205 ILCS 657

in effect

205 ILCS 657/1

(205 ILCS 657/1) (Section scheduled to be repealed on January 1, 2026) Sec. 1. Short title. This Act may be cited as the Transmitters of Money Act. (Source: P.A. 88-643, eff. 1-1-95. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/10

(205 ILCS 657/10) (Section scheduled to be repealed on January 1, 2026) Sec. 10.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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/30

(205 ILCS 657/30) (Section scheduled to be repealed on January 1, 2026) Sec. 30.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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/60

(205 ILCS 657/60) (Section scheduled to be repealed on January 1, 2026) 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: (1) General ledger records. (2) Settlement sheets received from authorized transmitter sellers. (3) All records of final entry. (4) Bank statements. (5) Bank reconciliation records. (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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/65

(205 ILCS 657/65) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/70

(205 ILCS 657/70) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/75

(205 ILCS 657/75) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/85

(205 ILCS 657/85) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/90 Enforcement

(205 ILCS 657/90) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/93 Consumer Protection Fund

(205 ILCS 657/93) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/94 Donations; Illinois DREAM Fund

(205 ILCS 657/94) (Section scheduled to be repealed on January 1, 2026) Sec. 94. Donations; Illinois DREAM Fund. (a) Licensees may offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM Fund. Licensees may present customers with the option to make a donation to the Illinois DREAM Fund before the customer completes the transaction. The amount of the donation shall be no less than $1 per transaction. The Department may adopt rules to administer, implement, and interpret the provisions of this Section, including, but not limited to, the amount of the donation options to be presented to customers, the manner and timing of receiving donations and remitting the donations to the Illinois DREAM Fund, and the methods by which the licensee may offer the option to donate to customers. Licensees shall not use, deduct, or retain any amounts from donations to the Illinois DREAM Fund, except any actual cost imposed by third-party payment processors to receive or remit the funds. (b) The Department shall provide to licensees under this Act electronic copies of all marketing materials created by the Illinois DREAM Fund Commission for licensees pursuant to subsection (e) of Section 67 of the Higher Education Student Assistance Act. (Source: P.A. 103-338, eff. 7-28-23. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/95 Rules

(205 ILCS 657/95) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/100

(205 ILCS 657/100) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/105 Sale of Exchange Act; Foreign Exchange License Act; existing licensees

(205 ILCS 657/105) (Section scheduled to be repealed on January 1, 2026) 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. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/900 The Foreign Exchange License Act is repealed

(205 ILCS 657/900) (Section scheduled to be repealed on January 1, 2026) Sec. 900. The Foreign Exchange License Act is repealed. (Source: P.A. 88-643, eff. 1-1-95. Repealed by P.A. 103-991, eff. 1-1-26.)

205 ILCS 657/905 The Sale of Exchange Act is repealed

(205 ILCS 657/905) (Section scheduled to be repealed on January 1, 2026) Sec. 905. The Sale of Exchange Act is repealed. (Source: P.A. 88-643, eff. 1-1-95. Repealed by P.A. 103-991, eff. 1-1-26.)