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IL HB5444
Bill
Status
Introduced
2/14/2020
Primary Sponsor
Lamont Robinson
Click for details
AI Summary
- Amends the Currency Exchange Act to require identity verification for money order purchases of $250 or more in aggregate face value in a single day
- Licensees must verify the purchaser's name and address by examining a government-issued identification document
- Licensees must record the purchaser's name, address, and the type and number of the identification examined
- Existing recordkeeping requirements remain in place, including recording the amount, month/year of sale, and serial number for each money order sold
- Records must be preserved for at least 7 years or until the money order is returned, and kept accessible to the Secretary within Illinois
Legislative Description
CURRENCY EXCHANGE-MONEY ORDERS
Last Action
Rule 19(b) / Re-referred to Rules Committee
6/23/2020
Committee Referrals
Rules6/23/2020
Financial Institutions3/17/2020
Rules2/18/2020
Full Bill Text
No bill text available