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Public Act 094-0538
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| SB1629 Enrolled |
LRB094 10660 MKM 41020 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Currency Exchange Act is amended by changing |
Section 6 as follows:
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(205 ILCS 405/6) (from Ch. 17, par. 4813)
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Sec. 6. Insurance against loss. |
(a) Every applicant for a license hereunder
shall, after |
his
application for a license has been approved, file with and |
have approved
by the Secretary of Financial and Professional |
Regulation
Director, a policy or policies of insurance issued |
by an
insurance company or indemnity company authorized to do |
business under
the law of this State, which shall insure the |
applicant against loss by
theft, burglary, robbery or forgery |
in a principal sum as hereinafter
provided; if the average |
amount of cash and liquid funds to be kept on
hand in the |
office of the community currency exchange during the year
will |
not be in excess of $10,000 the policy or policies shall be in |
the
principal sum of $10,000. If such average amount will be in |
excess of
$10,000, the policy or policies shall be for an |
additional principal sum
of $500 for each $1,000 or fraction |
thereof of such excess over the
original $10,000. From time to
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time, the Secretary
Director may determine the amount of cash |
and liquid funds on
hand in the office of any community |
currency exchange and shall require
the licensee to submit |
additional policies if the same are determined to
be necessary |
in accordance with the requirements of this Section. |
However, any community currency exchange licensed under |
this Act may meet the bonding requirements of this subsection |
(a) by submitting evidence satisfactory to the Secretary that |
the licensee is covered by a blanket bond that covers multiple |
licensees. The blanket bond: (i) shall insure the licensee |
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against loss by theft, robbery, or forgery; (ii) shall be |
issued by a bonding company authorized to do business in this |
State; and (iii) shall be in the principal sum of an amount |
equal to the maximum amount required under this Section for any |
one licensee covered by the bond.
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Any such policy or policies, with respect to forgery, may |
carry a
condition that the community currency exchange assumes |
the first $1,000 of
each claim thereunder.
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(b) Before an ambulatory currency exchange shall sell or
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issue money orders,
it shall file with and
have approved by the |
Secretary
Director, a policy or policies of
insurance issued by |
an insurance company or indemnity company
authorized to do |
business under the laws of this State, which
shall insure such |
ambulatory currency exchange against loss
by theft, burglary, |
robbery, forgery or embezzlement in the
principal sum of not |
less than $500,000. If the average amount
of cash and liquid |
funds to be kept on hand during the year
will exceed $500,000, |
the policy or policies shall be for an
additional principal sum |
of $500 for each $1,000 or fraction
thereof in excess of |
$500,000. From time to time the Secretary
Director may |
determine
the amount of cash and liquid funds kept on hand by |
an ambulatory
currency exchange and shall require it to submit |
such additional
policies as are determined to be required |
within the limits of
this Section. No ambulatory currency |
exchange subject to
this Section shall be required to furnish |
more than one policy
of insurance if the policy furnished |
insures it against the
foregoing losses at all locations served |
by it.
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Any such policy may contain a condition that the insured
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assumes a portion of the loss, provided the insured shall file
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with such policy a sworn financial statement indicating its
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ability to act as self-insurer in the amount of such deductible
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portion of the policy without prejudice to the safety of any
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funds belonging to its customers. If the Secretary
Director is |
not
satisfied as to the financial ability of the ambulatory |
currency
exchange, he may require it to deposit cash or United |