Illinois General Assembly - Bill Status for HB 5056

Amends the Transmitters of Money Act. Defines "agent". Changes the term "authorized seller" to "agent" throughout the Act. Links an applicant's license requirements with the applicant's criminal history, if any. Adds provisions concerning application for the appointment of an agent. Provides that the Director of Financial Institutions may issue an order revoking or suspending any authorization if, after a hearing, the Director finds that the agent has violated any rule adopted by the Director under this Act or any fact or condition exists which would be grounds for denying an application for authorizing an agent. Increases certain fees. Makes other changes. Effective immediately.

Replaces everything after the enacting clause. Amends the Transmitters of Money Act. Provides that each licensee must submit to the Director of Financial Institutions as of the close of business on December 31 of each year (i) a written description of the licensee's general procedures by which it intends to enter into contracts to engage in money transmission in this State and (ii) a listing in alphabetical order of its authorized sellers in this State showing their full names and addresses and licensee assigned identification number grouped by the category of transmission activity the licensee has authorized the authorized sellers to conduct on its behalf. Increases the location fee for application for initial licensure, renewal of a license, and application to add an authorized seller's location. Provides that each written contract between a licensee and an authorized seller entered into or renewed after the effective date shall provide (1) a description of the category or categories of money transmission activity the licensee is authorized to lawfully engage in under its license that it may do through an agent; (2) an acknowledgment that the Director reserves the right to inspect, with or without prior notice to the licensee or the licensee's authorized sellers, the books and records of the authorized sellers of the licensee; (3) that authorized sellers shall not sell any travelers check, money order, or other money transmission instrument in this State unless the name of the licensee shall clearly appear on the face of the instrument and the licensee shall not condition its engagement as obligor under the payment instrument upon the remittance of the proceeds of sale from the authorized seller; (4) that an authorized seller shall not sell any travelers check, money order, or other money transmission instrument in this State, unless the authorized sellers has provided the Director with a written and irrevocable consent to examine, have access to, and retain copies of all of its books and records, wherever maintained, relating to these activities; and (5) that authorized sellers in this State are under a duty to act only as authorized under the agency contract and that an authorized seller who exceeds its authority is subject to cancellation of the agency contract and may result in further disciplinary action against the licensee by the Director. Provides that, for contracts entered into before the effective date, a notice containing this information shall be sent by each licensee to each of its agents in Illinois within 45 days after the effective date. Makes other changes.

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Date	Chamber	Action
2/5/2004	House	Filed with the Clerk by Rep. Susana Mendoza
2/5/2004	House	First Reading
2/5/2004	House	Referred to Rules Committee
2/18/2004	House	Assigned to Financial Institutions Committee
3/3/2004	House	Do Pass / Standard Debate Financial Institutions Committee; 010-005-002
3/3/2004	House	Placed on Calendar 2nd Reading - Standard Debate
3/18/2004	House	Fiscal Note Filed
3/22/2004	House	Fiscal Note Filed (Corrected)
3/31/2004	House	House Amendment No. 1 Filed with Clerk by Rep. Susana Mendoza
3/31/2004	House	House Amendment No. 1 Referred to Rules Committee
3/31/2004	House	Second Reading - Standard Debate
3/31/2004	House	Held on Calendar Order of Second Reading - Standard Debate
4/1/2004	House	Housing Affordability Impact Note Filed As Amended by HA 1
4/1/2004	House	House Amendment No. 1 Rules Refers to Financial Institutions Committee
4/1/2004	House	State Mandates Fiscal Note Filed As Amended by HA 1
4/1/2004	House	Home Rule Note Filed As Amended by HA 1
4/2/2004	House	House Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 014-000-000
4/2/2004	House	Judicial Note Filed As Amended by HA 1
4/2/2004	House	Pension Note Filed As Amended by HA 1
4/2/2004	House	State Debt Impact Note Filed As Amended by HA 1
4/2/2004	House	House Amendment No. 1 Adopted by Voice Vote
4/2/2004	House	Placed on Calendar Order of 3rd Reading - Standard Debate
4/2/2004	House	Third Reading - Standard Debate - Passed 075-041-000
4/2/2004	House	Added Chief Co-Sponsor Rep. Mark H. Beaubien, Jr.
4/6/2004	Senate	Arrive in Senate
4/6/2004	Senate	Placed on Calendar Order of First Reading April 20, 2004
4/22/2004	Senate	Fiscal Note Filed as Amended by House Amendment No. 1 from the Department of Financial Institutions.
5/18/2004	Senate	Chief Senate Sponsor Sen. Antonio Munoz
5/18/2004	Senate	First Reading
5/18/2004	Senate	Referred to Rules
1/11/2005	House	Session Sine Die

	Fiscal Note (Department of Financial Institutions)
	House Bill 5056 has a fiscal impact related to revenue to the State of Illinois of an estimated $2,813,870* in new revenue. (*The amount of revenue that could be captured in new authorized sellers and agents is based on what the market will bear.) This bill has a strong possibility to go through many changes.

	Fiscal Note ((Corrected) Department of Financial Institutions)
	House Bill 5056 has a fiscal impact related to revenue to the State of Illinois of an estimated $880,920 in new revenue. (*The amount of revenue that could be captured in new authorized sellers and agents is based on what the market will bear.) This bill has a strong possibility to go through many changes.

	Housing Affordability Impact Note ((H-AM 1) Housing Development Authority)
	This legislation will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence.

	State Mandates Fiscal Note (Department of Commerce and Economic Opportunity)
	House Bill 5056 (HA #1) does not create a State mandate under the State Mandates Act.

	Home Rule Note (Department of Commerce and Economic Opportunity)
	House Bill 5056 (HA #1) does not pre-empt home rule authority.

	Judicial Note (Admin Office of the Illinois Courts)
	As amended by HA1, House Bill 5056 would neither increase nor decrease the number of judges needed in the State.

	Pension Note (Economic and Fiscal Commission)
	House Bill 5056, as amended by House Amendment 1, would not impact any public pension fund or retirement system in Illinois.

	State Debt Impact Note (Economic and Fiscal Commission)
	House Bill 5056, as amended by House Amendment 1, would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.

	Deletes reference to:
	205 ILCS 657/5