TRANSMT MONEY ACT FEES INFO Senate SponsorsSen. Miguel del Valle, Martin A. Sandoval-Iris Y. Martinez-Antonio Munoz-Barack Obama, Kimberly A. Lightford, Jeffrey M. Schoenberg, Mattie Hunter and Rickey R. Hendon House Sponsors(Rep. Cynthia Soto-Karen A. Yarbrough-Patricia Bailey-William Delgado) 8/18/2003SenatePublic Act . . . . . . . . . 93-0535 205 ILCS 657/5205 ILCS 657/25205 ILCS 657/40205 ILCS 657/45205 ILCS 657/55205 ILCS 657/65205 ILCS 657/75205 ILCS 657/90205 ILCS 657/93 new30 ILCS 105/5.595 newAmends the Transmitters of Money Act. Includes stored value cards within the scope of the Act. Requires license applicants to submit fingerprints. Increases application and other fees. Increases penalties. Provides that a person who is unlicensed and who engages in conduct for which a license is required shall be liable to a consumer in an amount equal to 4 times the amount accepted for transmission. Requires licensees to submit additional information regarding proposed authorized sellers to the Department of Financial Institutions before the proposed authorized seller may act on behalf of the licensee. Requires licensees to file with the Department Cash Transaction Reports and Suspicious Activity Reports that are required to be filed with the federal government. Creates the TOMA Consumer Protection Fund as a special Fund in the State treasury. Provides for an assessment of $0.01 per money transmission to be paid into the Fund. Provides for moneys in the Fund to be used to reimburse consumers who suffer losses arising out of regulated transactions. Amends the State Finance Act to add the TOMA Consumer Protection Fund to the list of special funds. Effective July 1, 2003.Senate Committee Amendment No. 1 Deletes reference to:205 ILCS 657/5205 ILCS 657/25205 ILCS 657/40205 ILCS 657/45205 ILCS 657/55205 ILCS 657/65205 ILCS 657/75205 ILCS 657/90205 ILCS 657/93 new30 ILCS 105/5.595 newAdds reference to:205 ILCS 657/10Replaces everything after the enacting clause. Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.Senate Floor Amendment No. 2 Deletes reference to:205 ILCS 657/10Adds reference to:205 ILCS 657/5205 ILCS 657/37 new205 ILCS 657/65205 ILCS 657/90205 ILCS 657/93 new30 ILCS 105/5.595 newReplaces everything after the enacting clause. Amends the Transmitters of Money Act. Includes stored value cards within the scope of the Act. Provides that a person who is unlicensed and who engages in conduct for which a license is required shall be liable to the Department of Financial Institutions in an amount equal to the greater of $5,000 or 3 times the amount accepted for transmission. Requires an authorized seller to display a disclosure notice supplied by a licensee. Creates the TOMA Consumer Protection Fund as a special fund in the State treasury. Provides for moneys in the Fund to be used to reimburse consumers who suffer losses arising out of regulated transactions. Amends the State Finance Act to add the TOMA Consumer Protection Fund to the list of special funds.House Amendment No. 1 Further amends the Transmitters of Money Act. Excludes from the definition of "stored value card" transactions relating to returned merchandise. Makes changes concerning the information that must be contained in a disclosure notice. Provides that a stored value card does not need to bear the name of the licensee or a unique and consecutive number. Provides that an authorized seller does not need to record the face amount and serial number of a stored value card. Makes changes concerning the information that must be provided on or with the receipt that is issued to each person who delivers or deposits money with a licensee or authorized seller. 1/9/2003SenateFiled with Secretary by Sen. Miguel del Valle 1/9/2003SenateFirst Reading 1/9/2003SenateReferred to Rules 1/29/2003SenateAssigned to Financial Institutions 1/29/2003SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 1/29/2003SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez 1/29/2003SenateAdded as Chief Co-Sponsor Sen. Antonio Munoz 1/29/2003SenateAdded as Chief Co-Sponsor Sen. Barack Obama 2/3/2003SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford 2/26/2003SenateAdded as Co-Sponsor Sen. Jeffrey M. Schoenberg 2/27/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Miguel del Valle 2/27/2003SenateSenate Committee Amendment No. 1 Referred to Rules 2/27/2003SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions 2/28/2003SenateSenate Committee Amendment No. 1 Adopted 2/28/2003SenateDo Pass as Amended Financial Institutions; 008-000-000 2/28/2003SenatePlaced on Calendar Order of 2nd Reading March 4, 2003 3/6/2003SenateAdded as Co-Sponsor Sen. Mattie Hunter 3/24/2003SenateAdded as Co-Sponsor Sen. Rickey R. Hendon 4/2/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Miguel del Valle 4/2/2003SenateSenate Floor Amendment No. 2 Referred to Rules 4/2/2003SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions 4/2/2003SenateSenate Floor Amendment No. 2 Be Adopted Financial Institutions; 009-000-000 4/2/2003SenateSecond Reading 4/2/2003SenateSenate Floor Amendment No. 2 Adopted; del Valle 4/2/2003SenatePlaced on Calendar Order of 3rd Reading April 3, 2003 4/3/2003SenateThird Reading - Passed; 057-000-000 4/3/2003HouseArrived in House 4/3/2003HousePlaced on Calendar Order of First Reading 4/3/2003HouseChief House Sponsor Rep. Cynthia Soto 4/3/2003HouseFirst Reading 4/3/2003HouseReferred to Rules Committee 4/8/2003HouseAssigned to Executive Committee 4/29/2003HouseRe-assigned to Financial Institutions Committee 5/2/2003HouseCommittee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003 5/9/2003HouseDo Pass / Standard Debate Financial Institutions Committee; 010-000-000 5/9/2003HousePlaced on Calendar 2nd Reading - Standard Debate 5/13/2003HouseSecond Reading - Standard Debate 5/13/2003HousePlaced on Calendar Order of 3rd Reading - Standard Debate 5/16/2003HouseRecalled to Second Reading - Short Debate 5/16/2003HouseHeld on Calendar Order of Second Reading - Short Debate 5/20/2003HouseSecond Reading - Standard Debate 5/20/2003HousePlaced on Calendar Order of 3rd Reading - Standard Debate 5/21/2003HouseRecalled to Second Reading - Standard Debate 5/21/2003HouseHeld on Calendar Order of Second Reading - Standard Debate 5/21/2003HouseHouse Amendment No. 1 Filed with Clerk by Rep. Cynthia Soto 5/21/2003HouseHouse Amendment No. 1 Referred to Rules Committee 5/23/2003HouseThird Reading/Final Action Deadline Extended-9(b) May 31, 2003 5/27/2003HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 003-001-000 5/27/2003HouseSecond Reading - Standard Debate 5/27/2003HouseHouse Amendment No. 1 Adopted by Voice Vote 5/27/2003HousePlaced on Calendar Order of 3rd Reading - Standard Debate 5/28/2003HouseThird Reading - Standard Debate - Passed 070-043-003 5/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough 5/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Patricia Bailey 5/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. William Delgado 5/28/2003SenateSecretary's Desk - Concurrence House Amendment(s) 01 5/28/2003SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01 - May 29, 2003 5/28/2003SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Miguel del Valle 5/28/2003SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions 5/30/2003SenateHouse Amendment No. 1 Motion to Concur Be Adopted Financial Institutions; 007-000-000 5/30/2003SenateHouse Amendment No. 1 Senate Concurs 059-000-000 5/30/2003SenatePassed Both Houses 6/27/2003SenateSent to the Governor 8/18/2003SenateGovernor Approved 8/18/2003SenateEffective Date January 1, 2004 8/18/2003SenatePublic Act . . . . . . . . . 93-0535