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IL SB3084
Bill
AI Summary
- Amends the Transmitters of Money Act to change the required surety bond amount from the greater of $100,000 or daily average of outstanding payment instruments to $50,000 or 1% of all Illinois-based activity, whichever is greater
- Maximum bond amount remains $2,000,000, with alternative option to post $1,000,000 plus dollar-for-dollar increases in net worth over the amount required in Section 20
- Licensees must maintain the required bond plus net worth for 5 years after ceasing business in Illinois, unless all outstanding payment instruments are eliminated or Revised Uniform Unclaimed Property Act provisions are satisfied
- Bond amount may be reduced to the extent that the licensee's outstanding payment instruments in Illinois are reduced
- Director may require filing of new or supplemental bond within 30 days if the existing bond is determined to be insecure, deficient, or exhausted
- Takes effect upon becoming law
Legislative Description
MONEY TRANSMITTER-SURETY BOND
Last Action
Session Sine Die
1/9/2019
Committee Referrals
Rules4/19/2018
Licensed Activities And Pensions2/21/2018
Assignments2/15/2018
Full Bill Text
No bill text available