92nd General Assembly
Status of SB0888
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WALSH,T.

(HASSERT)

   205 ILCS 657/5                                                              
   205 ILCS 657/20                                                             
   205 ILCS 657/25                                                             
   205 ILCS 657/30                                                             
   205 ILCS 657/40                                                             
   205 ILCS 657/45                                                             
   205 ILCS 657/92 new                                                         
   205 ILCS 665/2            from Ch. 17, par. 5302                            
   205 ILCS 665/4            from Ch. 17, par. 5304                            
   205 ILCS 665/6            from Ch. 17, par. 5306                            
   205 ILCS 665/20.5 new                                                       

        Amends the Transmitters of Money  Act  and  the  Debt  Management      
   Service Act.  Specifies that bill payment services are included within      
   the scope of the Transmitters of Money Act.  Excludes the transmission      
   of  money  by  courier from the scope of that Act. Removes a provision      
   authorizing licensees to deposit securities instead of a surety  bond.      
   Provides  that  applications  and  payments  must  be  received by the      
   Department of  Financial  Institutions  by  the  appropriate  deadline      
   rather  than  just be submitted by the deadline. Provides authority to      
   the Director  of  Financial  Institutions  to  institute  receivership      
   proceedings when a licensee is insolvent or is violating the Act. Sets      
   forth  claims  priorities  and  the  manner  of distributing assets of      
   liquidated businesses. Establishes fees for the  receivership.  Amends      
   the  Debt  Management Service Act. Excludes bill payment services from      
   the scope of the Act. Removes a provision authorizing  a  licensee  to      
   deposit  cash  or securities instead of a bond. Provides that the bond      
   is  for  liability  arising  out  of  licensed  operations.   Provides      
   authority  to  the  Director  of  Financial  Institutions to institute      
   receivership proceedings when a licensee is insolvent or is  violating      
   the  Act.  Sets forth claims priorities and the manner of distributing      
   assets  of   liquidated   businesses.   Establishes   fees   for   the      
   receivership.                                                               
        SENATE AMENDMENT NO. 1.                                                
        Deletes provisions authorizing the exchange of bonds posted by  a      
   transmitter  of money. Provides that a licensee under the Transmitters      
   of Money Act or the Debt Management Service Act may not terminate  its      
   business  until  it  posts  a  deposit  with the Director of Financial      
   Institutions.                                                               
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               FIN INST              
   MAR-08-2001  S                             AMENDMENT NO. 01-FINANC. INST. S    
   MAR-08-2001  S                                   ADOPTED                       
   MAR-08-2001  S       DO PASS AS AMENDED                  009-000-000   SFIC    
   MAR-08-2001  S  PLACED ON CALENDAR ORDER OF 2ND READING  01-03-20              
   MAR-20-2001  S  SECOND READING                                                 
   MAR-20-2001  S  PLACED ON CALENDAR ORDER OF 3RD READING  01-03-21              
   MAR-29-2001  S  THIRD READING - PASSED                   056-000-000           
   MAR-29-2001  H  ARRIVE IN HOUSE                                                
   MAR-29-2001  H  PLACED CALENDAR ORDER OF FIRST READING                         
   MAR-29-2001  H  HOUSE SPONSOR                            TENHOUSE              
   MAR-30-2001  H  FIRST READING                                                  
   MAR-30-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   APR-03-2001  H       ASSIGNED TO COMMITTEE               FIN INSTIT            
   APR-17-2001  H  ALTERNATE PRIMARY SPONSOR CHANGED TO     HASSERT               
   APR-25-2001  H  DO PASS/SHORT DEBATE                     015-000-000   HFIN    
   APR-25-2001  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAY-16-2001  H  SECOND READING-SHORT DEBATE                                    
   MAY-16-2001  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   MAY-18-2001  H  3RD RDG. DEADLINE EXTENDED-RULE          9(B)- MAY 25, 2001    
   MAY-18-2001  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   MAY-23-2001  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   MAY-25-2001  H  THIRD READING/SHORT DEBATE/PASSED        105-012-000           
   MAY-25-2001  S  PASSED BOTH HOUSES                                             
   JUN-22-2001  S  SENT TO THE GOVERNOR                                           
   AUG-16-2001  S  GOVERNOR APPROVED                                              
   AUG-16-2001  S                            EFFECTIVE DATE 02-01-01              
   AUG-16-2001  S  PUBLIC ACT.............................. 92-0400               

   END OF INQUIRY 



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