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Public Act 92-0271
HB2282 Enrolled LRB9202573DJgc
AN ACT concerning currency exchanges.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Currency Exchange Act is amended by
changing Section 6 as follows:
(205 ILCS 405/6) (from Ch. 17, par. 4813)
Sec. 6. Insurance against loss. Every applicant for a
license hereunder shall, after his application for a license
has been approved, file with and have approved by the
Director, a policy or policies of insurance issued by an
insurance company or indemnity company authorized to do
business under the law of this State, which shall insure the
applicant against loss by theft, burglary, robbery or forgery
in a principal sum as hereinafter provided; if the average
amount of cash and liquid funds to be kept on hand in the
office of the community currency exchange during the year
will not be in excess of $10,000 the policy or policies shall
be in the principal sum of $10,000. If such average amount
will be in excess of $10,000, the policy or policies shall be
for an additional principal sum of $500 for each $1,000 or
fraction thereof of such excess over the original $10,000.
From time to time, the Director may determine the amount of
cash and liquid funds on hand in the office of any community
currency exchange and shall require the licensee to submit
additional policies if the same are determined to be
necessary in accordance with the requirements of this
Section.
Any such policy or policies, with respect to forgery, may
carry a condition that the community currency exchange
assumes the first $1,000 $100 of each claim thereunder.
Before an ambulatory currency exchange shall sell or
issue money orders, it shall file with and have approved by
the Director, a policy or policies of insurance issued by an
insurance company or indemnity company authorized to do
business under the laws of this State, which shall insure
such ambulatory currency exchange against loss by theft,
burglary, robbery, forgery or embezzlement in the principal
sum of not less than $500,000. If the average amount of cash
and liquid funds to be kept on hand during the year will
exceed $500,000, the policy or policies shall be for an
additional principal sum of $500 for each $1,000 or fraction
thereof in excess of $500,000. From time to time the Director
may determine the amount of cash and liquid funds kept on
hand by an ambulatory currency exchange and shall require it
to submit such additional policies as are determined to be
required within the limits of this Section. No ambulatory
currency exchange subject to this Section shall be required
to furnish more than one policy of insurance if the policy
furnished insures it against the foregoing losses at all
locations served by it.
Any such policy may contain a condition that the insured
assumes a portion of the loss, provided the insured shall
file with such policy a sworn financial statement indicating
its ability to act as self-insurer in the amount of such
deductible portion of the policy without prejudice to the
safety of any funds belonging to its customers. If the
Director is not satisfied as to the financial ability of the
ambulatory currency exchange, he may require it to deposit
cash or United States Government Bonds in the amount of part
or all of the deductible portion of the policy.
(Source: P.A. 86-432.)
Section 10. The Uniform Disposition of Unclaimed
Property Act is amended by changing Section 11 as follows:
(765 ILCS 1025/11) (from Ch. 141, par. 111)
Sec. 11. (a) Except as otherwise provided in subsection
(c) of Section 4, every person holding funds or other
property, tangible or intangible, presumed abandoned under
this Act shall report and remit all abandoned property
specified in the report to the State Treasurer with respect
to the property as hereinafter provided. The State Treasurer
may exempt any businesses from the reporting requirement if
he deems such businesses unlikely to be holding unclaimed
property.
(b) The information shall be obtained in one or more
reports as required by the State Treasurer. The information
shall be verified and shall include:
(1) The name, social security or federal tax
identification number, if known, and last known address,
including zip code, of each person appearing from the
records of the holder to be the owner of any property of
the value of $25 or more presumed abandoned under this
Act;
(2) In case of unclaimed funds of life insurance
corporations the full name of the insured and any
beneficiary or annuitant and the last known address
according to the life insurance corporation's records;
(3) The date when the property became payable,
demandable, or returnable, and the date of the last
transaction with the owner with respect to the property;
and
(4) Other information which the State Treasurer
prescribes by rule as necessary for the administration of
this Act.
(c) If the person holding property presumed abandoned is
a successor to other persons who previously held the property
for the owner, or if the holder has changed his name while
holding the property, he shall file with his report all prior
known names and addresses of each holder of the property.
(d) The report and remittance of the property specified
in the report shall be filed by banking organizations,
financial organizations, insurance companies other than life
insurance corporations, and governmental entities before
November 1 of each year as of June 30 next preceding. The
report and remittance of the property specified in the report
shall be filed by business associations, utilities, and life
insurance corporations before May 1 of each year as of
December 31 next preceding. The Director may postpone the
reporting date upon written request by any person required to
file a report.
(d-5) Notwithstanding the foregoing, currency exchanges
shall be required to report and remit property specified in
the report within 30 days after the conclusion of its annual
examination by the Department of Financial Institutions. As
part of the examination of a currency exchange, the
Department of Financial Institutions shall instruct the
currency exchange to submit a complete unclaimed property
report using the State Treasurer's formatted diskette
reporting program or an alternative reporting format approved
by the State Treasurer. The Department of Financial
Institutions shall provide the State Treasurer with an
accounting of the money orders located in the course of the
annual examination including, where available, the amount of
service fees deducted and the date of the conclusion of the
examination.
(e) Before filing the annual report, the holder of
property presumed abandoned under this Act shall communicate
with the owner at his last known address if any address is
known to the holder, setting forth the provisions hereof
necessary to occur in order to prevent abandonment from being
presumed. If the holder has not communicated with the owner
at his last known address at least 120 days before the
deadline for filing the annual report, the holder shall mail,
at least 60 days before that deadline, a letter by first
class mail to the owner at his last known address unless any
address is shown to be inaccurate, setting forth the
provisions hereof necessary to prevent abandonment from being
presumed.
(f) Verification, if made by a partnership, shall be
executed by a partner; if made by an unincorporated
association or private corporation, by an officer; and if
made by a public corporation, by its chief fiscal officer.
(g) Any person who has possession of property which he
has reason to believe will be reportable in the future as
unclaimed property, may report and deliver it prior to the
date required for such reporting in accordance with this
Section and is then relieved of responsibility as provided in
Section 14.
(h) (1) Records pertaining to presumptively abandoned
property held by a trust division or trust department or by a
trust company, or affiliate of any of the foregoing that
provides nondealer corporate custodial services for
securities or securities transactions, organized under the
laws of this or another state or the United States shall be
retained until the property is delivered to the State
Treasurer.
As of January 1, 1998, this subdivision (h)(1) shall not
be applicable unless the Department of Financial Institutions
has commenced, but not finalized, an examination of the
holder as of that date and the property is included in a
final examination report for the period covered by the
examination.
(2) In the case of all other holders commencing on the
effective date of this amendatory Act of 1993, property
records for the period required for presumptive abandonment
plus the 9 years immediately preceding the beginning of that
period shall be retained for 5 years after the property was
reportable.
(i) The State Treasurer may promulgate rules
establishing the format and media to be used by a holder in
submitting reports required under this Act.
(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly May 15, 2001.
Approved August 07, 2001.
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