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(205 ILCS 405/7) (from Ch. 17, par. 4814)
Sec. 7. Available funds; minimum amount. Each licensee shall have, at all times, a
minimum of $5,000 for each currency exchange license it holds of its own cash funds available for the uses and
purposes of its currency exchange business and said minimum sum shall be exclusive of and
in addition to funds received for exchange or transfer; and in addition
thereto each such licensee shall at all times have on hand an amount of
liquid funds sufficient to pay on demand all outstanding money orders
issued by it. Whenever a licensee holds more than one community currency exchange license, the aggregate of the minimum liquid funds required under this Section 7 for all of such licensee's licensed locations may be held by the licensee in a single account in the licensee's name, provided that the total liquid funds equals a minimum of $5,000 multiplied by the number of licenses held by that licensee.
In the event a receiver is appointed in accordance with Section 15.1
of this Act, and the Secretary determines that the business of the
currency exchange should be liquidated, and if it shall appear that the
said minimum sum was not on hand or available at the time of the
appointment of the receiver, then the receiver shall have the right to
recover in any court of competent jurisdiction from the owner or owners
of such currency exchange, or from the stockholders and directors
thereof if such currency exchange was operated by a corporation, or from the
members if the currency exchange was operated as a limited liability company,
said
sum or that part thereof which was not on hand or available at the time
of the appointment of such receiver. Nothing contained in this Section
shall limit or impair the liability of any bonding or insurance company
on any bond or insurance policy relating to such community currency
exchange issued pursuant to the requirements of this Act, nor shall
anything contained herein limit or impair such other rights or remedies
as the receiver may otherwise have.
(Source: P.A. 99-445, eff. 1-1-16.)
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