Public Act 100-0979
 
SB2721 EnrolledLRB100 17595 RJF 32765 b



    AN ACT concerning State government.

 
    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 25 as follows:
 



    (205 ILCS 657/25)



    Sec. 25. Application for license. 

    (a) An application for a license must
be
in writing, under 
oath, and in the form the Director prescribes.  The
application 
must contain or be accompanied by all of the following:


        (1) The name of the applicant and the address of the 
    principal place of
business of the applicant and the 
    address of all locations and proposed
locations of the 
    applicant in
this State.


        (2) The form of business organization of the applicant, 
    including:


            (A) a copy of its articles of incorporation and 
        amendments thereto and a
copy of its bylaws, certified 
        by its
secretary, if the applicant is a corporation;


            (B) a copy of its partnership agreement, certified 
        by a partner, if the
applicant is a partnership; or


            (C) a copy of the documents that control its 
        organizational structure,
certified by a managing 
        official, if the applicant is organized in some other

        form.


        (3) The name, business and home address, and a 
    chronological summary of
the business experience, material 
    litigation history, and felony convictions
over the 
    preceding 10 years of:


            (A) the proprietor, if the applicant is an 
        individual;


            (B) every partner, if the applicant is a 
        partnership;


            (C) each officer, director, and controlling 
        person, if the
applicant is a corporation; and


            (D) each person in a position to exercise control 
        over, or direction of,
the business of the applicant, 
        regardless of the form of organization of the

        applicant.


        (4) Financial statements, not more than one year old, 
    prepared in
accordance with generally accepted
accounting 
    principles and audited by a licensed public accountant or 
    certified
public accountant showing the financial 
    condition
of the applicant and an unaudited balance sheet 
    and statement of operation as
of the most recent quarterly 
    report before the date of the application,
certified by the 
    applicant or an officer or partner thereof.  If the

    applicant is a wholly owned subsidiary or is eligible to 
    file consolidated
federal income tax returns with its 
    parent, however, unaudited financial
statements for
the 
    preceding year along with the unaudited financial 
    statements for the most
recent quarter may be submitted if 
    accompanied by the audited financial
statements of the 
    parent company for the preceding year along with the

    unaudited financial statement for the most recent quarter.


        (5) Filings of the applicant with the Securities and 
    Exchange Commission
or
similar foreign governmental entity 
    (English translation), if any.


        (6) A list of all other states in which the applicant 
    is licensed as a
money
transmitter and whether the license 
    of the applicant for those purposes has
ever
been 
    withdrawn, refused, canceled, or suspended in any other 
    state, with full
details.


        (7) A list of all money transmitter locations and 
    proposed locations in
this State.


        (8) A sample of the contract for authorized sellers.


        (9) A sample form of the proposed payment instruments 
    to be used in this
State.


        (10) The name and business address of the clearing 
    banks through which the
applicant intends to conduct any 
    business regulated under this Act.


        (11) A surety bond as required by Section 30 of this

    Act.


        (12) The applicable fees as required by Section 45 of 
    this Act.


        (13) A written consent to service of process as 
    provided by Section 100 of
this Act.


        (14) A written statement that the applicant is in full 
    compliance with and
agrees to continue to fully comply with

    all state and federal statutes and regulations relating to 
    money laundering.


        (15) All additional information the Director considers 
    necessary in order
to determine whether or not to issue the 
    applicant a license under
this Act.

    (a-5)   The proprietor, partner, officer, director, and 
controlling person of the applicant shall submit their 
fingerprints to the Department of State Police in an electronic 
format that complies with the form and manner for requesting 
and furnishing criminal history record information as 
prescribed by the Department of State Police. These 
fingerprints shall be retained and checked against the 
Department of State Police and Federal Bureau of Investigation 
criminal history record databases now and hereafter filed, 
including latent fingerprint searches. The Department of State 
Police shall charge applicants a fee for conducting the 
criminal history records check, which shall be deposited into 
the State Police Services Fund and shall not exceed the actual 
cost of the records check. The Department of State Police shall 
furnish records of Illinois convictions to the Department 
pursuant to positive identification and shall forward the 
national criminal history record information to the 
Department. The Department may require applicants to pay a 
separate fingerprinting fee, either to the Department or to a 
Department-designated or Department-approved vendor. The 
Department, in its discretion, may allow a proprietor, partner, 
officer, director, or controlling person of an applicant who 
does not have reasonable access to a designated vendor to 
provide his or her fingerprints in an alternative manner. The 
Department, in its discretion, may also use other procedures in 
performing or obtaining criminal background checks of 
applicants. Instead of submitting his or her fingerprints, an 
individual may submit proof that is satisfactory to the 
Department that an equivalent security clearance has been 
conducted. The Department may adopt any rules necessary to 
implement this subsection. 
    (b) The Director may, for good cause shown, waive, in part, 
any
of the requirements of this Section.

(Source: P.A. 92-400, eff. 1-1-02.)

 

    Section 99. Effective date. This Act takes effect upon 
becoming law.