Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 657/65

(205 ILCS 657/65)

Sec. 65.

Notice of source of instrument; transaction records.

(a) Every payment instrument other than a stored value card sold through
an authorized seller shall bear
the name of the licensee and a unique consecutive number clearly stamped or
imprinted on it.  When an order for the transmission of money
results in the issuance of a payment instrument, both the order and the
payment
instrument may bear the same unique number.

(b) A licensee or authorized seller shall create a record, which may be
reduced to computer or other electronic medium, upon receiving any money from a
customer.

(c) For each payment instrument other than a stored value card sold, the
licensee shall require the
authorized seller to record the face amount
of the payment instrument and the serial number of the payment instrument.

(d) For each transmission of money, the licensee or authorized seller shall
record the date the money was received, the face amount of the payment
instrument, the name of the customer, the manner of transmission, including the
identity and location of any bank or other financial institution receiving or
otherwise involved in accomplishing the transmission, the location to which the
money is transmitted if different from the bank or other financial institution
required to be
recorded, the name of the intended recipient, and the date the
transmission was accomplished or the money was refunded to the customer due to
an
inability to transmit or failure of the intended recipient to receive or obtain
the money transmitted.  The
transmission shall be made by the licensee or authorized seller within
3 business days after the receipt of the money to be transmitted.  The
licensee or authorized seller, in addition to the records required to be kept,
shall issue a receipt to each person delivering or depositing money
with the licensee or authorized seller indicating the date of the transaction,
the face amount of the payment instrument, to whom the money is to be
transmitted, the service charge, and the name and address of the licensee or
authorized seller.
The receipt or a separate disclosure at the time of the money transmission
shall also include a statement of the licensee's refund procedures as well
as a toll-free telephone number for customer assistance.  An inadvertent or
non-wilful failure to give a consumer the disclosure provided for in this
Section shall not constitute a violation of this Act.
The licensee or authorized seller shall keep a copy of
every receipt in a permanent record book or maintain the data embodied in the
receipt using photographic, electronic, or other means.

(e) For each exchange of money of the United States government or a foreign
government to or from money of another government, the licensee or authorized
seller shall record the date of the transaction, the amount of the transaction,
the amount of funds stated in currency received by the recipient, and
the rate of exchange at the time of the transaction.  The licensee or
authorized seller, in addition to the records required to be kept, shall
issue a receipt to each person delivering or depositing money with the licensee
or authorized seller indicating the date of the transaction, the amount of the
transaction, the service charge, and the name and address of the licensee or
authorized seller making the transaction.  The licensee or authorized seller
shall keep a copy of every receipt in a permanent record book or maintain data
embodied in the receipt using photographic, electronic, or
other means.

(f) Records required to be kept by the licensee or authorized seller under
this Act shall be preserved for at least 5 years or as required to
comply with any other Act the administration of which is vested in the
Director.  The records shall be made available for examination in accordance
with Sections 55 and 60 of this Act.

(Source: P.A. 93-535, eff. 1-1-04.)