CHECK PRINTER REGULATION
Synopsis of Bill as introduced:
Amends the Check Number Act. Changes the short title to the
Check Printer and Check Number Act. Provides that persons not
affiliated with a financial institution and engaged in the business of
printing checks must register with the Commissioner of Banks and Real
Estate. Requires these check printers to verify the name, address,
telephone number, and social security number of check purchasers and
to refuse to distribute ordered checks if the information cannot be
verified. Requires these check printers to post a bond. Creates a
civil cause of action for persons damaged by a check printer's failure
to verify. Authorizes minimum damages of $1,000 plus attorneys' fees.
Provides that making a false statement on the registration form is a
Class 3 felony. Effective immediately.
FISCAL NOTE (Dpt. of Financial Institutions)
HB 1113 would have no fiscal impact on the Dept.
FISCAL NOTE (Office of Banks and Real Estate)
The number of entities which would need to register is unknown,
but if 200 check printers registered, OBRE estimates start-up
costs of about $25,000, plus annual expenditures of $10,000.
There is no provision for registration fees or some other way
to recover costs.
HB1113 will have minimal fiscal and prison population impact.
HOUSE AMENDMENT NO. 1.
Adds reference to:
205 ILCS 690/40 new
Replaces the title and everything after the enacting clause.
Provides that a person other than a financial institution, person
filling check orders on behalf or a financial institution, or person
filling check orders under an existing contract must register with
the Commissioner of Banks and Real Estate. Requires registered check
printers to post a bond. Requires check printers to obtain
documentation from a person ordering checks verifying the accuracy of
the information relating to that person's name, address, and account
number. Authorizes a civil cause of action for persons injured by a
failure to verify the accuracy of information. Provides that making
false statements on a registration form constitutes a Class 3 felony.
HOUSE AMENDMENT NO. 2.
Adds reference to:
205 ILCS 690/22 new
Includes credit unions within the definition of the term
"financial institution". Imposes a $50 annual registration fee to be
deposited into the Bank and Trust Company Fund.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
Full Text Bill Status