(205 ILCS 405/15.1b) (from Ch. 17, par. 4827)
Sec. 15.1b. Liquidation; distribution; priority. The General Assembly
finds and declares that community currency
exchanges provide important and vital services to Illinois citizens. The
General Assembly also finds that in providing such services, community currency
exchanges transact extensive business involving check cashing and the writing
of money orders in communities in which banking services are generally
unavailable. It is therefore declared to be the policy of this State that customers who
receive these services must be protected from insolvencies of currency
exchanges and interruptions of services. To carry out this policy and to insure that
customers of community currency exchanges are protected in the event it
is determined that a community currency exchange in receivership should
be liquidated in accordance with Section 15.1a of this Act, the Secretary
shall make a distribution of moneys collected by the receiver in the following
order of priority: First, allowed claims for the actual necessary expenses
of the receivership of the community currency exchange being liquidated,
including (a) reasonable receiver fees and receiver's attorney's fees approved
by the Secretary, (b) all expenses of any preliminary or other examinations
into the condition of the community currency exchange or receivership,
(c) all expenses incurred by the Secretary which are incident to possession
and control of any property or records of the community currency exchange, and
(d) reasonable expenses incurred by the Secretary as the result of business
agreements or contractual arrangements necessary to insure that the services
of the community currency exchanges are delivered to the community without
interruption. Said business agreements or contractual arrangements may
include, but are not limited to, agreements made by the Secretary, or by
the Receiver with the approval of the Secretary, with banks, money order
companies, bonding companies and other types of financial institutions;
Second, allowed claims by a purchaser of money orders issued on demand of
the community currency exchange being liquidated; Third, allowed claims
arising by virtue of and to the extent of the amount a utility customer
deposits with the community currency exchange being liquidated which are
not remitted to the utility company; Fourth,
allowed claims arising by virtue of and to the extent of the amount paid
by a purchaser of Illinois license plates, vehicle stickers sold for
State and municipal governments in Illinois, and temporary
Illinois registration permits purchased at the currency exchange being
liquidated; Fifth, allowed unsecured claims for
wages or salaries, excluding vacation, severance and sick leave pay earned
by employee earned within 90 days prior to the appointment of a Receiver;
Sixth, secured claims; Seventh, allowed unsecured claims of any tax, and interest and penalty on
the tax; Eighth, allowed unsecured claims other than a kind specified in
paragraph one, two and three of this Section, filed with the Secretary within
the time the Secretary fixes for filing claims; Ninth, allowed unsecured
claims, other than a kind specified in paragraphs one, two and three of this
Section filed with the Secretary after the time fixed for filing claims
by the Secretary; Tenth, allowed creditor
claims asserted by an owner, member, or stockholder of the community
currency exchange
in liquidation; Eleventh, after one year from the final dissolution of the
currency exchange, all assets not used to satisfy allowed claims shall be
distributed pro rata to the owner, owners, members, or stockholders of the
currency exchange.
The Secretary shall pay all claims of equal priority according to the schedule
set out above, and shall not pay claims of lower priority until all higher
priority claims are satisfied. If insufficient assets are available to
meet all claims of equal priority, those assets shall be distributed pro
rata among those claims. All unclaimed assets of a currency exchange shall
be deposited with the Secretary to be paid out by him when proper claims
therefor are presented to the Secretary. If there are funds remaining after the conclusion of a receivership of an abandoned currency exchange, the remaining funds shall be considered unclaimed property and remitted to the State Treasurer under the Revised Uniform Unclaimed Property Act.
(Source: P.A. 100-22, eff. 1-1-18.)
|