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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Transmitters of Money Act is amended by | ||||||
| 5 | changing Section 30 as follows:
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| 6 | (205 ILCS 657/30)
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| 7 | Sec. 30. Surety bond.
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| 8 | (a) An applicant for a license shall post and a
licensee | ||||||
| 9 | must maintain with the Director a bond or bonds issued by | ||||||
| 10 | corporations
qualified to do business as surety companies in | ||||||
| 11 | this State.
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| 12 | (b) The applicant or licensee shall post a bond in the | ||||||
| 13 | amount of $50,000 or an amount equal to 1% of all | ||||||
| 14 | Illinois-based activity, whichever is greater, the greater
of | ||||||
| 15 | $100,000
or an amount equal to the daily average of outstanding | ||||||
| 16 | payment instruments
for the preceding 12 months or operational | ||||||
| 17 | history, whichever is shorter, up to
a maximum amount of | ||||||
| 18 | $2,000,000. When the amount of the required bond exceeds
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| 19 | $1,000,000, the applicant or licensee may, in the alternative, | ||||||
| 20 | post a bond in
the amount of $1,000,000 plus a dollar for | ||||||
| 21 | dollar increase in the net worth of
the applicant or licensee | ||||||
| 22 | over and above the amount required in Section 20, up
to a total | ||||||
| 23 | amount of $2,000,000.
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| 1 | (c) The bond must be in a form satisfactory to the Director | ||||||
| 2 | and shall run
to the State of Illinois for the benefit of any | ||||||
| 3 | claimant against the applicant
or licensee with respect to the | ||||||
| 4 | receipt, handling, transmission, and payment
of money by the | ||||||
| 5 | licensee or authorized seller in connection with the licensed
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| 6 | operations. A claimant damaged by a breach of the conditions of | ||||||
| 7 | a
bond
shall have a right to action upon the bond for damages | ||||||
| 8 | suffered thereby and
may bring suit directly on the bond, or | ||||||
| 9 | the Director may bring suit on
behalf of the claimant.
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| 10 | (d) (Blank).
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| 11 | (e) (Blank).
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| 12 | (f) After receiving a license, the licensee must maintain
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| 13 | the required bond plus net worth (if applicable) until
5 years | ||||||
| 14 | after it ceases to do business in this State unless all | ||||||
| 15 | outstanding
payment instruments are eliminated or the | ||||||
| 16 | provisions under the Revised Uniform
Unclaimed Property Act | ||||||
| 17 | have become operative and are adhered to by the
licensee. | ||||||
| 18 | Notwithstanding this provision, however, the amount required | ||||||
| 19 | to be
maintained may be reduced to the extent that the amount | ||||||
| 20 | of the licensee's
payment instruments outstanding in this State | ||||||
| 21 | are reduced.
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| 22 | (g) If the Director at any time reasonably determines that | ||||||
| 23 | the required bond
is insecure, deficient in amount, or
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| 24 | exhausted in
whole or in part, he may in writing require the | ||||||
| 25 | filing of a new or supplemental
bond in order to secure | ||||||
| 26 | compliance with this Act and may
demand compliance with the | ||||||
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| 1 | requirement within 30 days following
service on the licensee.
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| 2 | (Source: P.A. 100-22, eff. 1-1-18.)
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| 3 | Section 99. Effective date. This Act takes effect upon | ||||||
| 4 | becoming law.
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