HB5261 102ND GENERAL ASSEMBLY

LRB102 23798 BMS 35416 b

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.

A BILL FOR

AN ACT concerning regulation.

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

Section 5. The Currency Exchange Act is amended by changing Section 17 as follows:

(205 ILCS 405/17) (from Ch. 17, par. 4833)

Sec. 17. Books, accounts, and records.

(a) Every licensee shall keep and use in his business such books, accounts, and records as will enable the Secretary to determine whether such licensee is complying with the provisions of this Act and with the rules, regulations, and directions made by the Secretary hereunder.

(b) Each licensee shall record or cause to be recorded the following information with respect to each money order it sells or issues: (1) the amount; (2) the month and year of sale or issuance; and (3) the serial number.

(c) 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, the 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.

(d) Each licensee shall preserve the record required by this Section subsection for at least 7 years or until the money order to which it pertains is returned to the licensee. Each money order returned to the licensee shall be preserved for not less than 3 years from the month and year of sale or issuance by the licensee. The licensee shall keep the record, or an authentic microfilm copy thereof, required to be preserved by this subsection within this state at its principal office or other place readily accessible to the Secretary and his representatives. If a licensee sells or transfers his business at a location or an address, his obligations under this paragraph devolve upon the successor licensee and subsequent successor licensees, if any, at such location or address. If a licensee ceases to do business in this state, he shall deposit the records and money orders he is required to preserve, with the Secretary.

(Source: P.A. 99-445, eff. 1-1-16.)