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IL HB4805
Bill
Status
Passed
7/27/2018
Primary Sponsor
David Olsen
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AI Summary
- Modifies surety bond requirements for money transmitter license applicants and licensees under the Transmitters of Money Act
- Reduces minimum bond requirement from $100,000 to $50,000 or 1% of Illinois-based activity, whichever is greater, with a maximum of $2,000,000
- Allows applicants or licensees to post $1,000,000 bond plus dollar-for-dollar increase in net worth above required amounts as an alternative, up to $2,000,000 total
- Requires licensees to maintain bonds plus net worth for 5 years after ceasing business in Illinois unless all payment instruments are eliminated or unclaimed property provisions are satisfied
- Takes effect upon becoming law
Legislative Description
MONEY TRANSMITTER-SURETY BOND
Last Action
Public Act . . . . . . . . . 100-0640
7/27/2018
Committee Referrals
Financial Institutions4/25/2018
Assignments4/12/2018
Financial Institutions2/26/2018
Rules2/14/2018
Full Bill Text
No bill text available