Full Text of SB1629 94th General Assembly
SB1629 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB1629
Introduced 2/23/2005, by Sen. Dave Sullivan SYNOPSIS AS INTRODUCED: |
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205 ILCS 405/6 |
from Ch. 17, par. 4813 |
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Amends the Currency Exchange Act. Provides that a community currency exchange licensed under the Currency Exchange Act may meet the bonding requirements of the Act by submitting evidence satisfactory to the Secretary of Financial and Professional Regulation that the licensee is covered by a blanket bond that covers multiple licensees. Requires the blanket bond to: (i) insure the licensee against loss by theft, robbery, or forgery; (ii) be issued by a bonding company authorized to do business in this State; and (iii) be in the principal sum of an amount equal to the maximum amount required for any one licensee covered by the bond.
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A BILL FOR
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SB1629 |
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LRB094 10660 MKM 41020 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Currency Exchange Act is amended by changing | 5 |
| Section 6 as follows:
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| (205 ILCS 405/6) (from Ch. 17, par. 4813)
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| Sec. 6. Insurance against loss. | 8 |
| (a) Every applicant for a license hereunder
shall, after | 9 |
| his
application for a license has been approved, file with and | 10 |
| have approved
by the Secretary of Financial and Professional | 11 |
| Regulation
Director , a policy or policies of insurance issued | 12 |
| by an
insurance company or indemnity company authorized to do | 13 |
| business under
the law of this State, which shall insure the | 14 |
| applicant against loss by
theft, burglary, robbery or forgery | 15 |
| in a principal sum as hereinafter
provided; if the average | 16 |
| amount of cash and liquid funds to be kept on
hand in the | 17 |
| office of the community currency exchange during the year
will | 18 |
| not be in excess of $10,000 the policy or policies shall be in | 19 |
| the
principal sum of $10,000. If such average amount will be in | 20 |
| excess of
$10,000, the policy or policies shall be for an | 21 |
| additional principal sum
of $500 for each $1,000 or fraction | 22 |
| thereof of such excess over the
original $10,000. From time to
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| time, the Secretary
Director may determine the amount of cash | 24 |
| and liquid funds on
hand in the office of any community | 25 |
| currency exchange and shall require
the licensee to submit | 26 |
| additional policies if the same are determined to
be necessary | 27 |
| in accordance with the requirements of this Section. | 28 |
| However, any community currency exchange licensed under | 29 |
| this Act may meet the bonding requirements of this subsection | 30 |
| (a) by submitting evidence satisfactory to the Secretary that | 31 |
| the licensee is covered by a blanket bond that covers multiple | 32 |
| licensees. The blanket bond: (i) shall insure the licensee |
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SB1629 |
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LRB094 10660 MKM 41020 b |
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| against loss by theft, robbery, or forgery; (ii) shall be | 2 |
| issued by a bonding company authorized to do business in this | 3 |
| State; and (iii) shall be in the principal sum of an amount | 4 |
| equal to the maximum amount required under this Section for any | 5 |
| one licensee covered by the bond.
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| Any such policy or policies, with respect to forgery, may | 7 |
| carry a
condition that the community currency exchange assumes | 8 |
| the first $1,000 of
each claim thereunder.
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| (b) Before an ambulatory currency exchange shall sell or
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| issue money orders,
it shall file with and
have approved by the | 11 |
| Secretary
Director , a policy or policies of
insurance issued by | 12 |
| an insurance company or indemnity company
authorized to do | 13 |
| business under the laws of this State, which
shall insure such | 14 |
| ambulatory currency exchange against loss
by theft, burglary, | 15 |
| robbery, forgery or embezzlement in the
principal sum of not | 16 |
| less than $500,000. If the average amount
of cash and liquid | 17 |
| funds to be kept on hand during the year
will exceed $500,000, | 18 |
| the policy or policies shall be for an
additional principal sum | 19 |
| of $500 for each $1,000 or fraction
thereof in excess of | 20 |
| $500,000. From time to time the Secretary
Director may | 21 |
| determine
the amount of cash and liquid funds kept on hand by | 22 |
| an ambulatory
currency exchange and shall require it to submit | 23 |
| such additional
policies as are determined to be required | 24 |
| within the limits of
this Section. No ambulatory currency | 25 |
| exchange subject to
this Section shall be required to furnish | 26 |
| more than one policy
of insurance if the policy furnished | 27 |
| insures it against the
foregoing losses at all locations served | 28 |
| by it.
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| Any such policy may contain a condition that the insured
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| assumes a portion of the loss, provided the insured shall file
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| with such policy a sworn financial statement indicating its
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| ability to act as self-insurer in the amount of such deductible
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| portion of the policy without prejudice to the safety of any
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| funds belonging to its customers. If the Secretary
Director is | 35 |
| not
satisfied as to the financial ability of the ambulatory | 36 |
| currency
exchange, he may require it to deposit cash or United |
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SB1629 |
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LRB094 10660 MKM 41020 b |
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| States Government
Bonds in the amount of part or
all of the | 2 |
| deductible portion of the policy.
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| (Source: P.A. 92-271, eff. 8-7-01.)
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