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90_SB1044sam003
LRB9000621DJcdam04
1 AMENDMENT TO SENATE BILL 1044
2 AMENDMENT NO. . Amend Senate Bill 1044, AS AMENDED,
3 by replacing the introductory clause of Section 5 with the
4 following:
5 "Section 5. The Electronic Fund Transfer Act is amended
6 by changing Sections 30 and 50 as follows:
7 (205 ILCS 616/30)
8 Sec. 30. Acceptance of deposits.
9 (A) No terminal that accepts deposits of funds to an
10 account may be established or owned in this State except by
11 (a) a bank established under the laws of this or any other
12 state or established under the laws of the United States that
13 (1) is authorized by law to establish a branch in this State
14 or (2) is permitted by rule of the Commissioner to establish
15 deposit-taking terminals in this State in order to maintain
16 parity between national banks and banks established under the
17 laws of this or any other state, (b) a savings and loan
18 association or savings bank established under the laws of
19 this or any other state or established under the laws of the
20 United States, (c) a credit union established under the laws
21 of this or any other state or established under the laws of
22 the United States, or (d) a licensee under the Consumer
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1 Installment Loan Act or the Sales Finance Agency Act.
2 (B) A person other than a financial institution or an
3 affiliate of a financial institution may establish or own, in
4 whole or in part, a cash-dispensing terminal at which an
5 interchange transaction may be performed, provided that the
6 terminal does not accept deposits of funds to an account, and
7 provided that the person establishing or owning the terminal
8 shall file a notice of establishment or ownership of a
9 terminal with the Commissioner, in the form prescribed by the
10 Commissioner, within 60 days after the later of (a) the
11 effective day of this amendatory Act of 1997 or (b) the
12 establishment of or acquisition of an ownership interest in
13 the terminal. Persons who own a terminal pursuant to this
14 subsection (B) shall thereafter file with the Commissioner a
15 full and accurate statement of information of ownership, in
16 the form prescribed by the Commissioner, once per calendar
17 year. A person who has established or owns a terminal
18 pursuant to this subsection (B) shall not be required to file
19 subsequent notices of establishment or ownership of a
20 terminal when establishing or acquiring an ownership interest
21 in additional terminals provided the person includes the
22 information required by the Commissioner for those terminals
23 in the person's annual filing pursuant to this subsection
24 (B). The Commissioner or examiners appointed by the
25 Commissioner shall have the authority to examine any person
26 that has established or owns a terminal in this State
27 pursuant to this subsection (B) if the Commissioner has
28 received multiple complaints regarding one or more terminals
29 owned by the person, and in the event of such an examination,
30 the person shall pay the reasonable costs and expenses of the
31 examination as determined by the Commissioner. The
32 Commissioner may impose civil penalties of up to $1,000
33 against any person subject to this subsection (B) for the
34 first failure to comply with this Act and up to $10,000 for
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1 the second and each subsequent failure to comply with this
2 Act. All moneys received by the Commissioner under this
3 subsection (B) shall be paid into, and all expenses incurred
4 by the Commissioner under this subsection (B) shall be paid
5 from, the Bank and Trust Company Fund.
6 (C) A network operating in this State shall maintain a
7 directory of the locations of cash-dispensing terminals at
8 which an interchange transaction may be performed that are
9 established or owned in this State by its members and shall
10 file the directory with the Commissioner within 60 days after
11 the effective date of this amendatory Act of 1997 and
12 thereafter once per calendar year.
13 (Source: P.A. 89-310, eff. 1-1-96.)"; and
14 in Section 5, by deleting all of Sec. 52.