Full Text of SB3084 100th General Assembly
SB3084eng 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 Transmitters of Money Act is amended by | 5 | | changing Section 30 as follows:
| 6 | | (205 ILCS 657/30)
| 7 | | Sec. 30. Surety bond.
| 8 | | (a) An applicant for a license shall post and a
licensee | 9 | | must maintain with the Director a bond or bonds issued by | 10 | | corporations
qualified to do business as surety companies in | 11 | | this State.
| 12 | | (b) The applicant or licensee shall post a bond in the | 13 | | amount of $50,000 or an amount equal to 1% of all | 14 | | Illinois-based activity, whichever is greater, the greater
of | 15 | | $100,000
or an amount equal to the daily average of outstanding | 16 | | payment instruments
for the preceding 12 months or operational | 17 | | history, whichever is shorter, up to
a maximum amount of | 18 | | $2,000,000. When the amount of the required bond exceeds
| 19 | | $1,000,000, the applicant or licensee may, in the alternative, | 20 | | post a bond in
the amount of $1,000,000 plus a dollar for | 21 | | dollar increase in the net worth of
the applicant or licensee | 22 | | over and above the amount required in Section 20, up
to a total | 23 | | amount of $2,000,000.
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| 1 | | (c) The bond must be in a form satisfactory to the Director | 2 | | and shall run
to the State of Illinois for the benefit of any | 3 | | claimant against the applicant
or licensee with respect to the | 4 | | receipt, handling, transmission, and payment
of money by the | 5 | | licensee or authorized seller in connection with the licensed
| 6 | | operations. A claimant damaged by a breach of the conditions of | 7 | | a
bond
shall have a right to action upon the bond for damages | 8 | | suffered thereby and
may bring suit directly on the bond, or | 9 | | the Director may bring suit on
behalf of the claimant.
| 10 | | (d) (Blank).
| 11 | | (e) (Blank).
| 12 | | (f) After receiving a license, the licensee must maintain
| 13 | | the required bond plus net worth (if applicable) until
5 years | 14 | | after it ceases to do business in this State unless all | 15 | | outstanding
payment instruments are eliminated or the | 16 | | provisions under the Revised Uniform
Unclaimed Property Act | 17 | | have become operative and are adhered to by the
licensee. | 18 | | Notwithstanding this provision, however, the amount required | 19 | | to be
maintained may be reduced to the extent that the amount | 20 | | of the licensee's
payment instruments outstanding in this State | 21 | | are reduced.
| 22 | | (g) If the Director at any time reasonably determines that | 23 | | the required bond
is insecure, deficient in amount, or
| 24 | | exhausted in
whole or in part, he may in writing require the | 25 | | filing of a new or supplemental
bond in order to secure | 26 | | compliance with this Act and may
demand compliance with the |
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| 1 | | requirement within 30 days following
service on the licensee.
| 2 | | (Source: P.A. 100-22, eff. 1-1-18 .)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
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