Illinois Currency Exchange Bond

Currency Exchange Bond
Illinois legislatures have enacted a new bill concerning check sellers, money transmitters, small loan companies, etc. The bill is titled SB 87/HB 159 and boosts the surety bond required for community currency exchanges from $10,000 to $50,000. This affects establishments providing services for cashing checks, money orders, etc. The Director of Financial Institutions is authorized to require a larger bond, but it can’t surpass the exchange’s outstanding liabilities. SB 87/HB 159 also boosts the required amount of the blanket bond covering agents in a statewide agency from $2 million to $10 million.