90th General Assembly
Summary of SB0406
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Short description: 
CHECK PRINTER REGULATION                                                   

Synopsis of Bill as introduced:
        Amends the Check Number Act.  Changes  the  short  title  to  the      
   Check  Printer  and  Check  Number  Act.   Provides  that  persons not      
   affiliated with a financial institution and engaged in the business of      
   printing checks must register with the Commissioner of Banks and  Real      
   Estate.   Requires  these  check printers to verify the name, address,      
   telephone number, and social security number of check  purchasers  and      
   to  refuse  to  distribute ordered checks if the information cannot be      
   verified.  Requires these check printers to post a  bond.   Creates  a      
   civil cause of action for persons damaged by a check printer's failure      
   to verify.  Authorizes minimum damages of $1,000 plus attorneys' fees.      
   Provides  that  making a false statement on the registration form is a      
   Class 3 felony.  Effective immediately.                                     
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          205 ILCS 690/21 new                                                  
        Amends the Check Number Act. Expands the definition of "financial      
   institution" to include credit unions and entities of which  at  least      
   50%  is  owned by a financial institution. Authorizes the Commissioner      
   to impose and collect fees.                                                 
          FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate)                  
          The number of entities which would need to register under            
          SB406 is not known, but if one assumes that 200 check printers       
          would be registered, OBRE estimates start-up costs of about          
          $25,000, plus annual expenditures of $10,000 to contact regis-       
          trants, maintain files, print forms, issue certificates and          
          monitor compliance with bonding requirements. The bill autho-        
          rizes the Commissioner to impose and collect fees for the ad-        
          ministration of the Act.                                             
Last action on Bill: PUBLIC ACT.............................. 90-0184

   Last action date: 97-07-23

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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