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.
SENATE AMENDMENT NO. 1.
Adds reference to:
205 ILCS 690/21 new
Amends the Check Number Act. Expands the definition of "financial
institution" to include credit unions and entities of which at least
50% is owned by a financial institution. Authorizes the Commissioner
to impose and collect fees.
FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate)
The number of entities which would need to register under
SB406 is not known, but if one assumes that 200 check printers
would be registered, OBRE estimates start-up costs of about
$25,000, plus annual expenditures of $10,000 to contact regis-
trants, maintain files, print forms, issue certificates and
monitor compliance with bonding requirements. The bill autho-
rizes the Commissioner to impose and collect fees for the ad-
ministration of the Act.
Last action on Bill: PUBLIC ACT.............................. 90-0184
Last action date: 97-07-23
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status