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1999 SESSION

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SB 1071 Money order sales; designation of payees.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Money order sales; designation of payees. Prohibits the sale of money orders with face amounts of $750 or more that do not specify the name of the payees. This bill is not applicable to travelers checks, electronic instruments, stored value products, or other similar instruments. Insured financial institutions are exempt from the provisions of the bill.

SUMMARY AS PASSED SENATE:

Money order sales; designation of payees. Prohibits the sale of money orders with face amounts of $750 or more that do not specify the name of the payees. This bill is not applicable to travelers checks, electronic instruments, stored value products, or other similar instruments. Insured financial institutions are exempt from the provisions of the bill.

SUMMARY AS INTRODUCED:

Money order sales; designation of payees. Prohibits the sale of money orders that do not specify the name of the payees. Money order sellers violating this provision may have their licenses revoked, and they are subject to penalties of up to $1,000 per day for each day any such violations continue.