Bill Text: IL HB5261 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Currency Exchange Act. Provides that, for the sale of one or more money orders with an aggregate face value of $250 or more to any person in a single day, a licensee under the Act shall verify the purchaser's name and address by examination of a government-issued identification and shall record the name and address of the purchaser and the type and number of the identification examined by the licensee.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2022-03-04 - Rule 19(a) / Re-referred to Rules Committee [HB5261 Detail]
Download: Illinois-2021-HB5261-Introduced.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Currency Exchange Act is amended by | |||||||||||||||||||
| 5 | changing Section 17 as follows:
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| 6 | (205 ILCS 405/17) (from Ch. 17, par. 4833)
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| 7 | Sec. 17. Books, accounts, and records. | |||||||||||||||||||
| 8 | (a) Every licensee shall keep and use in his business such | |||||||||||||||||||
| 9 | books,
accounts, and records as will enable the Secretary to | |||||||||||||||||||
| 10 | determine whether such
licensee is complying with the | |||||||||||||||||||
| 11 | provisions of this Act and with the rules,
regulations, and | |||||||||||||||||||
| 12 | directions made by the Secretary hereunder.
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| 13 | (b) Each licensee shall record or cause to be recorded the | |||||||||||||||||||
| 14 | following
information with respect to each money order it | |||||||||||||||||||
| 15 | sells or issues: (1) the
amount; (2) the month and year of sale | |||||||||||||||||||
| 16 | or issuance; and (3) the serial
number.
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| 17 | (c) For the sale or issuance of one or more money orders | |||||||||||||||||||
| 18 | with an aggregate face value of $250 or more to any person in a | |||||||||||||||||||
| 19 | single day, the licensee shall verify the purchaser's name and | |||||||||||||||||||
| 20 | address by examination of a government-issued identification | |||||||||||||||||||
| 21 | and shall record the name and address of the purchaser and the | |||||||||||||||||||
| 22 | type and number of the identification examined by the | |||||||||||||||||||
| 23 | licensee. | |||||||||||||||||||
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| 1 | (d) Each licensee shall preserve the record required by | ||||||
| 2 | this Section subsection for
at least 7 years or until the money | ||||||
| 3 | order to which it pertains is returned
to the licensee. Each | ||||||
| 4 | money order returned to the licensee shall be
preserved for | ||||||
| 5 | not less than 3 years from the month and year of sale or
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| 6 | issuance by the licensee. The licensee shall keep the record, | ||||||
| 7 | or an
authentic microfilm copy thereof, required to be | ||||||
| 8 | preserved by this
subsection within this state at its | ||||||
| 9 | principal office or other place readily accessible to the | ||||||
| 10 | Secretary
and his representatives. If a licensee sells or | ||||||
| 11 | transfers his business at a
location or an address, his | ||||||
| 12 | obligations under this paragraph devolve upon
the successor | ||||||
| 13 | licensee and subsequent successor licensees, if any, at such
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| 14 | location or address. If a licensee ceases to do business in | ||||||
| 15 | this state, he
shall deposit the records and money orders he is | ||||||
| 16 | required to preserve, with
the Secretary.
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| 17 | (Source: P.A. 99-445, eff. 1-1-16.)
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