102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5261

 

Introduced 1/31/2022, by Rep. Jaime M. Andrade, Jr.

 

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

    Amends the Currency Exchange Act. Provides that, for the sale of one or more money orders with an aggregate face value of $250 or more to any person in a single day, a licensee under the Act 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.


LRB102 23798 BMS 35416 b

 

 

A BILL FOR

 

HB5261LRB102 23798 BMS 35416 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
5changing Section 17 as follows:
 
6    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
7    Sec. 17. Books, accounts, and records.
8    (a) Every licensee shall keep and use in his business such
9books, accounts, and records as will enable the Secretary to
10determine whether such licensee is complying with the
11provisions of this Act and with the rules, regulations, and
12directions made by the Secretary hereunder.
13    (b) Each licensee shall record or cause to be recorded the
14following information with respect to each money order it
15sells or issues: (1) the amount; (2) the month and year of sale
16or issuance; and (3) the serial number.
17    (c) For the sale or issuance of one or more money orders
18with an 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
23licensee.

 

 

HB5261- 2 -LRB102 23798 BMS 35416 b

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