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| [ Introduced ] | [ Senate Amendment 002 ] |
91_SB1275sam006
LRB9107260JScdam
1 AMENDMENT TO SENATE BILL 1275
2 AMENDMENT NO. . Amend Senate Bill 1275, AS AMENDED,
3 in Section 10 of the bill, in subsection (b) by replacing
4 "Loan Act that do not" with "Loan Act or entities licensed
5 under the Currency Exchange Act that do not"; and
6 in Section 15 of the bill by replacing all of subsection (b)
7 with the following:
8 "(b) With respect to initial licensed locations
9 established before the effective date of this Act, an
10 applicant shall prove in a form satisfactory to the Director
11 that the initial licensed location has and will maintain a
12 net worth of $75,000 or a net worth equal to 15% of the loans
13 outstanding at all of its licensed locations, whichever is
14 greater, and $30,000 for each additional licensed location,
15 not to exceed $500,000 in the aggregate.
16 Where a licensee has established 2 or more licensed
17 locations prior to January 1, 2000, or where a licensee has
18 established a common corporate affiliation with or among 2 or
19 more other corporate licensees, the net worth of all licensed
20 locations, or of those licensees with a common corporate
21 affiliation, may be aggregated and attributed to the net
22 worth of the initial licensed location if necessary to meet
23 the $75,000 initial licensed location net worth requirements.
-2- LRB9107260JScdam
1 This attribution shall not be deemed to reduce the net worth
2 of the individual licensed locations.
3 With respect to initial licensed locations and additional
4 licensed locations established on or after the effective date
5 of this Act, the applicant shall prove in a form satisfactory
6 to the Director that the applicant has and will maintain a
7 net worth of a minimum of $250,000 for an initial licensed
8 location and $30,000 for each additional licensed location,
9 not to exceed $500,000 in the aggregate."; and
10 in Section 147 of the bill by changing "This Act is" to "The
11 powers granted by this Act are".