WALSH,T. (HASSERT) 205 ILCS 657/5 205 ILCS 657/20 205 ILCS 657/25 205 ILCS 657/30 205 ILCS 657/40 205 ILCS 657/45 205 ILCS 657/92 new 205 ILCS 665/2 from Ch. 17, par. 5302 205 ILCS 665/4 from Ch. 17, par. 5304 205 ILCS 665/6 from Ch. 17, par. 5306 205 ILCS 665/20.5 new Amends the Transmitters of Money Act and the Debt Management Service Act. Specifies that bill payment services are included within the scope of the Transmitters of Money Act. Excludes the transmission of money by courier from the scope of that Act. Removes a provision authorizing licensees to deposit securities instead of a surety bond. Provides that applications and payments must be received by the Department of Financial Institutions by the appropriate deadline rather than just be submitted by the deadline. Provides authority to the Director of Financial Institutions to institute receivership proceedings when a licensee is insolvent or is violating the Act. Sets forth claims priorities and the manner of distributing assets of liquidated businesses. Establishes fees for the receivership. Amends the Debt Management Service Act. Excludes bill payment services from the scope of the Act. Removes a provision authorizing a licensee to deposit cash or securities instead of a bond. Provides that the bond is for liability arising out of licensed operations. Provides authority to the Director of Financial Institutions to institute receivership proceedings when a licensee is insolvent or is violating the Act. Sets forth claims priorities and the manner of distributing assets of liquidated businesses. Establishes fees for the receivership. SENATE AMENDMENT NO. 1. Deletes provisions authorizing the exchange of bonds posted by a transmitter of money. Provides that a licensee under the Transmitters of Money Act or the Debt Management Service Act may not terminate its business until it posts a deposit with the Director of Financial Institutions. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE FIN INST MAR-08-2001 S AMENDMENT NO. 01-FINANC. INST. S MAR-08-2001 S ADOPTED MAR-08-2001 S DO PASS AS AMENDED 009-000-000 SFIC MAR-08-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-03-20 MAR-20-2001 S SECOND READING MAR-20-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-03-21 MAR-29-2001 S THIRD READING - PASSED 056-000-000 MAR-29-2001 H ARRIVE IN HOUSE MAR-29-2001 H PLACED CALENDAR ORDER OF FIRST READING MAR-29-2001 H HOUSE SPONSOR TENHOUSE MAR-30-2001 H FIRST READING MAR-30-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES APR-03-2001 H ASSIGNED TO COMMITTEE FIN INSTIT APR-17-2001 H ALTERNATE PRIMARY SPONSOR CHANGED TO HASSERT APR-25-2001 H DO PASS/SHORT DEBATE 015-000-000 HFIN APR-25-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAY-16-2001 H SECOND READING-SHORT DEBATE MAY-16-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-18-2001 H 3RD RDG. DEADLINE EXTENDED-RULE 9(B)- MAY 25, 2001 MAY-18-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE MAY-23-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAY-25-2001 H THIRD READING/SHORT DEBATE/PASSED 105-012-000 MAY-25-2001 S PASSED BOTH HOUSES JUN-22-2001 S SENT TO THE GOVERNOR AUG-16-2001 S GOVERNOR APPROVED AUG-16-2001 S EFFECTIVE DATE 02-01-01 AUG-16-2001 S PUBLIC ACT.............................. 92-0400 END OF INQUIRY Full Text Bill Summary