92nd General Assembly
Summary of SB0888
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Senate Sponsors:
WALSH,T.

House Sponsors:
HASSERT

Short description: 
DFI RECEIVERSHIPS                                                          

Synopsis of Bill as introduced:
        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.                                                               
 
Last action on Bill: PUBLIC ACT.............................. 92-0400

   Last action date: AUG-16-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 



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