Illinois General Assembly - Bill Status for SB0024

Amends the Transmitters of Money Act. Includes stored value cards within the scope of the Act. Requires license applicants to submit fingerprints. Increases application and other fees. Increases penalties. Provides that a person who is unlicensed and who engages in conduct for which a license is required shall be liable to a consumer in an amount equal to 4 times the amount accepted for transmission. Requires licensees to submit additional information regarding proposed authorized sellers to the Department of Financial Institutions before the proposed authorized seller may act on behalf of the licensee. Requires licensees to file with the Department Cash Transaction Reports and Suspicious Activity Reports that are required to be filed with the federal government. Creates the TOMA Consumer Protection Fund as a special Fund in the State treasury. Provides for an assessment of $0.01 per money transmission to be paid into the Fund. Provides for moneys in the Fund to be used to reimburse consumers who suffer losses arising out of regulated transactions. Amends the State Finance Act to add the TOMA Consumer Protection Fund to the list of special funds. Effective July 1, 2003.

Replaces everything after the enacting clause. Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.

Replaces everything after the enacting clause. Amends the Transmitters of Money Act. Includes stored value cards within the scope of the Act. Provides that a person who is unlicensed and who engages in conduct for which a license is required shall be liable to the Department of Financial Institutions in an amount equal to the greater of $5,000 or 3 times the amount accepted for transmission. Requires an authorized seller to display a disclosure notice supplied by a licensee. Creates the TOMA Consumer Protection Fund as a special fund in the State treasury. Provides for moneys in the Fund to be used to reimburse consumers who suffer losses arising out of regulated transactions. Amends the State Finance Act to add the TOMA Consumer Protection Fund to the list of special funds.

Further amends the Transmitters of Money Act. Excludes from the definition of "stored value card" transactions relating to returned merchandise. Makes changes concerning the information that must be contained in a disclosure notice. Provides that a stored value card does not need to bear the name of the licensee or a unique and consecutive number. Provides that an authorized seller does not need to record the face amount and serial number of a stored value card. Makes changes concerning the information that must be provided on or with the receipt that is issued to each person who delivers or deposits money with a licensee or authorized seller.

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