Full Text of HB5141 100th General Assembly
HB5141eng 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 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 changing | 5 | | Section 15.2 as follows:
| 6 | | (205 ILCS 405/15.2) (from Ch. 17, par. 4831)
| 7 | | Sec. 15.2.
No community currency exchange shall determine | 8 | | its affairs and
close up its business unless it shall first | 9 | | deposit with the Secretary an
amount of money equal to the | 10 | | whole of its debts, liabilities and lawful
demands against it | 11 | | including the costs and expenses of this proceeding, and
shall | 12 | | surrender to the Secretary its community currency exchange | 13 | | license,
and shall file with the Secretary a statement of | 14 | | termination signed by the
licensee of such community currency | 15 | | exchange, containing a pronouncement of
intent to close up its | 16 | | business and liquidate its liabilities, and also
containing a | 17 | | sworn list itemizing in full all such debts, liabilities and
| 18 | | lawful demands against it. Corporate licensees shall attach to, | 19 | | and make a
part of such statement of termination, a copy of a | 20 | | resolution providing for
the determination and closing up of | 21 | | the licensee's affairs, certified by
the secretary of such | 22 | | licensee and duly adopted at a shareholders' meeting
by the | 23 | | holders of at least two-thirds of the outstanding shares |
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| 1 | | entitled to
vote at such meeting. Upon the filing with the | 2 | | Secretary of a statement of
termination the Secretary shall | 3 | | cause notice thereof to be published once
each week for three | 4 | | consecutive weeks in a public newspaper of general
circulation | 5 | | published in the city or village where such community currency
| 6 | | exchange is located, and if no newspaper shall be there | 7 | | published, then in
a public newspaper of general circulation | 8 | | nearest to said city or village;
and such publication shall | 9 | | give notice that the debts, liabilities and
lawful demands | 10 | | against such community currency exchange will be redeemed by
| 11 | | the Secretary on demand in writing made by the owner thereof, | 12 | | at any time
within one year three years from the date of first | 13 | | publication. After the expiration
of such one-year three year | 14 | | period, the Secretary shall return to the person or
persons | 15 | | designated in the statement of termination to receive such
| 16 | | repayment and in the proportion therein specified, any balance | 17 | | of money
then remaining in his possession, if any there be, | 18 | | after first deducting
therefrom all unpaid costs and expenses | 19 | | incurred in connection with this
proceeding. The Secretary | 20 | | shall receive for his services, exclusive of costs
and | 21 | | expenses, two per cent of any amount up to $5,000.00, and one | 22 | | per cent
of any amount in excess of $5,000.00, deposited with | 23 | | him hereunder by any
one community currency exchange. Nothing | 24 | | contained herein shall affect or
impair the liability of any | 25 | | bonding or insurance company on any bond or
insurance policy | 26 | | issued under this Act relating to such community currency
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| 1 | | exchange.
| 2 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
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