Illinois General Assembly - Full Text of Public Act 100-0979
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Public Act 100-0979


Public Act 0979 100TH GENERAL ASSEMBLY


Public Act 100-0979
SB2721 EnrolledLRB100 17595 RJF 32765 b

    AN ACT concerning State government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Transmitters of Money Act is amended by
changing Section 25 as follows:
    (205 ILCS 657/25)
    Sec. 25. Application for license.
    (a) An application for a license must be in writing, under
oath, and in the form the Director prescribes. The application
must contain or be accompanied by all of the following:
        (1) The name of the applicant and the address of the
    principal place of business of the applicant and the
    address of all locations and proposed locations of the
    applicant in this State.
        (2) The form of business organization of the applicant,
            (A) a copy of its articles of incorporation and
        amendments thereto and a copy of its bylaws, certified
        by its secretary, if the applicant is a corporation;
            (B) a copy of its partnership agreement, certified
        by a partner, if the applicant is a partnership; or
            (C) a copy of the documents that control its
        organizational structure, certified by a managing
        official, if the applicant is organized in some other
        (3) The name, business and home address, and a
    chronological summary of the business experience, material
    litigation history, and felony convictions over the
    preceding 10 years of:
            (A) the proprietor, if the applicant is an
            (B) every partner, if the applicant is a
            (C) each officer, director, and controlling
        person, if the applicant is a corporation; and
            (D) each person in a position to exercise control
        over, or direction of, the business of the applicant,
        regardless of the form of organization of the
        (4) Financial statements, not more than one year old,
    prepared in accordance with generally accepted accounting
    principles and audited by a licensed public accountant or
    certified public accountant showing the financial
    condition of the applicant and an unaudited balance sheet
    and statement of operation as of the most recent quarterly
    report before the date of the application, certified by the
    applicant or an officer or partner thereof. If the
    applicant is a wholly owned subsidiary or is eligible to
    file consolidated federal income tax returns with its
    parent, however, unaudited financial statements for the
    preceding year along with the unaudited financial
    statements for the most recent quarter may be submitted if
    accompanied by the audited financial statements of the
    parent company for the preceding year along with the
    unaudited financial statement for the most recent quarter.
        (5) Filings of the applicant with the Securities and
    Exchange Commission or similar foreign governmental entity
    (English translation), if any.
        (6) A list of all other states in which the applicant
    is licensed as a money transmitter and whether the license
    of the applicant for those purposes has ever been
    withdrawn, refused, canceled, or suspended in any other
    state, with full details.
        (7) A list of all money transmitter locations and
    proposed locations in this State.
        (8) A sample of the contract for authorized sellers.
        (9) A sample form of the proposed payment instruments
    to be used in this State.
        (10) The name and business address of the clearing
    banks through which the applicant intends to conduct any
    business regulated under this Act.
        (11) A surety bond as required by Section 30 of this
        (12) The applicable fees as required by Section 45 of
    this Act.
        (13) A written consent to service of process as
    provided by Section 100 of this Act.
        (14) A written statement that the applicant is in full
    compliance with and agrees to continue to fully comply with
    all state and federal statutes and regulations relating to
    money laundering.
        (15) All additional information the Director considers
    necessary in order to determine whether or not to issue the
    applicant a license under this Act.
    (a-5) The proprietor, partner, officer, director, and
controlling person of the applicant shall submit their
fingerprints to the Department of State Police in an electronic
format that complies with the form and manner for requesting
and furnishing criminal history record information as
prescribed by the Department of State Police. These
fingerprints shall be retained and checked against the
Department of State Police and Federal Bureau of Investigation
criminal history record databases now and hereafter filed,
including latent fingerprint searches. The Department of State
Police shall charge applicants a fee for conducting the
criminal history records check, which shall be deposited into
the State Police Services Fund and shall not exceed the actual
cost of the records check. The Department of State Police shall
furnish records of Illinois convictions to the Department
pursuant to positive identification and shall forward the
national criminal history record information to the
Department. The Department may require applicants to pay a
separate fingerprinting fee, either to the Department or to a
Department-designated or Department-approved vendor. The
Department, in its discretion, may allow a proprietor, partner,
officer, director, or controlling person of an applicant who
does not have reasonable access to a designated vendor to
provide his or her fingerprints in an alternative manner. The
Department, in its discretion, may also use other procedures in
performing or obtaining criminal background checks of
applicants. Instead of submitting his or her fingerprints, an
individual may submit proof that is satisfactory to the
Department that an equivalent security clearance has been
conducted. The Department may adopt any rules necessary to
implement this subsection.
    (b) The Director may, for good cause shown, waive, in part,
any of the requirements of this Section.
(Source: P.A. 92-400, eff. 1-1-02.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2018