Full Text of SB1629 94th General Assembly
SB1629enr 94TH GENERAL ASSEMBLY
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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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| 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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| 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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