Full Text of SB2721 100th General Assembly
SB2721enr 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning State government.
| 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 Section 25 as follows:
| 6 | | (205 ILCS 657/25)
| 7 | | Sec. 25. Application for license.
| 8 | | (a) An application for a license must
be
in writing, under | 9 | | oath, and in the form the Director prescribes. The
application | 10 | | must contain or be accompanied by all of the following:
| 11 | | (1) The name of the applicant and the address of the | 12 | | principal place of
business of the applicant and the | 13 | | address of all locations and proposed
locations of the | 14 | | applicant in
this State.
| 15 | | (2) The form of business organization of the applicant, | 16 | | including:
| 17 | | (A) a copy of its articles of incorporation and | 18 | | amendments thereto and a
copy of its bylaws, certified | 19 | | by its
secretary, if the applicant is a corporation;
| 20 | | (B) a copy of its partnership agreement, certified | 21 | | by a partner, if the
applicant is a partnership; or
| 22 | | (C) a copy of the documents that control its | 23 | | organizational structure,
certified by a managing |
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| 1 | | official, if the applicant is organized in some other
| 2 | | form.
| 3 | | (3) The name, business and home address, and a | 4 | | chronological summary of
the business experience, material | 5 | | litigation history, and felony convictions
over the | 6 | | preceding 10 years of:
| 7 | | (A) the proprietor, if the applicant is an | 8 | | individual;
| 9 | | (B) every partner, if the applicant is a | 10 | | partnership;
| 11 | | (C) each officer, director, and controlling | 12 | | person, if the
applicant is a corporation; and
| 13 | | (D) each person in a position to exercise control | 14 | | over, or direction of,
the business of the applicant, | 15 | | regardless of the form of organization of the
| 16 | | applicant.
| 17 | | (4) Financial statements, not more than one year old, | 18 | | prepared in
accordance with generally accepted
accounting | 19 | | principles and audited by a licensed public accountant or | 20 | | certified
public accountant showing the financial | 21 | | condition
of the applicant and an unaudited balance sheet | 22 | | and statement of operation as
of the most recent quarterly | 23 | | report before the date of the application,
certified by the | 24 | | applicant or an officer or partner thereof. If the
| 25 | | applicant is a wholly owned subsidiary or is eligible to | 26 | | file consolidated
federal income tax returns with its |
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| 1 | | parent, however, unaudited financial
statements for
the | 2 | | preceding year along with the unaudited financial | 3 | | statements for the most
recent quarter may be submitted if | 4 | | accompanied by the audited financial
statements of the | 5 | | parent company for the preceding year along with the
| 6 | | unaudited financial statement for the most recent quarter.
| 7 | | (5) Filings of the applicant with the Securities and | 8 | | Exchange Commission
or
similar foreign governmental entity | 9 | | (English translation), if any.
| 10 | | (6) A list of all other states in which the applicant | 11 | | is licensed as a
money
transmitter and whether the license | 12 | | of the applicant for those purposes has
ever
been | 13 | | withdrawn, refused, canceled, or suspended in any other | 14 | | state, with full
details.
| 15 | | (7) A list of all money transmitter locations and | 16 | | proposed locations in
this State.
| 17 | | (8) A sample of the contract for authorized sellers.
| 18 | | (9) A sample form of the proposed payment instruments | 19 | | to be used in this
State.
| 20 | | (10) The name and business address of the clearing | 21 | | banks through which the
applicant intends to conduct any | 22 | | business regulated under this Act.
| 23 | | (11) A surety bond as required by Section 30 of this
| 24 | | Act.
| 25 | | (12) The applicable fees as required by Section 45 of | 26 | | this Act.
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| 1 | | (13) A written consent to service of process as | 2 | | provided by Section 100 of
this Act.
| 3 | | (14) A written statement that the applicant is in full | 4 | | compliance with and
agrees to continue to fully comply with
| 5 | | all state and federal statutes and regulations relating to | 6 | | money laundering.
| 7 | | (15) All additional information the Director considers | 8 | | necessary in order
to determine whether or not to issue the | 9 | | applicant a license under
this Act.
| 10 | | (a-5) The proprietor, partner, officer, director, and | 11 | | controlling person of the applicant shall submit their | 12 | | fingerprints to the Department of State Police in an electronic | 13 | | format that complies with the form and manner for requesting | 14 | | and furnishing criminal history record information as | 15 | | prescribed by the Department of State Police. These | 16 | | fingerprints shall be retained and checked against the | 17 | | Department of State Police and Federal Bureau of Investigation | 18 | | criminal history record databases now and hereafter filed, | 19 | | including latent fingerprint searches. The Department of State | 20 | | Police shall charge applicants a fee for conducting the | 21 | | criminal history records check, which shall be deposited into | 22 | | the State Police Services Fund and shall not exceed the actual | 23 | | cost of the records check. The Department of State Police shall | 24 | | furnish records of Illinois convictions to the Department | 25 | | pursuant to positive identification and shall forward the | 26 | | national criminal history record information to the |
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| 1 | | Department. The Department may require applicants to pay a | 2 | | separate fingerprinting fee, either to the Department or to a | 3 | | Department-designated or Department-approved vendor. The | 4 | | Department, in its discretion, may allow a proprietor, partner, | 5 | | officer, director, or controlling person of an applicant who | 6 | | does not have reasonable access to a designated vendor to | 7 | | provide his or her fingerprints in an alternative manner. The | 8 | | Department, in its discretion, may also use other procedures in | 9 | | performing or obtaining criminal background checks of | 10 | | applicants. Instead of submitting his or her fingerprints, an | 11 | | individual may submit proof that is satisfactory to the | 12 | | Department that an equivalent security clearance has been | 13 | | conducted. The Department may adopt any rules necessary to | 14 | | implement this subsection. | 15 | | (b) The Director may, for good cause shown, waive, in part, | 16 | | any
of the requirements of this Section.
| 17 | | (Source: P.A. 92-400, eff. 1-1-02.)
| 18 | | Section 99. Effective date. This Act takes effect upon | 19 | | becoming law.
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