Senate Sponsors: WALSH,T. House Sponsors: HASSERT Short description: DFI RECEIVERSHIPS Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 92-0400 Last action date: AUG-16-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status