Ill. Admin. Code tit. 38 § 120.60

Current through Register Vol. 48, No. 44, November 1, 2024

Section 120.60 - Money Orders

a) Paid money orders must be filed or searchable in numerical sequence.

b) No licensee shall issue any money order, except in payment of an obligation incurred by the licensee in the usual course of its Currency Exchange business, without concurrently receiving the face amount thereof in cash. Such cash may be the proceeds of the cashing by the licensee of a check, draft, money order, or other evidence of money.

c) No licensee shall issue any money order for the payment of any debt of obligation of the licensee incurred by it outside of the usual course of its Currency Exchange business nor as evidence of or security for such debt or obligation.

d) Money orders in each series sold by the Exchange must be issued in numerical order.

Ill. Admin. Code tit. 38, § 120.60

Amended at 9 Ill. Reg. 1358, effective January 17, 1985

Amended at 45 Ill. Reg. 9947, effective 7/26/2021