Illinois General Assembly - Full Text of SB2721
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Full Text of SB2721  100th General Assembly


Sen. Pamela J. Althoff

Filed: 4/13/2018





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2    AMENDMENT NO. ______. Amend Senate Bill 2721 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Transmitters of Money Act is amended by
5changing Section 25 as follows:
6    (205 ILCS 657/25)
7    Sec. 25. Application for license.
8    (a) An application for a license must be in writing, under
9oath, and in the form the Director prescribes. The application
10must contain or be accompanied by all of the following:
11        (1) The name of the applicant and the address of the
12    principal place of business of the applicant and the
13    address of all locations and proposed locations of the
14    applicant in this State.
15        (2) The form of business organization of the applicant,
16    including:



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1            (A) a copy of its articles of incorporation and
2        amendments thereto and a copy of its bylaws, certified
3        by its secretary, if the applicant is a corporation;
4            (B) a copy of its partnership agreement, certified
5        by a partner, if the applicant is a partnership; or
6            (C) a copy of the documents that control its
7        organizational structure, certified by a managing
8        official, if the applicant is organized in some other
9        form.
10        (3) The name, business and home address, and a
11    chronological summary of the business experience, material
12    litigation history, and felony convictions over the
13    preceding 10 years of:
14            (A) the proprietor, if the applicant is an
15        individual;
16            (B) every partner, if the applicant is a
17        partnership;
18            (C) each officer, director, and controlling
19        person, if the applicant is a corporation; and
20            (D) each person in a position to exercise control
21        over, or direction of, the business of the applicant,
22        regardless of the form of organization of the
23        applicant.
24        (4) Financial statements, not more than one year old,
25    prepared in accordance with generally accepted accounting
26    principles and audited by a licensed public accountant or



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1    certified public accountant showing the financial
2    condition of the applicant and an unaudited balance sheet
3    and statement of operation as of the most recent quarterly
4    report before the date of the application, certified by the
5    applicant or an officer or partner thereof. If the
6    applicant is a wholly owned subsidiary or is eligible to
7    file consolidated federal income tax returns with its
8    parent, however, unaudited financial statements for the
9    preceding year along with the unaudited financial
10    statements for the most recent quarter may be submitted if
11    accompanied by the audited financial statements of the
12    parent company for the preceding year along with the
13    unaudited financial statement for the most recent quarter.
14        (5) Filings of the applicant with the Securities and
15    Exchange Commission or similar foreign governmental entity
16    (English translation), if any.
17        (6) A list of all other states in which the applicant
18    is licensed as a money transmitter and whether the license
19    of the applicant for those purposes has ever been
20    withdrawn, refused, canceled, or suspended in any other
21    state, with full details.
22        (7) A list of all money transmitter locations and
23    proposed locations in this State.
24        (8) A sample of the contract for authorized sellers.
25        (9) A sample form of the proposed payment instruments
26    to be used in this State.



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1        (10) The name and business address of the clearing
2    banks through which the applicant intends to conduct any
3    business regulated under this Act.
4        (11) A surety bond as required by Section 30 of this
5    Act.
6        (12) The applicable fees as required by Section 45 of
7    this Act.
8        (13) A written consent to service of process as
9    provided by Section 100 of this Act.
10        (14) A written statement that the applicant is in full
11    compliance with and agrees to continue to fully comply with
12    all state and federal statutes and regulations relating to
13    money laundering.
14        (15) All additional information the Director considers
15    necessary in order to determine whether or not to issue the
16    applicant a license under this Act.
17    (a-5) The proprietor, partner, officer, director, and
18controlling person of the applicant shall submit their
19fingerprints to the Department of State Police in an electronic
20format that complies with the form and manner for requesting
21and furnishing criminal history record information as
22prescribed by the Department of State Police. These
23fingerprints shall be retained and checked against the
24Department of State Police and Federal Bureau of Investigation
25criminal history record databases now and hereafter filed,
26including latent fingerprint searches. The Department of State



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1Police shall charge applicants a fee for conducting the
2criminal history records check, which shall be deposited into
3the State Police Services Fund and shall not exceed the actual
4cost of the records check. The Department of State Police shall
5furnish records of Illinois convictions to the Department
6pursuant to positive identification and shall forward the
7national criminal history record information to the
8Department. The Department may require applicants to pay a
9separate fingerprinting fee, either to the Department or to a
10Department-designated or Department-approved vendor. The
11Department, in its discretion, may allow a proprietor, partner,
12officer, director, or controlling person of an applicant who
13does not have reasonable access to a designated vendor to
14provide his or her fingerprints in an alternative manner. The
15Department, in its discretion, may also use other procedures in
16performing or obtaining criminal background checks of
17applicants. Instead of submitting his or her fingerprints, an
18individual may submit proof that is satisfactory to the
19Department that an equivalent security clearance has been
20conducted. The Department may adopt any rules necessary to
21implement this subsection.
22    (b) The Director may, for good cause shown, waive, in part,
23any of the requirements of this Section.
24(Source: P.A. 92-400, eff. 1-1-02.)
25    Section 99. Effective date. This Act takes effect upon



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1becoming law.".