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| Public Act 100-0979 | ||||
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Transmitters of Money Act is amended by | ||||
changing Section 25 as follows:
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(205 ILCS 657/25)
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Sec. 25. Application for license.
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(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:
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(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.
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(2) The form of business organization of the applicant, | ||||
including:
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(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;
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(B) a copy of its partnership agreement, certified | ||||
by a partner, if the
applicant is a partnership; or
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(C) a copy of the documents that control its | ||||
organizational structure,
certified by a managing | ||||
official, if the applicant is organized in some other
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form.
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(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:
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(A) the proprietor, if the applicant is an | ||
individual;
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(B) every partner, if the applicant is a | ||
partnership;
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(C) each officer, director, and controlling | ||
person, if the
applicant is a corporation; and
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(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
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applicant.
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(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
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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
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unaudited financial statement for the most recent quarter.
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(5) Filings of the applicant with the Securities and | ||
Exchange Commission
or
similar foreign governmental entity | ||
(English translation), if any.
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(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.
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(7) A list of all money transmitter locations and | ||
proposed locations in
this State.
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(8) A sample of the contract for authorized sellers.
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(9) A sample form of the proposed payment instruments | ||
to be used in this
State.
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(10) The name and business address of the clearing | ||
banks through which the
applicant intends to conduct any | ||
business regulated under this Act.
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(11) A surety bond as required by Section 30 of this
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Act.
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(12) The applicable fees as required by Section 45 of | ||
this Act.
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(13) A written consent to service of process as | ||
provided by Section 100 of
this Act.
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(14) A written statement that the applicant is in full | ||
compliance with and
agrees to continue to fully comply with
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all state and federal statutes and regulations relating to | ||
money laundering.
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(15) All additional information the Director considers | ||
necessary in order
to determine whether or not to issue the | ||
applicant a license under
this Act.
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(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.
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(Source: P.A. 92-400, eff. 1-1-02.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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