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| Public Act 100-0640 | ||||
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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 Transmitters of Money Act is amended by | ||||
changing Section 30 as follows:
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(205 ILCS 657/30)
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Sec. 30. Surety bond.
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(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.
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(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
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$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.
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(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
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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.
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(d) (Blank).
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(e) (Blank).
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(f) After receiving a license, the licensee must maintain
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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.
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(g) If the Director at any time reasonably determines that | ||
the required bond
is insecure, deficient in amount, or
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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.
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(Source: P.A. 100-22, eff. 1-1-18.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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