State of Illinois
92nd General Assembly
Legislation

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[ House Amendment 002 ]


92_HB2282ham001

 










                                             LRB9202573JScsam

 1                    AMENDMENT TO HOUSE BILL 2282

 2        AMENDMENT NO.     .  Amend House Bill 2282  by  replacing
 3    the title with the following:
 4        "AN ACT concerning currency exchanges."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

 7        "Section 5.  The Currency  Exchange  Act  is  amended  by
 8    changing Section 6 as follows:

 9        (205 ILCS 405/6) (from Ch. 17, par. 4813)
10        Sec.  6.  Insurance  against loss.  Every applicant for a
11    license hereunder shall, after his application for a  license
12    has  been  approved,  file  with  and  have  approved  by the
13    Director, a policy or policies  of  insurance  issued  by  an
14    insurance  company  or  indemnity  company  authorized  to do
15    business under the law of this State, which shall insure  the
16    applicant against loss by theft, burglary, robbery or forgery
17    in  a  principal  sum as hereinafter provided; if the average
18    amount of cash and liquid funds to be kept  on  hand  in  the
19    office  of  the  community  currency exchange during the year
20    will not be in excess of $10,000 the policy or policies shall
21    be in the principal sum of $10,000. If  such  average  amount
 
                            -2-              LRB9202573JScsam
 1    will be in excess of $10,000, the policy or policies shall be
 2    for  an  additional  principal sum of $500 for each $1,000 or
 3    fraction thereof of such excess over  the  original  $10,000.
 4    From  time  to time, the Director may determine the amount of
 5    cash and liquid funds on hand in the office of any  community
 6    currency  exchange  and  shall require the licensee to submit
 7    additional  policies  if  the  same  are  determined  to   be
 8    necessary   in  accordance  with  the  requirements  of  this
 9    Section.
10        Any such policy or policies, with respect to forgery, may
11    carry  a  condition  that  the  community  currency  exchange
12    assumes the first $1,000 $100 of each claim thereunder.
13        Before an ambulatory  currency  exchange  shall  sell  or
14    issue  money  orders, it shall file with and have approved by
15    the Director, a policy or policies of insurance issued by  an
16    insurance  company  or  indemnity  company  authorized  to do
17    business under the laws of this  State,  which  shall  insure
18    such  ambulatory  currency  exchange  against  loss by theft,
19    burglary, robbery, forgery or embezzlement in  the  principal
20    sum of not less than $500,000.  If the average amount of cash
21    and  liquid  funds  to  be  kept on hand during the year will
22    exceed $500,000, the policy  or  policies  shall  be  for  an
23    additional  principal sum of $500 for each $1,000 or fraction
24    thereof in excess of $500,000. From time to time the Director
25    may determine the amount of cash and  liquid  funds  kept  on
26    hand  by an ambulatory currency exchange and shall require it
27    to submit such additional policies as are  determined  to  be
28    required  within  the  limits of this Section.  No ambulatory
29    currency exchange subject to this Section shall  be  required
30    to  furnish  more  than one policy of insurance if the policy
31    furnished insures it against  the  foregoing  losses  at  all
32    locations served by it.
33        Any  such policy may contain a condition that the insured
34    assumes a portion of the loss,  provided  the  insured  shall
 
                            -3-              LRB9202573JScsam
 1    file  with such policy a sworn financial statement indicating
 2    its ability to act as self-insurer  in  the  amount  of  such
 3    deductible  portion  of  the  policy without prejudice to the
 4    safety of any funds  belonging  to  its  customers.   If  the
 5    Director  is not satisfied as to the financial ability of the
 6    ambulatory currency exchange, he may require  it  to  deposit
 7    cash  or United States Government Bonds in the amount of part
 8    or  all of the deductible portion of the policy.
 9    (Source: P.A. 86-432.)

10        Section  10.  The  Uniform   Disposition   of   Unclaimed
11    Property Act is amended by changing Section 11 as follows:

12        (765 ILCS 1025/11) (from Ch. 141, par. 111)
13        Sec.  11.  (a) Except as otherwise provided in subsection
14    (c) of  Section  4,  every  person  holding  funds  or  other
15    property,  tangible  or  intangible, presumed abandoned under
16    this Act  shall  report  and  remit  all  abandoned  property
17    specified  in  the report to the State Treasurer with respect
18    to the property as hereinafter provided.  The State Treasurer
19    may exempt any businesses from the reporting  requirement  if
20    he  deems  such  businesses  unlikely to be holding unclaimed
21    property.
22        (b)  The information shall be obtained  in  one  or  more
23    reports  as required by the State Treasurer.  The information
24    shall be verified and shall include:
25             (1)  The  name,  social  security  or  federal   tax
26        identification  number, if known, and last known address,
27        including zip code, of each  person  appearing  from  the
28        records  of the holder to be the owner of any property of
29        the value of $25 or more presumed  abandoned  under  this
30        Act;
31             (2)  In  case  of  unclaimed funds of life insurance
32        corporations  the  full  name  of  the  insured  and  any
 
                            -4-              LRB9202573JScsam
 1        beneficiary or  annuitant  and  the  last  known  address
 2        according to the life insurance corporation's records;
 3             (3)  The  date  when  the  property  became payable,
 4        demandable, or returnable,  and  the  date  of  the  last
 5        transaction  with the owner with respect to the property;
 6        and
 7             (4)  Other information  which  the  State  Treasurer
 8        prescribes by rule as necessary for the administration of
 9        this Act.
10        (c)  If the person holding property presumed abandoned is
11    a successor to other persons who previously held the property
12    for  the  owner,  or if the holder has changed his name while
13    holding the property, he shall file with his report all prior
14    known names and addresses of each holder of the property.
15        (d)  The report and remittance of the property  specified
16    in  the  report  shall  be  filed  by  banking organizations,
17    financial organizations, insurance companies other than  life
18    insurance  corporations,  and  governmental  entities  before
19    November  1  of  each  year as of June 30 next preceding. The
20    report and remittance of the property specified in the report
21    shall be filed by business associations, utilities, and  life
22    insurance  corporations  before  May  1  of  each  year as of
23    December 31 next preceding.  The Director  may  postpone  the
24    reporting date upon written request by any person required to
25    file a report.
26        (d-5)  Notwithstanding  the foregoing, currency exchanges
27    shall be required to report and remit property  specified  in
28    the  report within 30 days after the conclusion of its annual
29    examination by Department of Financial Institutions.  As part
30    of the examination of a currency exchange, the Department  of
31    Financial   Institutions   shall  ensure  that  the  currency
32    exchange submits a complete unclaimed property  report  using
33    the State Treasurer's formatted diskette reporting program or
34    an   alternative  reporting  format  approved  by  the  State
 
                            -5-              LRB9202573JScsam
 1    Treasurer.  The Department of  Financial  Institutions  shall
 2    provide  the  State Treasurer with an accounting of the money
 3    orders located  in  the  course  of  the  annual  examination
 4    including the amount of service fees deducted and the date of
 5    the conclusion of the examination.
 6        (e)  Before  filing  the  annual  report,  the  holder of
 7    property presumed abandoned under this Act shall  communicate
 8    with  the  owner  at his last known address if any address is
 9    known to the holder,  setting  forth  the  provisions  hereof
10    necessary to occur in order to prevent abandonment from being
11    presumed.   If the holder has not communicated with the owner
12    at his last known  address  at  least  120  days  before  the
13    deadline for filing the annual report, the holder shall mail,
14    at  least  60  days  before  that deadline, a letter by first
15    class mail to the owner at his last known address unless  any
16    address   is  shown  to  be  inaccurate,  setting  forth  the
17    provisions hereof necessary to prevent abandonment from being
18    presumed.
19        (f)  Verification, if made by  a  partnership,  shall  be
20    executed   by   a  partner;  if  made  by  an  unincorporated
21    association or private corporation, by  an  officer;  and  if
22    made by a public corporation, by its chief fiscal officer.
23        (g)  Any  person  who has possession of property which he
24    has reason to believe will be reportable  in  the  future  as
25    unclaimed  property,  may  report and deliver it prior to the
26    date required for such  reporting  in  accordance  with  this
27    Section and is then relieved of responsibility as provided in
28    Section 14.
29        (h) (1)  Records  pertaining  to  presumptively abandoned
30    property held by a trust division or trust department or by a
31    trust company, or affiliate of  any  of  the  foregoing  that
32    provides   nondealer   corporate   custodial   services   for
33    securities  or  securities  transactions, organized under the
34    laws of this or another state or the United States  shall  be
 
                            -6-              LRB9202573JScsam
 1    retained  until  the  property  is  delivered  to  the  State
 2    Treasurer.
 3        As  of January 1, 1998, this subdivision (h)(1) shall not
 4    be applicable unless the Department of Financial Institutions
 5    has commenced, but  not  finalized,  an  examination  of  the
 6    holder  as  of  that  date  and the property is included in a
 7    final examination  report  for  the  period  covered  by  the
 8    examination.
 9        (2)  In  the  case of all other holders commencing on the
10    effective date of  this  amendatory  Act  of  1993,  property
11    records  for  the period required for presumptive abandonment
12    plus the 9 years immediately preceding the beginning of  that
13    period  shall  be retained for 5 years after the property was
14    reportable.
15        (i)  The   State   Treasurer   may    promulgate    rules
16    establishing  the  format and media to be used by a holder in
17    submitting reports required under this Act.
18    (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)

19        Section 99.  Effective date.  This Act takes effect  upon
20    becoming law.".

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