HB 239: Public Officials
This will allow for the State Treasurer to establish and administer a Home Savings Pool for first time home buyers. The State Treasurer would be authorized to receive endorsements paid into the Pool by a participant and could serve as the fiscal agent of the participant to hold and invest the Pool’s funds. The State Treasurer will be required to post a one million dollar bond to secure the faithful performance of his or her duties in connection with the Pool.
SB 87/HB 159: License Bond – Currency Exchanges
This will increase the amount of the license bond for community currency exchanges from 10K to 50K. This provides services for cashing checks, drafts, money orders or any other acceptable evidences of money. The Director of Financial Institutions is permitted to require a larger bond amount. This cannot exceed the exchanges outstanding liabilities. This bond secures any liability the exchange inherited on any money orders, and for any sums due for unpaid checks, draft or money orders left with the exchange for collection, and for any liability incurred in connection with the services permitted under current law. This new bill will clarify this to include the payment of any penalties and fees incurred by the remitter in the case that a money order is returned unpaid. Under current law an exchange is permitted to provide a blanket bond for all licensees belonging to a statewide association of exchanges. This bill will increase the required amount of the blanket bond from $2 million to $10 million.
Illinois HB 2956/SB 1539
Under this bill real estate appraisal management companies will be required to register and post a $25,000 surety bond. This will be conditioned upon the compliance with the law. This bond was created to ensure the recovery of expenses, fines or fees due to the Department of Financial and Professional Regulation.
SB 2091: Viatical Settlements Act
A Surety bond in the amount of $125,000 must be posted in order to insurance financial responsibility for licensed viatical settlement providers. This bond must be issued by an insurer authorized to issue surety bonds in that state. If the provider has proof that financial instruments have been filed in one or more states where the provider is licensed this can be accepted in lieu of a bond or other security. This stands as long as the instruments comply with the new law’s provisions. There are other acceptable forms of security such as cash, certificates of deposit, securities or a letter of credit. This law will be effective on July 1st, 2010.
SB 1704: Miscellaneous Bond
SB 1704 requires that resident funds that a facility’s employees handle against, loss, theft and insolvency be secured by posting a security bond by their facility. This law will be become effective on July 1, 2010.
HB 2284: Miscellaneous Bond
Under new enactment for HB 2284 will eliminate the current schedule of amounts for a surety bond or insurance policy. A scheduled amount was previously required under existing law for personal property warehouseman. This new law will work in compliance with the Illinois Commerce Commission to determine the amount that needs to be posted, rather than having a set statute. In previous law the amount was based on the size of the warehouse and would range from $5,000 to $25,000. This would also include an additional $5,000 for each additional $100,000 net square feet or net cubic feet of volume in the warehouse. This new law became effective on January 1, 2010.
HB 264: Depository Bond
The Illinois Urban Development Authority was created under HB 264. Under this it requires its depositories to post a surety bond. This surety bond must be issued in the condition of the safekeeping of money be deposited and also the repayment of the deposits. The minimum bond amount posted must be equal to at least the maximum sum expected to be on deposit at any given time.