of a request for a | ||||||
14 | hearing when the Director finds that
the public welfare will be | ||||||
15 | endangered if the licensee is permitted to continue
to operate | ||||||
16 | the business regulated by this Act.
| ||||||
17 | (g) The decision of the Director to deny any application | ||||||
18 | for a license or
renewal of a license or to suspend or revoke a | ||||||
19 | license is subject to
judicial review under the Administrative | ||||||
20 | Review Law.
| ||||||
21 | (h) The costs for administrative hearing shall be set by | ||||||
22 | rule.
| ||||||
23 | (i) Appeals from all final orders and judgments entered by | ||||||
24 | the circuit court
under this Section in review of a decision of | ||||||
25 | the Director may be taken as in
other civil actions by any | ||||||
26 | party to the proceeding.
| ||||||
27 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
28 | (205 ILCS 657/85)
| ||||||
29 | Sec. 85. Liability of licensees. A licensee is liable for | ||||||
30 | the payment
of all moneys covered by payment instruments that | ||||||
31 | it sells or issues in any
form in this State through its agents
| ||||||
32 | authorized sellers and all moneys it receives
itself or through | ||||||
33 | its agents
authorized sellers for transmission by any means | ||||||
34 | whether
or not
any instrument is a negotiable instrument under | ||||||
35 | the laws of this State.
|
| |||||||
| |||||||
1 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
2 | (205 ILCS 657/95)
| ||||||
3 | Sec. 95. Rules. The Director may adopt rules as needed to | ||||||
4 | license transmitters of money and authorize agents of | ||||||
5 | transmitters of money, and to implement,
interpret, and enforce | ||||||
6 | the provisions of this Act.
| ||||||
7 | (Source: P.A. 88-643, eff. 1-1-95.)
| ||||||
8 | Section 99. Effective date. This Act takes effect upon | ||||||
9 | becoming law.
|