Illinois Compiled Statutes
Chapter 205 - FINANCIAL REGULATION
205 ILCS 657/ - Transmitters of Money Act.

(205 ILCS 657/1)
Sec. 1.
Short title.
This Act may be cited as the Transmitters of Money Act.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/5)
Sec. 5.
Definitions.
As used in this Act, unless the context otherwise
requires, the words and phrases defined in this Section have the meanings
set forth in this Section.
"Authorized seller" means a person not an employee of a licensee who
engages in the business regulated by this Act on behalf of a licensee under
a contract between that person and the licensee.
"Bill payment service" means the business of transmitting money on behalf
of an Illinois resident for the purpose of paying the resident's bills.
"Controlling person" means a person owning or holding the power to vote
25% or more of the outstanding voting securities of a licensee or the power to
vote the securities of another controlling person of the licensee. For
purposes of determining the percentage of a licensee controlled by a
controlling person,
the person's interest shall be combined with the interest of any other
person controlled, directly or indirectly, by that person
or by a spouse, parent, or child of that person.
"Department" means the Department of Financial Institutions.
"Director" means the Director of Financial Institutions.
"Licensee" means a person licensed under this Act.
"Location" means a place of business at which activity regulated by this Act
occurs.
"Material litigation" means any litigation that, according to generally
accepted accounting principles, is deemed significant to a licensee's financial
health and would be required to be referenced in a licensee's annual audited
financial statements, reports to shareholders, or similar documents.
"Money" means a medium of exchange that is authorized or adopted by a
domestic or foreign government as a part of its currency and that is
customarily used and accepted as a medium of exchange in the country of
issuance.
"Money transmitter" means a person
who is located in or doing business in this State and who directly or through
authorized sellers does any of the
following in this State:
"Outstanding payment instrument" means, unless otherwise treated by or
accounted for under generally accepted accounting principles on the books of
the licensee, a payment instrument issued by the
licensee that has been sold in the United States directly by the licensee
or
has been sold in the United States by an
authorized seller of the licensee and reported
to the licensee as having been sold, but has not been paid by or for
the licensee.
"Payment instrument" means a check, draft, money order, traveler's check,
stored value card, or
other instrument or memorandum, written order or written receipt for the
transmission or payment of money sold or issued to one or more persons whether
or not that instrument or order is negotiable. Payment instrument does not
include an instrument that is redeemable by the issuer in merchandise or
service, a credit card voucher, or a letter of credit. A written order for the
transmission or payment of money that results in the issuance of a check,
draft, money order, traveler's check, or other instrument or memorandum is not
a
payment instrument.
"Person" means an individual, partnership, association, joint stock
association, corporation, or any other form of business organization.
"Stored value card" means any magnetic stripe card or other electronic
payment instrument given in exchange for
money and other similar consideration, including but not limited to
checks, debit payments, money orders, drafts, credit payments, and traveler's
checks,
where the card
or other
electronic payment instrument represents a dollar value that the
consumer can either use or give to another
individual.
"Transmitting money" means the transmission of money by any means, including
transmissions to or from locations within the United States or to and from
locations outside of the United States by payment instrument, facsimile or
electronic transfer, or otherwise, and includes bill payment
services.

(Source: P.A. 92-400, eff. 1-1-02; 93-535, eff. 1-1-04.)
 
(205 ILCS 657/10)
Sec. 10.
License required.
No person may engage in this State in the
business
of selling or issuing payment instruments, transmitting money, or
exchanging, for compensation, payment instruments or money of the United States
government or a foreign government to or from money of another government
without first obtaining a license under this Act. Separate licenses shall not
be
required, however, for persons acting as authorized sellers of licensees under
this Act.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/15)
Sec. 15. Exemptions. The following are exempt from the
licensing requirements of this Act:
 
(205 ILCS 657/20)
Sec. 20.
Qualifications for a license.
(a) In order to obtain a license
under this Act, an applicant must prove to the satisfaction of the Director all
of the following:
(b) The Director may, for good cause shown, waive the requirement of
items (3) and (4) of subsection (a) of this Section.

(Source: P.A. 92-400, eff. 1-1-02.)
 
(205 ILCS 657/25)
Sec. 25. Application for license.
(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:
(a-5) The proprietor, partner, officer, director, and controlling person of the applicant shall submit their fingerprints to the Illinois 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 Illinois State Police. These fingerprints shall be retained and checked against the Illinois State Police and Federal Bureau of Investigation criminal history record databases now and hereafter filed, including latent fingerprint searches. The Illinois 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 Illinois 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.

(Source: P.A. 102-538, eff. 8-20-21.)
 
(205 ILCS 657/30)
Sec. 30. Surety bond.
(a) An applicant for a license shall post and a
licensee must maintain with the Director a bond or bonds issued by corporations
qualified to do business as surety companies in this State.
(b) The applicant or licensee shall post a bond in the amount of $50,000 or an amount equal to 1% of all Illinois-based activity, whichever is greater, up to
a maximum amount of $2,000,000. When the amount of the required bond exceeds
$1,000,000, the applicant or licensee may, in the alternative, post a bond in
the amount of $1,000,000 plus a dollar for dollar increase in the net worth of
the applicant or licensee over and above the amount required in Section 20, up
to a total amount of $2,000,000.
(c) The bond must be in a form satisfactory to the Director and shall run
to the State of Illinois for the benefit of any claimant against the applicant
or licensee with respect to the receipt, handling, transmission, and payment
of money by the licensee or authorized seller in connection with the licensed
operations. A claimant damaged by a breach of the conditions of a
bond
shall have a right to action upon the bond for damages suffered thereby and
may bring suit directly on the bond, or the Director may bring suit on
behalf of the claimant.
(d) (Blank).
(e) (Blank).
(f) After receiving a license, the licensee must maintain
the required bond plus net worth (if applicable) until
5 years after it ceases to do business in this State unless all outstanding
payment instruments are eliminated or the provisions under the Revised Uniform
Unclaimed Property Act have become operative and are adhered to by the
licensee. Notwithstanding this provision, however, the amount required to be
maintained may be reduced to the extent that the amount of the licensee's
payment instruments outstanding in this State are reduced.
(g) If the Director at any time reasonably determines that the required bond
is insecure, deficient in amount, or
exhausted in
whole or in part, he may in writing require the filing of a new or supplemental
bond in order to secure compliance with this Act and may
demand compliance with the requirement within 30 days following
service on the licensee.

(Source: P.A. 100-22, eff. 1-1-18; 100-640, eff. 7-27-18.)
 
(205 ILCS 657/35)
Sec. 35.
Issuance of license.
(a) On the filing of a complete
application, the Director shall investigate the financial condition and
responsibility, financial and business experience, and character and general
fitness of the applicant. In his discretion, the Director may conduct an
on-site investigation of the applicant, the reasonable cost of which shall be
borne by the applicant. The Director shall issue a license to an applicant if
he finds that all of the following conditions are met:
(b) The license shall expire on
December 31 of each year unless renewed in accordance with this Act.
(c) If the Director finds that the applicant, for any reason, fails to meet
the requisite standards, he shall formally deny the applicant a license and
inform the applicant of its opportunity for a hearing.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/37)
Sec. 37.
Display of disclosure notice.
(a) Each authorized seller shall conspicuously display a
disclosure
notice supplied by the licensee; each licensee that transmits money directly
shall also conspicuously display a disclosure notice.
(b) The disclosure notice shall contain the following information:
(c) A licensee shall notify the Department within 30 days when an
authorized
seller is no longer an authorized seller for the licensee. An authorized seller
who has been terminated shall remove the disclosure notice from the premises
within 10 business days after such termination. A terminated
authorized seller who wilfully and knowingly refuses to remove the disclosure
notice within 10 business days of termination
commits a Class B misdemeanor.
(d) If a customer of a former authorized seller detrimentally relies on a
disclosure notice that was not removed, the former authorized seller shall be
civilly liable if the customer proves:
(1) that the
entity possessed the disclosure notice beyond 10 business days from the
termination of
authorization by the licensee, (2) that the entity held itself out as an
authorized seller,
without informing the customer that the seller was no longer authorized by the
licensee,
(3) that the customer justifiably relied upon the conspicuously displayed
disclosure notice
formerly provided by the licensee, and (4) that the
entity engaged in the business of transmitting money after its termination as
an authorized seller.
(e) As used in this Section, "civil liability" means liability for actual
loss,
reasonable attorney's fees, and costs.

(Source: P.A. 93-535, eff. 1-1-04.)
 
(205 ILCS 657/40)
Sec. 40.
Renewals of license.
As a condition for renewal of a license,
a
licensee must submit to the Director, and the Director must receive, on or
before December 1 of each year, an
application for renewal made in writing and under oath on a form
prescribed by the
Director. A licensee whose application for
renewal is not received by the Department on or
before December 31 shall not have its license renewed and
shall be required to submit to the Director an application for a new license in
accordance with Section 25. Upon a showing of good cause, the Director may
extend the deadline for the filing of an application for renewal. The
application for renewal of a license shall contain or be accompanied by all of
the
following:
(Source: P.A. 92-400, eff. 1-1-02.)
 
(205 ILCS 657/45)
Sec. 45. Fees.
(a) The Director shall charge and collect fees,
which shall be nonrefundable unless otherwise indicated, in accordance with the
provisions of this Act as follows:
(b) Beginning one year after the effective date of this Act,
the Director may, by rule, amend the fees set forth in this Section.
(c) All moneys received by the Department under this Act shall be deposited
into the Financial Institution Fund.

(Source: P.A. 98-463, eff. 8-16-13.)
 
(205 ILCS 657/50)
Sec. 50.
Permissible investments.
(a) A licensee shall maintain at all times permissible investments that
have an aggregate market value computed in accordance with generally accepted
accounting principles of not less than the aggregate amount of all its
outstanding payment instruments and other transfers, except to the extent the
amount is reduced from permissible investments under its method of accounting.
The permissible investments may be owned by the licensee and, the
investments, in an amount equal to the outstanding payment instruments issued
and sold in this State, even if commingled with other assets of the licensee,
shall be deemed by operation of law to be held in trust for the benefit of the
purchasers of the licensee's outstanding payment instruments in Illinois in the
event of the bankruptcy or insolvency of the licensee. Permissible investments
include, but are not limited to, all of the following unencumbered items:
(b) Notwithstanding any other provision of this Act, the Director, with
respect to any particular licensee or all licensees, may approve other
permissible investments or limit the extent to which any class of permissible
investments, except for money and certificates of deposit, may be considered a
permissible investment.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/55)
Sec. 55.
Reporting; examination; investigation.
(a) The Director may require from a licensee any reports, under penalty of
perjury, concerning the licensee's or its authorized seller's business
conducted
under the license issued under this Act that the Director considers
necessary for the enforcement of this Act.
(b) A licensee must report to the Director any change of its principal
place of business, or its headquarters office if different from its principal
place of business, even if located outside of this State and a change of any
other location
at which it or any of its authorized sellers are conducting business regulated
by this Act, within 15 days after the effective date of the change.
(c) A licensee must report to the Director any of the following
significant developments pertaining to it or any authorized seller within 15
days after the licensee has actual notice of its occurrence:
(d) A licensee that is a publicly traded corporation or a subsidiary of
a publicly traded corporation or a nonpublicly traded corporation must notify
the Director within 15 days whenever a person becomes a controlling person.
Upon notification, the Director may require all information he considers
necessary to determine if a new application is required. A licensee that is
an entity other than a corporation shall submit a new application to the
Director
seeking prior approval whenever a person proposes to become a controlling
person or acquire an ownership interest.
(e) The Director at any time either in person or through an appointed
representative may visit and examine a licensee or authorized seller.
Unless it will interfere with the Director's duties under this Act, reasonable
notice shall be given to the licensee or authorized seller. In conducting the
examination, the Director or appointed representative shall have full and free
access to all the books, papers, and records of the licensee that relate to its
business and to the books, papers, and records kept by any of its authorized
sellers and may examine the directors, officers, members, agents, and employees
of any licensee or authorized seller or any other person in relation to its
affairs, transactions, and condition.
(f) On-site examinations of licensees or authorized sellers prescribed by
this Act may be conducted in conjunction with representatives of other State
agencies or agencies of another state or of the United States, as determined by
the Director.
(g) For the purpose of defraying examination expenses incurred by the
Director, a licensee or authorized seller shall pay an examination fee
established by rule and
the actual expenses of the examination.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/60)
Sec. 60.
Records maintenance.
(a) A licensee shall keep and use in its business books, accounts, and
records in accordance with generally accepted accounting principles that will
enable the Director to determine whether the licensee is complying with the
provisions of this Act or any other Act the administration of which is vested
in the Director. A licensee shall preserve all of the following records or
such
data as may be in electronic or other retrievable form for at least 5 years:
(b) A licensee shall require and its authorized sellers must preserve
for at
least 5 years all documents relating to money transmission activities, unless
the data embodied in those documents has been transmitted for recordation by
the
licensee.
(c) The records of the licensee regarding the business regulated under this
Act shall be maintained at its principal place of business or, with notice to
the Director, at another location designated by the licensee. If the records
are maintained outside this State, the licensee shall make them accessible to
the Director.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/65)
Sec. 65.
Notice of source of instrument; transaction records.
(a) Every payment instrument other than a stored value card sold through
an authorized seller shall bear
the name of the licensee and a unique consecutive number clearly stamped or
imprinted on it. When an order for the transmission of money
results in the issuance of a payment instrument, both the order and the
payment
instrument may bear the same unique number.
(b) A licensee or authorized seller shall create a record, which may be
reduced to computer or other electronic medium, upon receiving any money from a
customer.
(c) For each payment instrument other than a stored value card sold, the
licensee shall require the
authorized seller to record the face amount
of the payment instrument and the serial number of the payment instrument.
(d) For each transmission of money, the licensee or authorized seller shall
record the date the money was received, the face amount of the payment
instrument, the name of the customer, the manner of transmission, including the
identity and location of any bank or other financial institution receiving or
otherwise involved in accomplishing the transmission, the location to which the
money is transmitted if different from the bank or other financial institution
required to be
recorded, the name of the intended recipient, and the date the
transmission was accomplished or the money was refunded to the customer due to
an
inability to transmit or failure of the intended recipient to receive or obtain
the money transmitted. The
transmission shall be made by the licensee or authorized seller within
3 business days after the receipt of the money to be transmitted. The
licensee or authorized seller, in addition to the records required to be kept,
shall issue a receipt to each person delivering or depositing money
with the licensee or authorized seller indicating the date of the transaction,
the face amount of the payment instrument, to whom the money is to be
transmitted, the service charge, and the name and address of the licensee or
authorized seller.
The receipt or a separate disclosure at the time of the money transmission
shall also include a statement of the licensee's refund procedures as well
as a toll-free telephone number for customer assistance. An inadvertent or
non-wilful failure to give a consumer the disclosure provided for in this
Section shall not constitute a violation of this Act.
The licensee or authorized seller shall keep a copy of
every receipt in a permanent record book or maintain the data embodied in the
receipt using photographic, electronic, or other means.
(e) For each exchange of money of the United States government or a foreign
government to or from money of another government, the licensee or authorized
seller shall record the date of the transaction, the amount of the transaction,
the amount of funds stated in currency received by the recipient, and
the rate of exchange at the time of the transaction. The licensee or
authorized seller, in addition to the records required to be kept, shall
issue a receipt to each person delivering or depositing money with the licensee
or authorized seller indicating the date of the transaction, the amount of the
transaction, the service charge, and the name and address of the licensee or
authorized seller making the transaction. The licensee or authorized seller
shall keep a copy of every receipt in a permanent record book or maintain data
embodied in the receipt using photographic, electronic, or
other means.
(f) Records required to be kept by the licensee or authorized seller under
this Act shall be preserved for at least 5 years or as required to
comply with any other Act the administration of which is vested in the
Director. The records shall be made available for examination in accordance
with Sections 55 and 60 of this Act.

(Source: P.A. 93-535, eff. 1-1-04.)
 
(205 ILCS 657/70)
Sec. 70.
Confidentiality of data.
(a) Reports of investigation and examination, other reports rendered
under this Act, and correspondence and memoranda concerning or arising
out of an investigation, examination, or report, including any copies
thereof, in the possession of the Director shall be confidential
communications, shall not be subject to disclosure under the Freedom of
Information Act, and shall not be made public unless the Director finds that
the ends of justice and the public advantage will be served by the disclosure.
Upon such finding, the Director may disclose, in whole or in part, any report
or
other
material referred to in this Section in the manner he
considers proper.
(b) The Director may release any of the information described in subsection
(a) to any agency of this
State, another state, or the United States when he finds that the ends of
justice and the public advantage will be served by the disclosure,
provided that the receiving agency has confidentiality procedures
comparable to those contained in this Act.
(c) The Director may release to the public a list of licensees and
aggregated financial data for the licensees.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/75)
Sec. 75.
Authorized sellers.
(a) A licensee may conduct the business regulated
under this Act at one or more locations in this State through authorized
sellers designated by the licensee.
(b) A licensee shall not allow a person to act as its authorized seller
until all applicable requirements of this Act have been complied with and the
name and address of the person, on a form prescribed by the Director, along
with all applicable fees have been submitted to the Department by the licensee.
(c) A licensee shall enter into a contract with its authorized
seller detailing the nature and scope of the relationship between the licensee
and the authorized seller. The contract between a licensee and an authorized
seller must require the authorized seller to operate in full compliance with
the laws of this State and of the United States.
The licensee shall provide the Director
with the sample written contract.
(d) The financial responsibility of a licensee for the actions of its
authorized seller shall not exceed the amount of funds received by the
authorized seller on behalf of its licensee for transmission.
(e) An authorized seller has an affirmative duty not to (1) commit fraud or
misrepresentation and (2) submit fraudulent statements to the licensee. A
licensee shall, as soon as practical, report to the Director and to any other
appropriate
official of this State or of the United States when it has probable cause to
believe an authorized seller has violated the affirmative duty set forth in
this subsection.
(f) The licensee shall require the authorized seller to hold in trust for
the licensee from the moment of receipt the proceeds of any business transacted
under this Act in an amount equal to the amount of proceeds due the
licensee less the amount due the authorized seller. The funds shall remain
the property of the licensee whether or not commingled by the authorized seller
with its own funds. In the event that the license is revoked by the Director,
all proceeds then held in trust by authorized sellers of that licensee shall be
deemed to have been assigned to the Director. If an
authorized seller fails to remit funds to the licensee in accordance with the
time
specified in its contract with the licensee, the licensee may bring
a civil action against the authorized seller for 3 times the actual damages.
The Director may provide by rule a maximum remittance time for authorized
sellers.
(g) A licensee shall, upon discovery, immediately report to the Director,
and an authorized seller, shall upon discovery, immediately report to its
licensee, the
theft or loss of any payment instrument from the licensee or authorized seller
in Illinois, having a value in excess of $100 or an aggregate value of $1,000
in any 3 month period.
(h) Upon suspension or revocation of a license, the failure of a licensee to
renew its license, or the denial of the renewal of a license, the licensee
shall
notify its authorized sellers of the Director's action and require them
to immediately cease operation as its authorized sellers.
(i) A licensee shall report the
removal of an authorized seller location or the termination of operations of an
authorized seller location
to the Director on a quarterly basis.
(j) No authorized seller shall act outside its scope of authority as defined
by this Act and by its contract with the licensee with regard to any
transaction regulated by this Act.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/80)
Sec. 80.
Revocation or suspension of licenses.
(a) The Director may suspend or revoke a license
if the Director finds any of the following:
(b) In every case in which a license is suspended or revoked or an
application
for a license or renewal of a license is denied, the Director shall serve
notice
of his action, including a statement of the reasons for his action, either
personally or by certified mail, return receipt requested.
Service by mail shall be deemed completed if the notice is deposited in the
post office, postage paid, addressed to the last known address specified in the
application for a license.
(c) In the case of denial of an application for a license or renewal of a
license, the applicant or licensee may request in writing, within 30 days after
the date of service, a hearing. In the case of a denial of an application for
renewal of a license, the expiring license shall be deemed to continue in force
until 30 days after the service of the notice of denial or, if a hearing is
requested during that period, until a final order is entered pursuant to a
hearing.
(d) The order of suspension or revocation of a license shall take effect
upon service of the order. The holder of any suspended or revoked
license may request in writing, within 30 days after the date of service, a
hearing. In
the event a hearing is requested, the order shall remain temporary until a
final order is entered pursuant to the hearing.
(e) The hearing shall be held at the time and place designated by
the Director in either the City of Springfield or the City of Chicago. The
Director and any administrative law judge designated by him shall have the
power to administer oaths and affirmations, subpoena witnesses and compel their
attendance, take evidence, authorize the taking of depositions, and require the
production of books, papers, correspondence, and other records or
information that he considers relevant or material to the inquiry.
(f) The Director may issue an order of suspension or revocation of a license
that takes effect upon service of the order and remains in
effect regardless of a request for a hearing when the Director finds that
the public welfare will be endangered if the licensee is permitted to continue
to operate the business regulated by this Act.
(g) The decision of the Director to deny any application for a license or
renewal of a license or to suspend or revoke a license is subject to
judicial review under the Administrative Review Law.
(h) The costs for administrative hearing shall be set by rule.
(i) Appeals from all final orders and judgments entered by the circuit court
under this Section in review of a decision of the Director may be taken as in
other civil actions by any party to the proceeding.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/85)
Sec. 85.
Liability of licensees.
A licensee is liable for the payment
of all moneys covered by payment instruments that it sells or issues in any
form in this State through its authorized sellers and all moneys it receives
itself or through its authorized sellers for transmission by any means whether
or not
any instrument is a negotiable instrument under the laws of this State.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/90)
Sec. 90. Enforcement.
(a) If it appears to the Director that a person
has committed or is about to commit a violation of this Act,
a rule promulgated under this Act, or an order of the Director, the Director
may apply to the circuit court for an order enjoining the person from violating
or continuing to violate this Act, the rule, or order and for
injunctive or other relief that the nature of the case may require and may,
in addition, request the court to assess a civil penalty up to $1,000
along with costs and attorney fees.
(b) If the Director finds, after an investigation that he considers
appropriate, that a licensee or other person is engaged in practices
contrary to this Act or to the rules promulgated under this Act, the Director
may issue an order directing the licensee or person to cease and desist the
violation. The Director may, in addition to or without the issuance of a cease
and desist order, assess an administrative penalty up to
$1,000 against a licensee for each violation of this Act or the rules
promulgated under this Act.
The issuance of an order under this Section shall not be a prerequisite to the
taking of any action by the Director under this or any other Section of this
Act. The Director shall serve notice of his action, including a statement of
the reasons for his actions, either personally or by certified mail, return
receipt requested. Service by mail shall be deemed completed if the notice is
deposited in the post office, postage paid, addressed to the last known address
for a license.
(c) In the case of the issuance of a cease and desist order or assessment
order, a hearing may be requested in writing within 30 days after the date of
service. The hearing shall be held at the time and place designated
by the Director in either the City of Springfield or the City of Chicago. The
Director and any administrative law judge designated by him shall have the
power to administer oaths and affirmations, subpoena witnesses and compel their
attendance, take evidence, authorize the taking of depositions, and require the
production of books, papers, correspondence, and other records or
information that he considers relevant or material to the inquiry.
(d) After the Director's final determination under a hearing under
this Section, a party to the proceedings whose interests are
affected by the Director's final determination shall be entitled to judicial
review of that final determination under the Administrative Review Law.
(e) The costs for administrative hearings shall be set by rule.
(f) Except as otherwise provided in this Act, a violation of
this Act shall subject the party violating it to a fine of $1,000 for
each offense.
(g) Each transaction in violation of this Act or the rules promulgated
under this Act and each day that a violation continues shall be a separate
offense.
(h) A person who engages in conduct requiring a license under this Act and
fails to obtain a license from the Director or knowingly makes a false
statement, misrepresentation, or false certification in an application,
financial statement, account record, report, or other document filed or
required to be maintained or filed under this Act or who knowingly makes a
false entry or omits a material entry in a document is guilty of a Class
3 felony.
(i) The Director is authorized to compromise, settle, and collect civil
penalties and administrative penalties, as set by rule, with any person for
violations of this Act or of any rule or order issued or
promulgated under this Act.
Any person who, without the required license, engages in conduct requiring a
license
under this Act shall be liable to the Department in an
amount equal to
the greater of (i) $5,000 or (ii) an amount of money accepted for transmission
plus an
amount equal to 3 times
the
amount accepted for transmission. The Department shall cause any funds so
recovered to be deposited in the TOMA Consumer Protection Fund.
(j) The Director may enter into consent orders at any time with a person
to resolve a matter arising under this Act. A consent order must be signed
by the person to whom it is issued and must indicate agreement to the terms
contained in it. A consent order need not constitute an admission by a
person that this Act or a rule or order issued or
promulgated under this Act has been violated, nor need it constitute a finding
by the Director that the person has violated this Act or a rule
or order promulgated under this Act.
(k) Notwithstanding the issuance of a consent order, the Director may seek
civil or criminal penalties or compromise civil penalties concerning matter
encompassed by the consent order unless the consent order by its terms
expressly precludes the Director from doing so.
(l) Appeals from all final orders and judgments entered by the circuit
court
under this Section in review of a decision of the Director may be taken as in
other civil actions by any party to the proceeding.

(Source: P.A. 100-201, eff. 8-18-17.)
 
(205 ILCS 657/92)
Sec. 92.
Receivership.
(a) If the Director determines that a licensee is insolvent or is violating
this Act, he or she may appoint a receiver. Under the direction of the
Director, the receiver shall, for the purpose of receivership, take possession
of and title to the books, records, and assets of the licensee. The Director
may require the receiver to provide security in an amount the Director deems
proper. Upon appointment of the receiver, the Director shall have published,
once each week for 4 consecutive weeks in a newspaper having a general
circulation in the community, a notice informing all persons who have claims
against the licensee to present them to the receiver. Within 10 days after
the receiver takes possession, the licensee may apply to the Circuit Court of
Sangamon County to enjoin further proceedings. The receiver may operate the
business until the Director determines that possession should be restored to
the licensee or that the business should be liquidated.
(b) If the Director determines that a business in receivership should be
liquidated, he or she shall direct the Attorney General to file a complaint in
the Circuit Court of the county in which the business is located, in the name
of the People of the State of Illinois, for the orderly liquidation and
dissolution of the business and for an injunction restraining the licensee and
its officers and directors from continuing the operation of the business.
Within 30 days after the day the Director determines that the business should
be liquidated, the receiver shall file with the Director and with the clerk of
the court that has charge of the liquidation a correct list of all creditors,
as shown by the licensee's books and records, who have not presented their
claims. The list shall state the amount of the claim after allowing all just
credits, deductions, and set-offs as shown by the licensee's books. These
claims shall be deemed proven unless some interested party files an objection
within the time fixed by the Director or court that has charge of the
liquidation.
(c) The General Assembly finds and declares that transmitters of money provide important and vital services to Illinois
citizens. It is therefore declared to be the policy of this State that
customers who receive these services must be protected from interruptions of
services. To carry out this policy and to insure that customers of a licensee
are protected if it is determined that a business in receivership should be
liquidated, the Director shall make a distribution of moneys collected by the
receiver in the following order of priority:
The Director shall pay all claims of equal priority according to the schedule
established in this subsection 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 licensee and the licensee's
business shall be deposited with the Director to be paid out when proper
claims are presented to the Director.
(d) Upon the order of the circuit court of the county in which the business
being liquidated is located, the receiver may sell or compound any bad or
doubtful debt, and on like order may sell the personal property of the business
on such terms as the court approves. The receiver shall succeed to whatever
rights or remedies the unsecured creditors of the business may have against
the owner or owners, operators, stockholders, directors, members, managers,
or officers, arising out of their claims against the licensee's business, but
nothing contained in this Section shall prevent those creditors from filing
their claims in the liquidation proceeding. The receiver may enforce those
rights or remedies in any court of competent jurisdiction.
(e) At the close of a receivership, the receiver shall turn over to the
Director all books of account and ledgers of the business for preservation.
The Director shall hold all records of receiverships received at any time for
a period of 2 years after the close of the receivership. The records may be
destroyed at the termination of the 2-year period. All expenses of the
receivership including, but not limited to, reasonable receiver's and
attorney's fees approved by the Director, all expenses of any preliminary
or other examinations into the condition of the licensee's business or the
receivership, and all expenses incident to the possession and control of any
property or records of the business incurred by the Director shall be paid out
of the assets of the licensee's business. These expenses shall be paid before
all other claims.
(f) Upon the filing of a complaint by the Attorney General for the orderly
liquidation and dissolution of a licensee's business, as provided in this Act,
all pending suits and actions upon unsecured claims against the business shall
abate. Nothing contained in this Act, however, prevents these claimants from
filing their claims in the liquidation proceeding. If a suit or an action is
instituted or maintained by the receiver on any bond or policy of insurance
issued pursuant to the requirements of this Act, the bonding or insurance
company sued shall not have the right to interpose or maintain any counterclaim
based upon subrogation, upon any express or implied agreement of, or right to,
indemnity or exoneration, or upon any other express or implied agreement with,
or right against, the licensee's business. Nothing contained in this Act
prevents the bonding or insurance company from filing this type of claim in
the liquidation proceeding.
(g) A licensee may not terminate its affairs and close up its business
unless it has first deposited with the Director an amount of money equal to all
of its debts, liabilities, and lawful demands against it including the costs
and expenses of a proceeding under this Section, surrendered to the Director
its license, and filed with the Director a statement of termination signed by
the licensee containing a pronouncement of intent to close up its business and
liquidate its liabilities and containing a sworn list itemizing in full all of
its debts, liabilities, and lawful demands against it. Corporate licensees
must attach to, and make a part of the statement of termination, a copy of a
resolution providing for the termination and closing up of the licensee's
affairs, certified by the secretary of the licensee and duly adopted at a
shareholders' meeting by the holders of at least two-thirds of the outstanding
shares entitled to vote at the meeting. Upon the filing with the Director of a
statement of termination, the Director shall cause notice of that action to be
published once each week for 3 consecutive weeks in a public newspaper of
general circulation published in the city or village where the business is
located, and if no newspaper is published in that place, then in a public
newspaper of general circulation nearest to that city or village. The
publication shall give notice that the debts, liabilities, and lawful demands
against the business will be redeemed by the Director upon demand in writing
made by the owner thereof, at any time within 3 years after the date of first
publication. After the expiration of the 3-year period, the Director shall
return to the person or persons designated in the statement of termination to
receive repayment, and in the proportion specified in that statement, any
balance of money remaining in his or her possession after first deducting all
unpaid costs and expenses incurred in connection with a proceeding under this
Section. The Director shall receive for his or her services, exclusive of costs
and expenses, 2% of any amount up to $5,000 and 1% of any amount in excess of
$5,000 deposited with him or her under this Section by any business. Nothing
contained in this Section shall affect or impair the liability of any bonding
or insurance company on any bond or insurance policy issued under this Act
relating to the business.

(Source: P.A. 92-400, eff. 1-1-02; 92-651, eff. 7-11-02.)
 
(205 ILCS 657/93)
Sec. 93. Consumer Protection Fund.
(a) A special income-earning fund is hereby
created
in the State treasury, known as the TOMA Consumer Protection Fund.
(b) All moneys paid into the fund together with all accumulated
undistributed income thereon shall be held as a special fund in the State
treasury. The fund shall be used solely for the purpose of providing
restitution to consumers who
have suffered monetary loss arising out of a transaction regulated by this Act.
(c) The fund shall be applied only to restitution when restitution has been
ordered by the Director. Restitution shall not exceed the amount actually lost
by the consumer.
The
fund shall not be used for the payment of any attorney or other fees.
(d) The fund shall be
subrogated to the amount of the restitution, and the Director shall request the
Attorney General to engage in all reasonable collection steps to collect
restitution from the party responsible for the loss and reimburse the fund.
(e) Notwithstanding any other provisions of this Section, the payment of
restitution from the fund shall be a matter of grace and not of right, and no
consumer shall have any vested rights in the fund as a beneficiary or
otherwise. Before seeking restitution from the fund, the consumer or
beneficiary seeking payment of restitution shall apply for restitution on a
form provided by the Director. The form shall include any information the
Director may reasonably require in order to determine that restitution is
appropriate.
(f) Notwithstanding any other provision of this Section, moneys in the TOMA Consumer Protection Fund may be transferred to the Professions Indirect Cost Fund, as authorized under Section 2105-300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.

(Source: P.A. 93-535, eff. 1-1-04; 94-91, eff. 7-1-05.)
 
(205 ILCS 657/95)
Sec. 95.
Rules.
The Director may adopt rules as needed to implement,
interpret, and enforce the provisions of this Act.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/100)
Sec. 100.
Consent to service of process.
(a) A licensee, before doing business in this State, shall appoint the
Director its true and lawful attorney-in-fact upon whom all lawful process in
any action or legal proceeding against it may be served and shall agree that
any lawful process against it that may be served upon its attorney shall be of
the same force and validity as if served on itself. The consent to the
service of process shall be in the form prescribed by the Director, shall be
irrevocable, and shall provide that actions or proceedings arising out of or
founded upon the conduct of the licensee's business may be commenced against
the licensee
in any court of competent jurisdiction and proper venue within this State by
the service of process or other notice of the institution of proceedings on the
Director.
(b) Service of process or other notice, accompanied by the fee
provided in Section 45, shall be by duplicate copies, one of which shall
be filed with the Director and the other forwarded by the Director within
5 business days by certified mail with a return receipt to the licensee against
whom the process or other notice is directed at its latest address on file
with the Department.
(c) No judgment shall be entered against a licensee pursuant to service
upon the Director until at least 30 days have elapsed after process or
notice has been served on the Director.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/105)
Sec. 105.

Sale of Exchange Act; Foreign Exchange License Act; existing
licensees. Notwithstanding any other provision of this
Act, licensees under the Sale of Exchange Act or the Foreign
Exchange License Act in good standing on the effective date of this Act shall
be licensed under
this Act
upon the filing of and approval by the Department of a renewal application in
accordance with Section 40 of this Act.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/900)
Sec. 900.
The Foreign Exchange License Act is repealed.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/905)
Sec. 905.
The Sale of Exchange Act is repealed.

(Source: P.A. 88-643, eff. 1-1-95.)
 
(205 ILCS 657/910)
Sec. 910.
(Amendatory provisions; text omitted).

(Source: P.A. 88-643, eff. 1-1-95; text omitted.)
 
(205 ILCS 657/915)
Sec. 915.
(Amendatory provisions; text omitted).

(Source: P.A. 88-643, eff. 1-1-95; text omitted.)
 
(205 ILCS 657/930)
Sec. 930.
(Amendatory provisions; text omitted).

(Source: P.A. 88-643, eff. 1-1-95; text omitted.)
 
(205 ILCS 657/935)
Sec. 935.
(Amendatory provisions; text omitted).

(Source: P.A. 88-643, eff. 1-1-95; text omitted.)
 
(205 ILCS 657/940)
Sec. 940.
(Amendatory provisions; text omitted).

(Source: P.A. 88-643, eff. 1-1-95; text omitted.)

Structure Illinois Compiled Statutes