101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5444

 

Introduced , by Rep. Lamont J. Robinson, Jr.

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 405/17  from Ch. 17, par. 4833

    Amends the Currency Exchange Act. Provides that for the sale or issuance of one or more money orders with an aggregate face value of $250 or more to any person in a single day, a licensee shall verify the purchaser's name and address by examination of a government-issued identification, and shall record the name and address of the purchaser and the type and number of the identification examined by the licensee. Makes other changes.


LRB101 17936 BMS 67372 b

 

 

A BILL FOR

 

HB5444LRB101 17936 BMS 67372 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Currency Exchange Act is amended by changing
5Section 17 as follows:
 
6    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
7    Sec. 17. Required records; preservation of records. Every
8licensee shall keep and use in his business such books,
9accounts, and records as will enable the Secretary to determine
10whether such licensee is complying with the provisions of this
11Act and with the rules, regulations, and directions made by the
12Secretary hereunder.
13    Each licensee shall record or cause to be recorded the
14following information with respect to each money order it sells
15or issues: (1) the amount; (2) the month and year of sale or
16issuance; and (3) the serial number.
17    For the sale or issuance of one or more money orders with
18an aggregate face value of $250 or more to any person in a
19single day, the licensee shall verify the purchaser's name and
20address by examination of a government-issued identification,
21and shall record the name and address of the purchaser and the
22type and number of the identification examined by the licensee.
23    Each licensee shall preserve the record required by this

 

 

HB5444- 2 -LRB101 17936 BMS 67372 b

1subsection for at least 7 years or until the money order to
2which it pertains is returned to the licensee. Each money order
3returned to the licensee shall be preserved for not less than 3
4years from the month and year of sale or issuance by the
5licensee. The licensee shall keep the record, or an authentic
6microfilm copy thereof, required to be preserved by this
7subsection within this state at its principal office or other
8place readily accessible to the Secretary and his
9representatives. If a licensee sells or transfers his business
10at a location or an address, his obligations under this
11paragraph devolve upon the successor licensee and subsequent
12successor licensees, if any, at such location or address. If a
13licensee ceases to do business in this state, he shall deposit
14the records and money orders he is required to preserve, with
15the Secretary.
16(Source: P.A. 99-445, eff. 1-1-16.)