Bill Status of HB0159 97th General Assembly
Short Description: CURRENCY EXCHANGE ACT-ADMIN
Rep. Monique D. Davis
(Sen. Jacqueline Y. Collins - Donne E. Trotter)
| 8/12/2011||House||Public Act . . . . . . . . . 97-0315|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.
House Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the introduced bill with the following changes. Makes changes in provisions concerning: definitions; powers of community currency exchanges; license application, contents, fees; bond, condition, amount; availability of funds, minimum amount; fines; licensee books, accounts, and records; and notice. Further amends the Currency Exchange Act to add provisions concerning license names and the Financial Institutions Fund. Effective January 1, 2012.
House Floor Amendment No. 3
Provides that a currency exchange, group of currency exchanges, or association of currency exchanges must request, in writing, the Secretary's approval of additional services prior to rendering such additional service to the public. Provides that any approval shall be deemed an approval for all currency exchanges and any currency exchange wishing to provide an additional service as approved by the Secretary must provide notice to the Secretary 30 days prior to offering the approved additional service to the public. Removes the provision that nothing in the Act shall prevent a community currency exchange from selling products by means of vending machines on its premises. Aggregates the amount of a blanket bond to $3,000,000 as of May 1, 2012, and not less than $4,000,000 as of May 1, 2014 (instead of $4,000,000). Provides a graduate scale for the annual license fee renewal. Removes the provision that prior to suspension or revocation of the licenses issued under the Act, the Director may fine a licensee up to $100 a day. Makes changes to the provisions concerning confidentiality and cease and desist orders. Makes other changes.
|Date||Chamber|| Action|| 1/13/2011||House||Filed with the Clerk by Rep. Monique D. Davis|| 1/18/2011||House||First Reading|| 1/18/2011||House||Referred to Rules Committee|| 2/8/2011||House||Assigned to Financial Institutions Committee|| 3/11/2011||House||House Committee Amendment No. 1 Filed with Clerk by Rep. Monique D. Davis|| 3/11/2011||House||House Committee Amendment No. 1 Referred to Rules Committee|| 3/15/2011||House||House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee|| 3/15/2011||House||House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote|| 3/15/2011||House||Do Pass as Amended / Short Debate Financial Institutions Committee; 017-002-001|| 3/16/2011||House||Placed on Calendar 2nd Reading - Short Debate|| 4/4/2011||House||House Floor Amendment No. 2 Filed with Clerk by Rep. Monique D. Davis|| 4/4/2011||House||House Floor Amendment No. 2 Referred to Rules Committee|| 4/5/2011||House||House Floor Amendment No. 3 Filed with Clerk by Rep. Monique D. Davis|| 4/5/2011||House||House Floor Amendment No. 3 Referred to Rules Committee|| 4/6/2011||House||House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000|| 4/7/2011||House||Second Reading - Short Debate|| 4/7/2011||House||House Floor Amendment No. 3 Adopted by Voice Vote|| 4/7/2011||House||Placed on Calendar Order of 3rd Reading - Short Debate|| 4/12/2011||House||Third Reading - Short Debate - Passed 071-042-000|| 4/12/2011||House||House Floor Amendment No. 2 Tabled Pursuant to Rule 40|| 4/12/2011||Senate||Arrive in Senate|| 4/12/2011||Senate||Placed on Calendar Order of First Reading|| 4/12/2011||Senate||Chief Senate Sponsor Sen. Jacqueline Y. Collins|| 4/12/2011||Senate||First Reading|| 4/12/2011||Senate||Referred to Assignments|| 4/27/2011||Senate||Assigned to Financial Institutions|| 5/5/2011||Senate||Do Pass Financial Institutions; 009-002-000|| 5/5/2011||Senate||Placed on Calendar Order of 2nd Reading May 6, 2011|| 5/6/2011||Senate||Second Reading|| 5/6/2011||Senate||Placed on Calendar Order of 3rd Reading May 10, 2011|| 5/17/2011||Senate||Added as Alternate Chief Co-Sponsor Sen. Donne E. Trotter|| 5/17/2011||Senate||Third Reading - Passed; 036-020-000|| 5/17/2011||House||Passed Both Houses|| 6/15/2011||House||Sent to the Governor|| 8/12/2011||House||Governor Approved|| 8/12/2011||House||Effective Date January 1, 2012|| 8/12/2011||House||Public Act . . . . . . . . . 97-0315|