093_HB1611

                                     LRB093 04229 JLS 04274 b

 1        AN ACT relating to currency exchanges.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The  Currency  Exchange  Act  is  amended  by
 5    adding Section 8.5 as follows:

 6        (205 ILCS 405/8.5 new)
 7        Sec.  8.5.  Replacement of lost money orders. A community
 8    currency exchange or ambulatory currency exchange shall issue
 9    a replacement money order for a  non-negotiated  money  order
10    that  has  been lost, destroyed, or defaced within 3 business
11    days after being furnished with:
12             (1)  proof of  identification  of  the  claimant  (a
13        government  issued  identification  card shall constitute
14        sufficient proof of identification);
15             (2)  proof of ownership (a  receipt  issued  by  the
16        currency  exchange or an entry in the currency exchange's
17        records  along  with  proof   of   identification   shall
18        constitute sufficient proof of ownership);
19             (3)  proof of loss or destruction or, in the case of
20        a defaced money order, the money order;
21             (4)  adequate  security  to  indemnify  the  issuing
22        currency  exchange  against  any  loss  it  may suffer on
23        account of the replacement; and
24             (5)  payment of  the  cost  of  preparation  of  the
25        replacement money order.

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