Illinois General Assembly - Full Text of Public Act 100-0640
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Public Act 100-0640


 

Public Act 0640 100TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 100-0640
 
HB4805 EnrolledLRB100 16045 SMS 31164 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Transmitters of Money Act is amended by
changing Section 30 as follows:
 
    (205 ILCS 657/30)
    Sec. 30. Surety bond.
    (a) An applicant for a license shall post and a licensee
must maintain with the Director a bond or bonds issued by
corporations qualified to do business as surety companies in
this State.
    (b) The applicant or licensee shall post a bond in the
amount of $50,000 or an amount equal to 1% of all
Illinois-based activity, whichever is greater, the greater of
$100,000 or an amount equal to the daily average of outstanding
payment instruments for the preceding 12 months or operational
history, whichever is shorter, up to a maximum amount of
$2,000,000. When the amount of the required bond exceeds
$1,000,000, the applicant or licensee may, in the alternative,
post a bond in the amount of $1,000,000 plus a dollar for
dollar increase in the net worth of the applicant or licensee
over and above the amount required in Section 20, up to a total
amount of $2,000,000.
    (c) The bond must be in a form satisfactory to the Director
and shall run to the State of Illinois for the benefit of any
claimant against the applicant or licensee with respect to the
receipt, handling, transmission, and payment of money by the
licensee or authorized seller in connection with the licensed
operations. A claimant damaged by a breach of the conditions of
a bond shall have a right to action upon the bond for damages
suffered thereby and may bring suit directly on the bond, or
the Director may bring suit on behalf of the claimant.
    (d) (Blank).
    (e) (Blank).
    (f) After receiving a license, the licensee must maintain
the required bond plus net worth (if applicable) until 5 years
after it ceases to do business in this State unless all
outstanding payment instruments are eliminated or the
provisions under the Revised Uniform Unclaimed Property Act
have become operative and are adhered to by the licensee.
Notwithstanding this provision, however, the amount required
to be maintained may be reduced to the extent that the amount
of the licensee's payment instruments outstanding in this State
are reduced.
    (g) If the Director at any time reasonably determines that
the required bond is insecure, deficient in amount, or
exhausted in whole or in part, he may in writing require the
filing of a new or supplemental bond in order to secure
compliance with this Act and may demand compliance with the
requirement within 30 days following service on the licensee.
(Source: P.A. 100-22, eff. 1-1-18.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/27/2018