97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3049

 

Introduced 2/23/2011, by Rep. Franco Coladipietro

 

SYNOPSIS AS INTRODUCED:
 
See Index

    Amends the Currency Exchange Act. Provides additional powers to a community or ambulatory currency exchange. Provides that a currency exchange, a group currency exchange, or an association of currency exchanges shall notify the Secretary of any additional activity, product, or service intended to be offered and the Secretary may charge an investigation fee of $500 to ensure the additional activity, product, or service is consistent with the Act. Increases a community exchange license application fee to $1,500 (up from $500). Provides that the Secretary may determine whether an application for a community exchange license may effect the financial stability of other community exchanges within a 2 mile radius if within the City of Chicago or 4 miles if outside the City of Chicago or any affected community currency exchange that may be serving the community in which the business of the applicant is proposing to be conducted. Provides qualifications for the applicants of a currency exchange license. Increases the amount of a surety bond a currency exchange shall file annually with and have approved by the Secretary to $50,000 (up from $10,000). Provides that an arbitrator shall conduct any hearings as provided for under the Act. Provides that all information collected by the Department under an examination or investigation of an ambulatory or community currency exchange shall be maintained for the confidential use by the Department and shall not be disclosed. Provides that an order issued by the Department against an ambulatory or community currency exchange shall be a public record. Makes other corresponding changes.


LRB097 08291 CEL 48418 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3049LRB097 08291 CEL 48418 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Currency Exchange Act is amended by changing
5Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5, 6, 7, 8,
610.1, 11, 12, 13, 13.1, 14, 15, 15.1, 15.1a, 15.1b, 15.1d,
715.2, 16, 17, 19, 19.3, 19.4, 20, 21, 22.01, 22.03, and 25 and
8by adding Sections 4.1a, 4.1b, and 29.5 as follows:
 
9    (205 ILCS 405/1)  (from Ch. 17, par. 4802)
10    Sec. 1. Definitions; application of Act. For the purposes
11of this Act:
12    "Community currency exchange" means any person, firm,
13association, partnership, limited liability company, or
14corporation, except an ambulatory currency exchange as
15hereinafter defined, banks incorporated under the laws of this
16State and National Banks organized pursuant to the laws of the
17United States, engaged in the business or service of, and
18providing facilities for, cashing checks, drafts, money orders
19or any other evidences of money acceptable to such community
20currency exchange, for a fee or service charge or other
21consideration, or engaged in the business of selling or issuing
22money orders under his or their or its name, or any other money
23orders (other than United States Post Office money orders,

 

 

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1Postal Telegraph Company money orders, or Western Union
2Telegraph Company money orders), or engaged in both such
3businesses, or engaged in performing any one or more of the
4foregoing services.
5    "Ambulatory Currency Exchange" means any person, firm,
6association, partnership, limited liability company, or
7corporation, except banks organized under the laws of this
8State and National Banks organized pursuant to the laws of the
9United States, engaged in one or both of the foregoing
10businesses, or engaged in performing any one or more of the
11foregoing services, solely on the premises of the employer
12whose employees are being served.
13    "Location" when used with reference to an ambulatory
14currency exchange means the premises of the employer whose
15employees are or are to be served by an ambulatory currency
16exchange.
17    "Secretary" means the Secretary of Financial and
18Professional Regulation.
19    "Director" means the Director of Financial Institutions.
20    Nothing in this Act shall be held to apply to any person,
21firm, association, partnership, limited liability company, or
22corporation who is engaged primarily in the business of
23transporting for hire, bullion, currency, securities,
24negotiable or non-negotiable documents, jewels or other
25property of great monetary value and who in the course of such
26business and only as an incident thereto, cashes checks,

 

 

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1drafts, money orders or other evidences of money directly for,
2or for the employees of and with the funds of and at a cost only
3to, the person, firm, association, partnership, limited
4liability company, or corporation for whom he or it is then
5actually transporting such bullion, currency, securities,
6negotiable or non-negotiable documents, jewels, or other
7property of great monetary value, pursuant to a written
8contract for such transportation and all incidents thereof, nor
9shall it apply to any merchant as that term is defined under
10the Check Cashing Act unless specifically provided for in the
11Act person, firm, association, partnership, limited liability
12company, or corporation engaged in the business of selling
13tangible personal property at retail who, in the course of such
14business and only as an incident thereto, cashes checks,
15drafts, money orders or other evidences of money.
16(Source: P.A. 90-545, eff. 1-1-98.)
 
17    (205 ILCS 405/2)  (from Ch. 17, par. 4803)
18    Sec. 2. License required; violation; injunction. No
19person, firm, association, partnership, limited liability
20company, or corporation shall engage in the business of a
21community currency exchange or in the business of an ambulatory
22currency exchange without first securing a license to do so
23from the Secretary Director.
24    Any person, firm, association, partnership, limited
25liability company, or corporation issued a license to do so by

 

 

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1the Secretary Director shall have authority to operate a
2community currency exchange or an ambulatory currency
3exchange, as defined in Section 1 hereof.
4    Any person, firm, association, partnership, limited
5liability company, or corporation licensed as and engaged in
6the business of a community currency exchange shall at a
7minimum offer the service of cashing checks, or drafts, or
8money orders, or any other evidences of money acceptable to
9such currency exchange.
10    No ambulatory currency exchange and no community currency
11exchange shall be conducted on any street, sidewalk or highway
12used by the public, and no license shall be issued therefor. An
13ambulatory currency exchange shall be required to and shall
14secure a license or licenses for the conduct of its business at
15each and every location served by it, as provided in Section 4
16hereof, whether the services at any such location are rendered
17for or without a fee, service charge or other consideration.
18Each plant or establishment is deemed a separate location. No
19license issued for the conduct of its business at one location
20shall authorize the conduct of its business at any other
21location, nor shall any license authorize the rendering of
22services by an ambulatory currency exchange to persons other
23than the employees of the employer named therein. If the
24employer named in such license shall move his business from the
25address therein set forth, such license shall thereupon expire,
26unless the Secretary Director has approved a change of address

 

 

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1for such location, as provided in Section 13.
2    Any person, firm, association, partnership, limited
3liability company, or corporation that violates this Section
4shall be guilty of a Class A misdemeanor, and the Attorney
5General or the State's Attorney of the county in which the
6violation occurs shall file a complaint in the Circuit Court of
7the county to restrain the violation.
8(Source: P.A. 90-545, eff. 1-1-98.)
 
9    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
10    Sec. 3. Powers of community currency exchanges.
11    (a) No community or ambulatory currency exchange shall be
12permitted to accept money or evidences of money as a deposit to
13be returned to the depositor or upon the depositor's order. No ;
14and no community or ambulatory currency exchange shall be
15permitted to act as bailee or agent for persons, firms,
16partnerships, limited liability companies, associations or
17corporations to hold money or evidences thereof or the proceeds
18therefrom for the use and benefit of the owners thereof, and
19deliver such money or proceeds of evidence of money upon
20request and direction of such owner or owners. Nothing in this
21Act shall prevent a currency exchange from accepting a post
22dated check so long as such check is immediately cashed and
23deposited in the ordinary course of business. ; provided, that
24nothing contained herein shall prevent a community or an
25ambulatory currency exchange from obtaining state automobile

 

 

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1and city vehicle licenses for a fee or service charge, or from
2rendering a photostat service, or from rendering a notary
3service either by the proprietor of the currency exchange or
4any one of its employees, authorized by the State of Illinois
5to act as a notary public, or from selling travelers cheques
6obtained by the currency exchange from a banking institution
7under a trust receipt, or from issuing money orders or from
8accepting for payment utility bills.
9    (b) A community or ambulatory currency exchange is
10permitted to engage in, and charge a fee for, the following
11activities, either directly or as a third party agent: (i)
12cashing of checks, drafts, money orders, or any other evidences
13of money acceptable to the currency exchange, (ii) selling or
14issuing money orders, (iii) obtaining reports, certificates,
15governmental permits licenses, and vital statistics and the
16preparation of necessary applications to obtain the same, (iv)
17the sale and distribution of bond cards, (v) obtaining,
18distributing, providing or selling: State vehicle registration
19renewals, title transfers and tax remittance forms, city
20vehicle licenses, and other governmental services, (vi)
21photostat and telefacsimile service, (vii) notary service
22either by the proprietor of the currency exchange or any one of
23its employees, authorized by the State to act as a notary
24public, (viii) issuance of travelers checks obtained by the
25currency exchange from a banking institution under a trust
26receipt, (ix) accepting for payment utility and other

 

 

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1companies' bills, (x) issuance and acceptance of any third
2party debit, credit or stored value card and loading or
3unloading and redemption of funds therefrom, (xi) on-premises
4automated teller machines, (xii) sale of rolled coin and paper
5money, (xiii) exchange of foreign currency through a third
6party, (xiv) sale of cards, passes, or tokens for public
7transit, (xv) providing mail box service, (xvi) sale of phones,
8phone cards, wireless, Internet, and telecommunication
9services, (xvii) on-premises public telephone, (xviii) sale of
10U.S. postage, (xix) money transmission through a licensed
11third-party money transmitter, (xx) sale of candy, gum, other
12packaged foods, soft drinks, and other products and services by
13means of vending machines and kiosks on its premises, (xxi)
14acquisition and purchase from consumers gold and precious
15metals, (xxii) advertising on and about the premises for any
16legal product or service that is not misleading to the public,
17(xxiii) sale of tangible personal property at retail in the
18course of such business and only as an incident thereto, (xxiv)
19participating and facilitating the distribution of funds and
20benefits through third-party or banking programs, and (xxv)
21sale of third-party insurance and other financial products and
22services.
23    (c) Any community or ambulatory currency exchange may enter
24into agreements an agreement with any utility and other
25companies to act as the companies' its agent for the acceptance
26of payment of utility and other companies' bills without charge

 

 

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1to the utility customer and, acting under such agreement, may
2receipt for payments in the names of the utility and other
3companies. Any community or ambulatory currency exchange may
4also receive payment of utility and other companies' bills for
5remittance to companies with which it has no such agency
6agreement and may charge a fee for such service but may not, in
7such cases, issue a receipt for such payment in the names of
8the utility and other companies. However, funds received by
9currency exchanges for remittance to utility and other
10companies with which the currency exchange has no agency
11agreement shall be forwarded to the appropriate utility and
12other companies by the currency exchange before the end of the
13next business day.
14    For the purposes of this Section "utility and other
15companies" means any utility company and other company that the
16currency exchange may or may not have a contractual agreement
17and for which the currency exchange accepts payments from
18consumers for remittance to the utility or other company for
19the payment of bills and financial products.
20(Source: P.A. 90-545, eff. 1-1-98.)
 
21    (205 ILCS 405/3.1)  (from Ch. 17, par. 4805)
22    Sec. 3.1. Nothing in this Act shall prevent a currency
23exchange from rendering State or Federal income tax services
24service; nor shall the rendering of such services service be
25considered a violation of this Act if such services are service

 

 

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1be rendered either by the proprietor, or any of his or her
2employees, or a third-party.
3    For the purposes of this Section, "tax service" does not
4include making or offering to make a refund anticipation loan
5as defined by the Tax Refund Anticipation Loan Disclosure Act.
6Nothing in this Act, however, shall prevent a currency exchange
7from permitting or contracting with, nor shall it prohibit, a
8third party tax preparer licensed by the Internal Revenue
9Service from occupying a portion of a currency exchange's
10unsecured premises from where it may, and shall be permitted
11to, render all federally approved income tax services.
12(Source: Laws 1949, p. 336.)
 
13    (205 ILCS 405/3.2)  (from Ch. 17, par. 4806)
14    Sec. 3.2. Community currency exchanges and ambulatory
15currency exchanges may engage in the distribution of
16Supplemental Nutrition Assistance Program (SNAP) benefits or
17their equivalent food stamps in accordance with such
18regulations as are made by the Secretary Director.
19(Source: P.A. 80-439.)
 
20    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
21    Sec. 3.3. Additional public services.
22    (a) Nothing in this Act shall prevent the Director from
23authorizing currency exchanges from engaging in additional
24activities or rendering to render additional products and

 

 

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1services to the public. In such case, a currency exchange, a
2group currency exchanges, or an association of currency
3exchanges shall notify the Secretary in writing of the
4additional activity, product, or service intended to be
5offered. The Secretary may charge an investigation fee of $500,
6and the investigation shall not exceed 45 days after it is
7discovered whether such additional activity, product, or
8service is consistent with the provisions of this Act. At the
9conclusion of the investigation, the Secretary shall promptly
10notify the requesting party in writing of his or her decision.
11Any approval under this Section shall be deemed an approval for
12all currency exchanges. In the event the Secretary finds
13against allowing any such additional activity, product, or
14service, the written notice shall be in accordance with
15subsection (b) of this Section. In the event the Secretary
16finds any activity, product, or service previously authorized
17under this Section to no longer be consistent with the
18provisions of this Act, the Secretary may move to revoke such
19authorization under this Section on 45 days' written notice to
20the currency exchanges, such notice to be in accordance with
21subsection (b) of this Section. If a currency exchange objects
22to the Secretary's finding against, or revocation of, the
23activity, product, or service, then the currency exchange may
24bring the matter to hearing as set forth in Section 10.1 of
25this Act and in the case of a revocation, the Secretary's
26revocation shall be stayed. if the services are consistent with

 

 

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1the provisions of this Act, are within its meaning, are in the
2best interest of the public, and benefit the general welfare.
3    (b) Any notice of denial or revocation under this Section
4shall contain: (i) a clear and concise description of the
5activity denied or revoked, (ii) the Secretary's opinion and
6reasoning as to why the activity should not be permitted,
7indicating with specificity how the activity is not consistent
8with the provisions of this Act, (iii) in the case of a
9revocation, a directive to cease the activity by a date
10certain, but in no case earlier than 45 days after the date of
11the notice, and (iv) in the case of a revocation, a statement
12that the Secretary's directive shall be stayed on receipt of an
13objection within 30 days after the date of the notice and then
14until a hearing may be held and the matter adjudicated under
15Section 10.1 of this Act. Nothing in this Act shall prevent a
16community currency exchange from selling candy, gum, other
17packaged foods, and soft drinks by means of vending machines on
18its premises.
19    (c) For the purposes of this Section, "consistent with the
20provisions of this Act" shall mean to have value to the public
21and demand by the community.
22(Source: P.A. 87-258; 88-583, eff. 8-12-94.)
 
23    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
24    Sec. 4. License application; contents; fees. Application
25for such license shall be in writing under oath and in the form

 

 

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1prescribed and furnished by the Secretary Director. Each
2application shall contain the following:
3    (a) The full name and address (both of residence and place
4of business) of the applicant, and if the applicant is a
5partnership, limited liability company, or association, of
6every member thereof, and the name and business address if the
7applicant is a corporation;
8    (b) The county and municipality, with street and number, if
9any, where the community currency exchange is to be conducted,
10if the application is for a community currency exchange
11license;
12    (c) If the application is for an ambulatory currency
13exchange license, the name and address of the employer at each
14location to be served by it; and
15    (d) The applicant's occupation or profession; a detailed
16statement of his business experience for the 10 years
17immediately preceding his application; a detailed statement of
18his finances; his present or previous connection with any other
19currency exchange; whether he has ever been involved in any
20civil or criminal litigation, and the material facts pertaining
21thereto; whether he has ever been committed to any penal
22institution or admitted to an institution for the care and
23treatment of mentally ill persons; and the nature of
24applicant's occupancy of the premises to be licensed where the
25application is for a community currency exchange license. If
26the applicant is a partnership, the information specified

 

 

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1herein shall be required of each partner. If the applicant is a
2corporation, the said information shall be required of each
3officer, director and stockholder thereof along with
4disclosure of their ownership interests. If the applicant is a
5limited liability company, the information required by this
6Section shall be provided with respect to each member and
7manager along with disclosure of their ownership interests.
8    A community currency exchange license application shall be
9accompanied by a fee of $1,500 $500 for the cost of
10investigating the applicant. If the ownership of a licensee
11changes, in whole or in part, a new application must be filed
12pursuant to this Section along with a $500 fee if the
13licensee's ownership interests have been transferred or sold to
14a new person or entity or a fee of $300 if the licensee's
15ownership interests have been transferred or sold to a current
16holder or holders of the licensee's ownership interests. When
17the application for a community currency exchange license has
18been approved by the Secretary Director and the applicant so
19advised, an additional sum of $500 $200 as an annual license
20fee for a period terminating on the last day of the current
21calendar year shall be paid to the Secretary Director by the
22applicant; provided, that the license fee for an applicant
23applying for such a license after July 1st of any year shall be
24$250 $100 for the balance of such year.
25    An application for an ambulatory currency exchange license
26shall be accompanied by a fee of $100, which fee shall be for

 

 

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1the cost of investigating the applicant. An approved applicant
2shall not be required to pay the initial investigation fee of
3$100 more than once. When the application for an ambulatory
4currency exchange license has been approved by the Secretary
5Director, and such applicant so advised, such applicant shall
6pay an annual license fee of $25 for each and every location to
7be served by such applicant; provided that such license fee for
8an approved applicant applying for such a license after July
91st of any year shall be $12 for the balance of such year for
10each and every location to be served by such applicant. Such an
11approved applicant for an ambulatory currency exchange
12license, when applying for a license with respect to a
13particular location, shall file with the Secretary Director, at
14the time of filing an application, a letter of memorandum,
15which shall be in writing and under oath, signed by the owner
16or authorized representative of the business whose employees
17are to be served; such letter or memorandum shall contain a
18statement that such service is desired, and that the person
19signing the same is authorized so to do. The Secretary Director
20shall thereupon verify the authenticity of the letter or
21memorandum and the authority of the person who executed it, to
22do so.
23(Source: P.A. 92-398, eff. 1-1-02.)
 
24    (205 ILCS 405/4.1)  (from Ch. 17, par. 4809)
25    Sec. 4.1. Application; investigation; community need.

 

 

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1    (a) The General Assembly finds and declares that community
2currency exchanges provide important and vital services to
3Illinois citizens, that the number of community currency
4exchanges should be limited in accordance with the needs of the
5communities they are to serve, and that it is in the public
6interest to promote and foster the community currency exchange
7business and to insure the financial stability thereof.
8    (b) Upon receipt of an application for a license for a
9community currency exchange, the Secretary Director shall
10cause an investigation to determine:
11        (1) of the need of the community for the establishment
12    of a community currency exchange at the location specified
13    in the application; and
14        (2) the effect that granting the license will have on
15    the financial stability of other community currency
16    exchanges within a radius from the proposed location of 2
17    miles if within the City of Chicago or 4 miles if outside
18    the City of Chicago or any affected currency exchange that
19    may be serving the community in which the business of the
20    applicant is proposed to be conducted.
21    (c) The investigation shall be completed within 60 days
22after receipt of a completed application. Within 10 business
23days after receipt of the application, the Secretary shall
24notify applicant of any deficiency in the application, and
25request any corrections to be made and submitted within 10
26business days or the application may be denied. Unless material

 

 

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1to the investigation, no deficiency shall delay the
2investigation and in the event of a delay, the applicant shall
3be so notified. Once the investigation is completed, it is
4final and the Secretary shall notify the applicant within 10
5business days. If the application is approved, the applicant
6may so rely and the license shall be immediately issue upon the
7submission of any remaining ministerial items required by the
8Secretary, but by nature could not be available until after the
9investigation and the application approved.
10    (d) "Community", as used in this Act, means a locality
11where there may or can be available to the people thereof the
12services of a community currency exchange reasonably
13accessible to them.
14    (e) "Needs and the convenience and advantage", as used in
15this Act, means the benefits that a community currency exchange
16may provide the community.
17    (f) If the issuance of a license to engage in the community
18currency exchange business at the location specified will not
19promote the needs and the convenience and advantage of the
20community in which the business of the applicant is proposed to
21be conducted or would have a material and negative effect upon
22the financial stability of an affected currency exchange as
23described in item (2) of subsection (b) of this Section, then
24the application shall be denied.
25    (g) As a part of the investigation, the Secretary shall,
26within 10 business days after receipt of an application, notify

 

 

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1in writing all affected currency exchanges as described in item
2(2) of subsection (b) of this Section of the application and
3the proposed location. Within 10 business days after said
4notice, any affected currency exchange may notify the Secretary
5it intends to protest the application and in which case must,
6within 30 days, provide the Secretary with any information to
7substantiate that granting the license would have a material
8and negative effect upon the financial stability of the
9affected currency exchange. Once the investigation is
10completed, the Secretary shall, within 10 business days, notify
11any affected currency exchange of his or her decision, and if
12approved, along with detail as to how he or she concluded that
13by granting the license, no affected currency exchange shall
14sustain a material and negative impact to its financial
15stability. Any affected currency exchange to have protested an
16application that the Secretary subsequently approves shall
17have standing to bring this matter to hearing under Section
1810.1 of this Act, during which the granting and issuance of the
19contested license shall be stayed.
20(Source: P.A. 83-652.)
 
21    (205 ILCS 405/4.1a new)
22    Sec. 4.1a. Qualifications of applicant; denial of license;
23review. The applicant, and its officers, directors, and
24stockholders, if a corporation, and its managers and members,
25if a liability company, shall be vouched for by 2 reputable

 

 

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1citizens of this State setting forth that the individual
2mentioned (i) is personally known to them to be trustworthy and
3reputable, (ii) has business experience qualifying him or her
4to competently conduct, operate, own, or become associated with
5a currency exchange, and (iii) has a good business reputation
6and is worthy of a license. The Secretary shall, on approval of
7the application filed with him or her, issue to the applicant,
8qualifying under this Act, a license to operate a currency
9exchange. If it is a license for a community currency exchange,
10the same shall be valid only at the place of business specified
11in the application. If it is a license for an ambulatory
12currency exchange, it shall entitle the applicant to operate
13only at the location or locations specified in the application,
14provided the applicant shall secure separate and additional
15licenses for each of the locations. The licenses shall remain
16in full force and effect until they are surrendered by the
17licensee, or revoked or expire as provided in this Act. If the
18Secretary shall not so approve, he or she shall not issue such
19license or licenses and shall notify the applicant of such
20denial, retaining the full investigation fee to cover the cost
21of investigating the community currency exchange applicant.
22The Secretary shall approve or deny every application within 60
23days after the filing of the application; except that in
24respect to an application by an approved ambulatory currency
25exchange for a license with regard to a particular location to
26be served by it, the same shall be approved or denied within 20

 

 

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1days after the filing the application. If the application is
2denied, the Secretary shall send by United States mail notice
3of such denial to the applicant at the address set forth in the
4application.
5    If an application is denied, the applicant may, within 10
6days after the date of the notice of denial, make written
7request to the Secretary for a hearing on the application, and
8the Secretary shall set a time and place for the hearing. The
9hearing shall be set for a date after the receipt by the
10Secretary of the request for hearing, and written notice of the
11time and place of the hearing shall be mailed to the applicant
12at least 15 days before the date of the hearing. The applicant
13shall pay the actual cost of making the transcript of the
14hearing prior to the Secretary's issuing his or her decision
15following the hearing. If, following the hearing, the
16application is denied, the Secretary shall, within 20 days
17prepare and keep on file in his or her office a written order
18of denial of the application, which shall contain his or her
19findings with respect to the application and the reasons
20supporting the denial, and shall send by United States mail a
21copy to the applicant at the address set forth in the
22application, within 5 days after the filing of such order. A
23review of any such decision may be had as provided in Section
2422.01 of this Act.
 
25    (205 ILCS 405/4.1b new)

 

 

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1    Sec. 4.1b. Licensee address. The applicant for a community
2currency exchange license shall have a permanent address as
3evidenced by a lease of at least 6 months duration or other
4suitable evidence of permanency, and the license issued,
5pursuant to the application shall be valid only at that address
6or any new address approved by the Secretary. A letter of
7intent for a lease shall suffice for inclusion with the
8application and evidence of an executed lease shall be
9considered ministerial in nature, to be furnished once the
10investigation is completed, the approval final, and prior to
11the issuance of the license.
 
12    (205 ILCS 405/4.2)  (from Ch. 17, par. 4810)
13    Sec. 4.2. Whensoever the ownership of any Currency
14Exchange, theretofore licensed under the provisions of this
15Act, shall be held or contained in any estate subject to the
16control and supervision of any Administrator, Executor or
17Guardian appointed, approved or qualified by any Court of the
18State of Illinois, having jurisdiction so to do, such
19Administrator, Executor or Guardian may, upon the entry of an
20order by such Court granting leave to continue the operation of
21such Currency Exchange, apply to the Secretary Director of
22Financial Institutions for a license under the provisions of
23this Act. When any such Administrator, Executor or Guardian
24shall apply for a Currency Exchange License pursuant to the
25provisions of this Section, and shall otherwise fully comply

 

 

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1with all of the provisions of this Act relating to the
2application for a Currency Exchange license, the Secretary
3Director may issue to such applicant a Currency Exchange
4license. Any Currency Exchange license theretofore issued to a
5Currency Exchange, for which an application for a license shall
6be sought under the provisions of this Section, if not
7previously surrendered, lapsed, or revoked, shall be
8surrendered, revoked or otherwise terminated before a license
9shall be issued pursuant to application made therefor under
10this Section.
11(Source: P.A. 92-16, eff. 6-28-01.)
 
12    (205 ILCS 405/4.3)  (from Ch. 17, par. 4811)
13    Sec. 4.3. Upon receipt of an application from an ambulatory
14currency exchange for the conduct of its business at a location
15to be served by it, the Secretary Director of Financial
16Institutions shall cause an investigation to be made to
17determine whether to issue said license. No fee shall be
18charged for the investigation of an application for a location
19license. The Secretary Director shall employ the following
20criteria in making his determination:
21    (1) the economic benefit and convenience to the persons to
22be served at the location for which a license has been
23requested;
24    (2) the effect that granting a license will have on the
25financial stability of community currency exchanges;

 

 

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1    (3) safety benefits, if any, which may accrue from the
2granting of the location license;
3    (4) the effects, if any, which granting of a license will
4have on traffic, and traffic congestion in the immediate area
5of the location to be served;
6    (5) such other factors as the Secretary Director shall deem
7proper and relevant.
8(Source: P.A. 85-1356.)
 
9    (205 ILCS 405/5)  (from Ch. 17, par. 4812)
10    Sec. 5. Bond; condition; amount.
11    (a) Before any license shall be issued to a community
12currency exchange the applicant shall file annually with and
13have approved by the Secretary Director a surety bond, issued
14by a bonding company authorized to do business in this State in
15the principal sum of $50,000 $10,000. Such bond shall run to
16the Secretary Director and shall be for the benefit of any
17creditors of such currency exchange for any liability incurred
18by the currency exchange on any money orders, including any
19fees and penalties not to exceed $25 per money order, incurred
20by the remitter should the money order be returned unpaid,
21issued, or sold by the currency exchange and for any liability
22incurred by the currency exchange for any sum or sums due to
23any payee or endorsee of any check, draft or money order left
24with the currency exchange for collection, and for any
25liability incurred by the currency exchange in connection with

 

 

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1the rendering of any of the services referred to in Section 3
2of this Act.
3    From time to time the Secretary Director may determine the
4amount of liabilities as described herein and shall require the
5licensee to file a bond in an additional sum if the same is
6determined to be necessary in accordance with the requirements
7of this Section. In no case shall the bond be less than the
8initial $50,000 $10,000, nor more than the outstanding
9liabilities.
10    (b) In lieu of the surety bond requirements of subsection
11(a), a community currency exchange licensee may submit evidence
12satisfactory to the Secretary Director that the community
13currency exchange licensee is covered by a blanket bond that
14covers multiple licensees who are members of a statewide
15association of community currency exchanges. Such a blanket
16bond must be issued by a bonding company authorized to do
17business in this State and in a principal aggregate sum of not
18less than $2,000,000.
19    (c) An ambulatory currency exchange may sell or issue money
20orders at any location with regard to which it is issued a
21license pursuant to this Act, including existing licensed
22locations, without the necessity of a further application or
23hearing and without regard to any exceptions contained in
24existing licenses, upon the filing with the Secretary Director
25of a surety bond approved by the Secretary Director and issued
26by a bonding company or insurance company authorized to do

 

 

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1business in Illinois, in the principal sum of $100,000. Such
2bond may be a blanket bond covering all locations at which the
3ambulatory currency exchange may sell or issue money orders,
4and shall run to the Secretary Director for the use and benefit
5of any creditors of such ambulatory currency exchange for any
6liability incurred by the ambulatory currency exchange on any
7money orders issued or sold by it. Such bond shall be renewed
8annually. If after the expiration of one year from the date of
9approval of such bond by the Secretary Director, it shall
10appear that the average amount of such liability during the
11year has exceeded $100,000, the Secretary Director shall
12require the licensee to furnish a bond for the ensuing year, to
13be approved by the Secretary Director, for an additional
14principal sum of $1,000 for each $1,000 of such liability or
15fraction thereof in excess of the original $100,000, except
16that the maximum amount of such bond shall not be required to
17exceed $250,000.
18(Source: P.A. 93-614, eff. 11-18-03.)
 
19    (205 ILCS 405/6)  (from Ch. 17, par. 4813)
20    Sec. 6. Insurance against loss.
21    (a) Every applicant for a license hereunder shall, after
22his application for a license has been approved, file with and
23have approved by the Secretary of Financial and Professional
24Regulation, a policy or policies of insurance issued by an
25insurance company or indemnity company authorized to do

 

 

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1business under the law of this State, which shall insure the
2applicant against loss by theft, burglary, robbery or forgery
3in a principal sum as hereinafter provided; if the average
4amount of cash and liquid funds to be kept on hand in the
5office of the community currency exchange during the year will
6not be in excess of $10,000 the policy or policies shall be in
7the principal sum of $10,000. If such average amount will be in
8excess of $10,000, the policy or policies shall be for an
9additional principal sum of $500 for each $1,000 or fraction
10thereof of such excess over the original $10,000. From time to
11time, the Secretary may determine the amount of cash and liquid
12funds on hand in the office of any community currency exchange
13and shall require the licensee to submit additional policies if
14the same are determined to be necessary in accordance with the
15requirements of this Section.
16    However, any community currency exchange licensed under
17this Act may meet the insurance bonding requirements of this
18subsection (a) by submitting evidence satisfactory to the
19Secretary that the licensee is covered by a blanket insurance
20policy bond that covers multiple licensees. The blanket
21insurance policy bond: (i) shall insure the licensee against
22loss by theft, robbery, or forgery; (ii) shall be issued by an
23insurance a bonding company authorized to do business in this
24State; and (iii) shall be in the principal sum of an amount
25equal to the maximum amount required under this Section for any
26one licensee covered by the insurance policy bond.

 

 

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1    Any such policy or policies, with respect to forgery, may
2carry a condition that the community currency exchange assumes
3the first $1,000 of each claim thereunder.
4    (b) Before an ambulatory currency exchange shall sell or
5issue money orders, it shall file with and have approved by the
6Secretary, a policy or policies of insurance issued by an
7insurance company or indemnity company authorized to do
8business under the laws of this State, which shall insure such
9ambulatory currency exchange against loss by theft, burglary,
10robbery, forgery or embezzlement in the principal sum of not
11less than $500,000. If the average amount of cash and liquid
12funds to be kept on hand during the year will exceed $500,000,
13the policy or policies shall be for an additional principal sum
14of $500 for each $1,000 or fraction thereof in excess of
15$500,000. From time to time the Secretary may determine the
16amount of cash and liquid funds kept on hand by an ambulatory
17currency exchange and shall require it to submit such
18additional policies as are determined to be required within the
19limits of this Section. No ambulatory currency exchange subject
20to this Section shall be required to furnish more than one
21policy of insurance if the policy furnished insures it against
22the foregoing losses at all locations served by it.
23    Any such policy may contain a condition that the insured
24assumes a portion of the loss, provided the insured shall file
25with such policy a sworn financial statement indicating its
26ability to act as self-insurer in the amount of such deductible

 

 

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1portion of the policy without prejudice to the safety of any
2funds belonging to its customers. If the Secretary is not
3satisfied as to the financial ability of the ambulatory
4currency exchange, he may require it to deposit cash or United
5States Government Bonds in the amount of part or all of the
6deductible portion of the policy.
7(Source: P.A. 94-538, eff. 1-1-06.)
 
8    (205 ILCS 405/7)  (from Ch. 17, par. 4814)
9    Sec. 7. Available funds; minimum amount. Each community
10currency exchange shall have, at all times, a minimum of
11$10,000 sum of its own cash funds available for the uses and
12purposes of its business and said minimum sum shall be
13exclusive of and in addition to funds received for exchange or
14transfer; and in addition thereto each such licensee shall at
15all times have on hand an amount of liquid funds sufficient to
16pay on demand all outstanding money orders issued by it. Prior
17to January 1, 1979, this minimum sum shall be $4,000. After
18January 1, 1979, this minimum sum shall be $5,000.
19    In the event a receiver is appointed in accordance with
20Section 15.1 of this Act, and the Secretary Director determines
21that the business of the currency exchange should be
22liquidated, and if it shall appear that the said minimum sum
23was not on hand or available at the time of the appointment of
24the receiver, then the receiver shall have the right to recover
25in any court of competent jurisdiction from the owner or owners

 

 

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1of such currency exchange, or from the stockholders and
2directors thereof if such currency exchange was operated by a
3corporation, or from the members if the currency exchange was
4operated as a limited liability company, said sum or that part
5thereof which was not on hand or available at the time of the
6appointment of such receiver. Nothing contained in this Section
7shall limit or impair the liability of any bonding or insurance
8company on any bond or insurance policy relating to such
9community currency exchange issued pursuant to the
10requirements of this Act, nor shall anything contained herein
11limit or impair such other rights or remedies as the receiver
12may otherwise have.
13(Source: P.A. 90-545, eff. 1-1-98.)
 
14    (205 ILCS 405/8)  (from Ch. 17, par. 4815)
15    Sec. 8. A community or an ambulatory currency exchange
16shall not be conducted as a department of another business. It
17must be an entity, financed and conducted as a separate
18business unit. This shall not prevent a community or an
19ambulatory currency exchange from leasing a part of the
20premises of another business, or a portion of a building, for
21the conduct of this business on the same premises so long as
22the secure portion of the currency exchange is inaccessible to
23the public and employees of another business; provided, that no
24community currency exchange shall be conducted on the same
25premises with a business whose chief source of revenue is

 

 

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1derived from the sale of alcoholic liquor for consumption on
2the premises. Nothing in this Act shall prevent a currency
3exchange from permitting or contracting with, nor shall it
4prohibit, a third-party from occupying a portion of a currency
5exchange's unsecured premises from where the third-party may,
6and shall be permitted to, render financial and related
7products and services ; provided, further, that no community
8currency exchange hereafter licensed for the first time shall
9share any room with any other business, trade or profession nor
10shall it occupy any room from which there is direct access to a
11room occupied by any other business, trade or profession.
12(Source: Laws 1951, p. 562.)
 
13    (205 ILCS 405/10.1)  (from Ch. 17, par. 4818)
14    Sec. 10.1. For the purposes of this Act, the Secretary
15Director, and the arbitrator hearing officer, as hereinafter
16provided, shall have power to require by subpoena the
17attendance and testimony of witnesses, and the production of
18all documentary evidence relating to any matter under hearing
19pursuant to this Act, and shall issue such subpoenas at the
20request of any interested party. The arbitrator hearing officer
21may sign subpoenas in the name of the Secretary Director.
22    Any The Director may, in his discretion, direct that any
23hearing pursuant to this Act, shall be administered through
24binding arbitration by an arbitrator mutually agreed to by the
25parties, or failing agreement within 30 days, by an arbitrator

 

 

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1chosen in accordance with the rules of the American Arbitration
2Association. The cost of the hearing shall be paid by the
3applicant, licensee, or party other than the Secretary,
4provided, however, that should the applicant, licensee, or
5other party prevail, he or she shall be entitled to recover
6from the Secretary the costs of the arbitration held before a
7competent and qualified agent of the Director, whom the
8Director shall designate as the hearing officer in such matter.
9The Secretary Director, and the arbitrator hearing officer, are
10hereby empowered to, and shall, administer oaths and
11affirmations to all witnesses appearing before them. The
12arbitrator hearing officer, upon the conclusion of the hearing
13before him or her, shall certify the evidence to the Secretary
14Director. The decision by the arbitrator shall be binding upon
15the parties.
16    All arbitrations shall be scheduled within 30 days after
17the request for a arbitration unless otherwise agreed to by the
18parties. The arbitration shall be held at the time and place
19designated by the Secretary.
20    Any Circuit Court of this State, within the jurisdiction of
21which such hearing is carried on, may, in case of contumacy, or
22refusal of a witness to obey a subpoena, issue an order
23requiring such witness to appear before the Secretary Director,
24or the hearing officer, or to produce documentary evidence, or
25to give testimony touching the matter in question; and any
26failure to obey such order of the court may be punished by such

 

 

HB3049- 31 -LRB097 08291 CEL 48418 b

1court as a contempt thereof.
2(Source: Laws 1957, p. 320.)
 
3    (205 ILCS 405/11)  (from Ch. 17, par. 4819)
4    Sec. 11. Such license, if issued for a community currency
5exchange, shall state the name of the licensee and the address
6at which the business is to be conducted. Such license, or its
7annual renewal, shall be kept conspicuously posted in the place
8of business of the licensee and shall not be transferable or
9assignable. If issued for an ambulatory currency exchange, it
10shall so state, and shall state the name and office address of
11the licensee, and the name and address of the location or
12locations to be served by the licensee, and shall not be
13transferable and assignable.
14(Source: Laws 1951, p. 562.)
 
15    (205 ILCS 405/12)  (from Ch. 17, par. 4820)
16    Sec. 12. If the Secretary Director shall find at any time
17that the bond required in Section 5 is insecure or exhausted or
18otherwise doubtful, an additional bond in like amount to be
19approved by the Secretary Director shall be filed by the
20licensee within 30 days after written demand therefore therefor
21upon the licensee by the Secretary Director.
22(Source: Laws 1957, p. 320.)
 
23    (205 ILCS 405/13)  (from Ch. 17, par. 4821)

 

 

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1    Sec. 13. No more than one place of business shall be
2maintained under the same community currency exchange license,
3but the Secretary Director may issue more than one license to
4the same licensee upon compliance with the provisions of this
5Act governing an original issuance of a license, for each new
6license.
7    Whenever a community currency exchange or an ambulatory
8currency exchange shall wish to change its name in its license,
9it shall file an application for approval thereof with the
10Secretary Director, and if the change is approved by the
11Secretary Director he or she shall attach to the license, in
12writing, a rider stating the licensee's new name.
13    If an ambulatory currency exchange has serviced a licensed
14location for 2 years or longer and the employer whose employees
15are served at that location has moved his or her place of
16business, the currency exchange may continue its service to the
17employees of that employer at the new address of that
18employer's place of business by filing a notice of the change
19of address with the Secretary Director and by relinquishing its
20license to conduct its business at the employer's old address
21upon receipt of a license to conduct its business at the
22employer's new address. Nothing in this Act shall preclude or
23prevent an ambulatory currency exchange from filing an
24application to conduct its business at the old address of an
25employer who moved his place of business after the ambulatory
26currency exchange receives a license to conduct its business at

 

 

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1the employer's new address through the filing of a notice of
2its change of address with the Secretary Director and the
3relinquishing of its license to conduct its business at the
4employer's old address.
5    Whenever a currency exchange wishes to make any other
6change in the address set forth in any of its licenses, it
7shall apply to the Secretary Director for approval of such
8change of address. Every application for approval of a change
9of address shall be treated by the Secretary Director in the
10same manner as is otherwise provided in this Act for the
11treatment of proposed places of business or locations as
12contained in new applications for licenses; and if any fact or
13condition then exists with respect to the application for
14change of address, which fact or condition would otherwise
15authorize denial of a new application for a license because of
16the address of the proposed location or place of business, then
17such application for change of address shall not be approved.
18Whenever a community currency exchange wishes to sell its
19physical assets, it may do so, however, if the assets are sold
20with the intention of continuing the operation of a community
21currency exchange, the purchaser or purchasers must first make
22application to the Secretary Director for licensure in
23accordance with Section Sections 4 and 10 of this Act. If the
24Secretary Director shall not so approve, he or she shall not
25issue such license and shall notify the applicant or applicants
26of such denial. The investigation fee for a change of location

 

 

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1is $500 shall be $75 on September 22, 1987 and until July 1,
21988, and $125 on July 1, 1988 and until July 1, 1989, and $150
3on and after July 1, 1989.
4    The provisions of Sections 4 and Section 10 with reference
5to notice, hearing and review apply to applications filed
6pursuant to this Section.
7(Source: P.A. 85-1209.)
 
8    (205 ILCS 405/13.1)  (from Ch. 17, par. 4822)
9    Sec. 13.1. Consolidation of business locations. Whenever 2
10or more licensees desire to consolidate their places of
11business, they shall make application for such consolidation to
12the Secretary Director upon a form provided by him or her. This
13application shall state: (a) the name to be adopted and the
14location at which the business is to be located, which name and
15location shall be the same as one of the consolidating
16licensees; (b) that the owners or all partners or all
17stockholders or all members, as the case may be, of the
18licensees involved in the contemplated consolidation, have
19approved the application; (c) a certification by the secretary,
20if any of the licensees be corporations, that the contemplated
21consolidation has been approved by all of the stockholders at a
22properly convened stockholders meeting; (d) other relevant
23information the Secretary Director may require. Simultaneously
24with the approval of the application by the Secretary Director,
25the licensee or licensees who will cease doing business shall:

 

 

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1(a) surrender their license or licenses to the Secretary
2Director; (b) transfer all of their assets and liabilities to
3the licensee continuing to operate by virtue of the
4application; (c) apply to the Secretary of State, if they be
5corporations, for surrender of their corporate charter in
6accordance with the provisions of the Business Corporation Act
7of 1983.
8    An application for consolidation shall be approved or
9rejected by the Secretary Director within 30 days after receipt
10by him of such application and supporting documents required
11thereunder. The Secretary may impose a consolidation fee of
12$100 per application.
13    Such consolidation shall not affect suits pending in which
14the surrendering licensees are parties; nor shall such
15consolidation affect causes of action nor the rights of persons
16in particular; nor shall suits brought against such licensees
17in their former names be abated for that cause.
18    Nothing contained herein shall limit or prohibit any action
19or remedy available to a licensee or to the Secretary Director
20under Sections 15, 15.1 to 15.1e or 15.2 of this Act.
21(Source: P.A. 90-545, eff. 1-1-98.)
 
22    (205 ILCS 405/14)  (from Ch. 17, par. 4823)
23    Sec. 14. Every licensee, shall, on or before November 15,
24pay to the Secretary Director the annual license fee or fees
25for the next succeeding calendar year and shall at the same

 

 

HB3049- 36 -LRB097 08291 CEL 48418 b

1time file with the Secretary Director the annual report
2required by Section 16 of this Act, and the annual bond or
3bonds, and the insurance policy or policies as and if required
4by this Act. The annual license fee for each community currency
5exchange is $300 shall be $150 on the effective date of this
6amendatory Act of 1987 and until January 1, 1989, and $180 on
7January 1, 1989 and until January 1, 1990, and $200 on and
8after January 1, 1990. The annual license fee for each location
9served by an ambulatory currency exchange shall be $25.
10(Source: P.A. 85-708.)
 
11    (205 ILCS 405/15)  (from Ch. 17, par. 4824)
12    Sec. 15. Fines; suspension; revocation.
13    (a) The Secretary Director may, upon 10 days notice to the
14licensee by United States mail directed to the licensee at the
15address set forth in the license, stating the contemplated
16action and in general the grounds therefor, and upon reasonable
17opportunity to be heard prior to such action, fine, suspend or
18revoke any license issued hereunder if he or she finds shall
19find that:
20        (1) the (a) The licensee has failed to pay the annual
21    license fee or to maintain in effect the required bond or
22    bonds or insurance policy or policies or to comply with any
23    order, decision, or finding of the Director made pursuant
24    to this Act; or that
25        (2) the (b) The licensee has failed to comply with any

 

 

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1    order, decision, finding, rule, regulation, or direction
2    of the Secretary lawfully made under the authority of this
3    Act;
4        (3) the licensee has violated any provision of this Act
5    or any regulation or direction made by the Secretary
6    Director under this Act; or that
7        (4) any (c) Any fact or condition exists which, if it
8    had existed at the time of the original application for
9    such license, would have warranted the Secretary Director
10    in refusing the issuance of the license; or that
11        (5) the (d) The licensee has not operated the currency
12    exchange or at the location licensed, for a period of 60
13    sixty consecutive days, unless the licensee was prevented
14    from operating during such period by reason of events or
15    acts beyond the licensee's control.
16    (b) The Secretary's authority to fine, suspend, or revoke
17under this Section is subject to the following:
18        (1) no less than 15 business days prior to any fine,
19    suspension, or revocation, the Secretary shall send to the
20    licensee a notice in writing, by registered mail at the
21    address set forth in the license or to such other address
22    or by method as previously designated by the licensee, of
23    any contemplated action;
24        (2) the notice shall state (i) the specific nature and
25    a clear and concise description of the violation, (ii) the
26    Sections or rules that have been violated, (iii) the

 

 

HB3049- 38 -LRB097 08291 CEL 48418 b

1    contemplated fine or action thereof, (iv) that the licensee
2    may, within 15 business days after the date of the notice,
3    request a hearing under Section 10.1 of this Act, (v) that
4    the licensee may, within 15 business days after receiving
5    the notice take corrective action to mitigate any fine or
6    contemplated action, and (vi) the specific corrective
7    action to be taken;
8        (3) in the event the licensee requests, in writing to
9    the Secretary and within 15 business days after receiving
10    the notice, a hearing on the fine or contemplated action,
11    the matter shall be heard under Section 10.1 of this Act,
12    any fines or contemplated action shall be stayed and no
13    fines shall accrue during the pendency of the hearing; and
14        (4) in the event the licensee takes the corrective
15    action set forth in the notice within the time specified,
16    the licensee shall so certify in writing to the Secretary
17    that may then confirm the corrective action by conducting a
18    follow-up investigation within 30 days after the date of
19    the certification and if the Secretary confirms the
20    corrective action is complete, the maximum fine assessed
21    shall not exceed $200, provided, however that corrective
22    action taken by a licensee shall not serve to mitigate any
23    contemplated fine or action if such violation is
24    substantially similar to a violation committed by the
25    licensee within the previous 36 months.
26    (c) Consistent with the provisions of this Act, the Prior

 

 

HB3049- 39 -LRB097 08291 CEL 48418 b

1to suspension or revocation of the licenses issued hereunder,
2the Secretary Director may but is not required to fine a
3licensee up to a maximum of $100 a day.
4    (d) The Secretary Director may fine, suspend or revoke only
5the particular license or licenses for particular places of
6business or locations with respect to which grounds for
7revocation may occur or exist; except that if he shall find
8that such grounds for revocation are of general application to
9all places of business or locations, or that such grounds for
10fines, suspension or revocation have occurred or exist with
11respect to a substantial number of places of business or
12locations, he may fine, suspend or revoke all of the licenses
13issued to such licensee.
14    (e) A licensee may surrender any license by delivering to
15the Secretary Director written notice that he, they or it
16thereby surrenders such license, but such surrender shall not
17affect such licensee's civil or criminal liability for acts
18committed prior to such surrender, or affect the liability on
19his, their or its bond or bonds, or his, their or its policy or
20policies of insurance, required by this Act, or entitle such
21licensee to a return of any part of the annual license fee or
22fees.
23    (f) Every license issued hereunder shall remain in force
24until the same shall expire, or shall have been surrendered,
25suspended or revoked in accordance with this Act, but the
26Secretary Director may on his own motion, issue new licenses to

 

 

HB3049- 40 -LRB097 08291 CEL 48418 b

1a licensee whose license or licenses shall have been revoked if
2no fact or condition then exists which clearly would have
3warranted the Secretary Director in refusing originally the
4issuance of such license under this Act.
5    (g) No license shall be revoked until the licensee has had
6notice of a hearing thereon and an opportunity to be heard.
7When any license is so revoked, the Secretary Director shall
8within twenty (20) days thereafter, prepare and keep on file in
9his office, a written order or decision of revocation which
10shall contain his findings with respect thereto and the reasons
11supporting the revocation and shall send by United States mail
12a copy thereof to the licensee at the address set forth in the
13license within five (5) days after the filing in his office of
14such order, finding or decision. A review of any such order,
15finding or decision may be had as provided in Section 22.01 of
16this Act.
17(Source: P.A. 80-1101.)
 
18    (205 ILCS 405/15.1)  (from Ch. 17, par. 4825)
19    Sec. 15.1. If the Secretary Director determines that any
20licensee is insolvent and or is violating this Act, or if the
21owner, executor, or successor in interest of a currency
22exchange abandons the currency exchange, time becomes of the
23essence and he or she shall immediately, and in no case more
24than 3 business days later, appoint a receiver, who shall,
25under his or her direction, for the purpose of receivership,

 

 

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1take possession of and title to the books, records and assets
2of every description of the community currency exchange. The
3Secretary may Director shall require of the receiver such
4security as he or she deems proper and, upon appointment of the
5receiver, shall have published, once each week for 4
6consecutive weeks in a newspaper having a general circulation
7in the community, a notice calling on all persons who have
8claims against the community currency exchange, to present them
9to the receiver.
10    Within 10 days after the receiver takes possession of the
11property, the licensee may apply to the Circuit Court of the
12county where the community currency exchange is located
13Sangamon County to enjoin further proceedings in the premises.
14    The receiver may operate the community currency exchange
15until the Secretary Director determines that possession should
16be restored to the licensee or that the business should be
17liquidated.
18(Source: Laws 1961, p. 3522.)
 
19    (205 ILCS 405/15.1a)  (from Ch. 17, par. 4826)
20    Sec. 15.1a. If the Secretary Director determines that a
21business in receivership should be liquidated, he shall direct
22the Attorney General to file a complaint in the Circuit Court
23of the county in which such community currency exchange is
24located, in the name of the People of the State of Illinois,
25for the orderly liquidation and dissolution of the community

 

 

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1currency exchange and for an injunction restraining the
2licensee or the officers and directors thereof from continuing
3the operation of the community currency exchange.
4    The receiver shall, 30 days from the day the Secretary
5Director determines that the business should be liquidated,
6file with the Secretary Director and with the clerk of such
7court as has charge of the liquidation, a correct list of all
8creditors who have not presented their claims. The list shall
9show the amount of the claim after allowing all just credits,
10deductions and set-offs as shown by the books of the currency
11exchange. These claims shall be deemed proven unless objections
12are filed by some interested party within the time fixed by the
13Secretary Director or court that has charge of the liquidation.
14(Source: P.A. 79-1361.)
 
15    (205 ILCS 405/15.1b)  (from Ch. 17, par. 4827)
16    Sec. 15.1b. Liquidation; distribution; priority. The
17General Assembly finds and declares that community currency
18exchanges provide important and vital services to Illinois
19citizens. The General Assembly also finds that in providing
20such services, community currency exchanges transact extensive
21business involving check cashing and the writing of money
22orders in communities in which banking services are generally
23unavailable. It is therefore declared to be the policy of this
24State that customers who receive these services must be
25protected from insolvencies of currency exchanges and

 

 

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1interruptions of services. To carry out this policy and to
2insure that customers of community currency exchanges are
3protected in the event it is determined that a community
4currency exchange in receivership should be liquidated in
5accordance with Section 15.1a of this Act, the Secretary
6Director shall make a distribution of moneys collected by the
7receiver in the following order of priority: First, allowed
8claims for the actual necessary expenses of the receivership of
9the community currency exchange being liquidated, including
10(a) reasonable receiver fees and receiver's attorney's fees
11approved by the Secretary Director, (b) all expenses of any
12preliminary or other examinations into the condition of the
13community currency exchange or receivership, (c) all expenses
14incurred by the Director which are incident to possession and
15control of any property or records of the community currency
16exchange, and (d) reasonable expenses incurred by the Director
17as the result of business agreements or contractual
18arrangements necessary to insure that the services of the
19community currency exchanges are delivered to the community
20without interruption. Said business agreements or contractual
21arrangements may include, but are not limited to, agreements
22made by the Director, or by the Receiver with the approval of
23the Director, with banks, money order companies, bonding
24companies and other types of financial institutions; Second,
25allowed claims by a purchaser of money orders issued on demand
26of the community currency exchange being liquidated; Third,

 

 

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1allowed claims arising by virtue of and to the extent of the
2amount a utility customer deposits with the community currency
3exchange being liquidated which are not remitted to the utility
4company; Fourth, allowed claims arising by virtue of and to the
5extent of the amount paid by a purchaser of Illinois license
6plates, vehicle stickers sold for State and municipal
7governments in Illinois, and temporary Illinois registration
8permits purchased at the currency exchange being liquidated;
9Fifth, allowed unsecured claims for wages or salaries,
10excluding vacation, severance and sick leave pay earned by
11employee earned within 90 days prior to the appointment of a
12Receiver; Sixth, secured claims; Seventh, allowed unsecured
13claims of any tax, and interest and penalty on the tax; Eighth
14Seventh, allowed unsecured claims other than a kind specified
15in paragraph one, two and three of this Section, filed with the
16Secretary Director within the time the Secretary Director fixes
17for filing claims; Ninth Eighth, allowed unsecured claims,
18other than a kind specified in paragraphs one, two and three of
19this Section filed with the Secretary Director after the time
20fixed for filing claims by the Secretary Director; Tenth Ninth,
21allowed creditor claims asserted by an owner, member, or
22stockholder of the community currency exchange in liquidation;
23Eleventh, (i) all expenses of any preliminary or other
24examinations into the condition of the community currency
25exchange or receivership, (ii) all expenses incurred by the
26Secretary that are incident to possession and control of any

 

 

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1property or records of the community currency exchange, and
2(iii) reasonable expenses incurred by the Secretary as the
3result of business agreements or contractual arrangements
4necessary to insure that the services of the community currency
5exchanges are delivered to the community without interruption.
6Said business agreements or contractual arrangements may
7include, but are not limited to, agreements made by the
8Secretary, or by the receiver with the approval of the
9Secretary, with banks, money order companies, bonding
10companies, and other types of financial institutions; Twelfth
11Tenth, after one year from the final dissolution of the
12currency exchange, all assets not used to satisfy allowed
13claims shall be distributed pro rata to the owner, owners,
14members, or stockholders of the currency exchange.
15    The Secretary Director shall pay all claims of equal
16priority according to the schedule set out above, and shall not
17pay claims of lower priority until all higher priority claims
18are satisfied. If insufficient assets are available to meet all
19claims of equal priority, those assets shall be distributed pro
20rata among those claims. All unclaimed assets of a currency
21exchange shall be deposited with the Secretary Director to be
22paid out by him or her when proper claims therefor are
23presented to the Secretary Director. If there are funds
24remaining after the conclusion of a receivership of an
25abandoned currency exchange, the remaining funds shall be
26considered unclaimed property and remitted to the State

 

 

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1Treasurer under the Uniform Disposition of Unclaimed Property
2Act.
3(Source: P.A. 90-545, eff. 1-1-98.)
 
4    (205 ILCS 405/15.1d)  (from Ch. 17, par. 4829)
5    Sec. 15.1d. At the close of a receivership, the receiver
6shall turn over to the Secretary Director all books of account
7and ledgers of such currency exchange for preservation. All
8records of such receiverships heretofore and hereafter
9received by the Secretary Director shall be held by him or her
10for a period of 2 years after the close of the receivership and
11at the termination of the 2 year period may then be destroyed.
12    All expenses of the receivership, including reasonable
13receiver's and attorney's fees approved by the Secretary
14Director, and all expenses of any preliminary or other
15examinations into the condition of the community currency
16exchange or receivership, and all expenses incident to the
17possession and control of any property or records of the
18community currency exchange incurred by the Secretary Director
19shall be paid out of the assets of the community currency
20exchange. The foregoing expenses shall be paid prior to and
21ahead of all claims.
22(Source: P.A. 83-345.)
 
23    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)
24    Sec. 15.2. No community currency exchange shall determine

 

 

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1its affairs and close up its business unless it shall first
2deposit with the Secretary Director an amount of money equal to
3the whole of its debts, liabilities and lawful demands against
4it including the costs and expenses of this proceeding, and
5shall surrender to the Secretary Director its community
6currency exchange license, and shall file with the Secretary
7Director a statement of termination signed by the licensee of
8such community currency exchange, containing a pronouncement
9of intent to close up its business and liquidate its
10liabilities, and also containing a sworn list itemizing in full
11all such debts, liabilities and lawful demands against it.
12Corporate licensees shall attach to, and make a part of such
13statement of termination, a copy of a resolution providing for
14the determination and closing up of the licensee's affairs,
15certified by the secretary of such licensee and duly adopted at
16a shareholders' meeting by the holders of at least two-thirds
17of the outstanding shares entitled to vote at such meeting.
18Upon the filing with the Secretary Director of a statement of
19termination the Secretary Director shall cause notice thereof
20to be published once each week for three consecutive weeks in a
21public newspaper of general circulation published in the city
22or village where such community currency exchange is located,
23and if no newspaper shall be there published, then in a public
24newspaper of general circulation nearest to said city or
25village; and such publication shall give notice that the debts,
26liabilities and lawful demands against such community currency

 

 

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1exchange will be redeemed by the Secretary Director on demand
2in writing made by the owner thereof, at any time within three
3years from the date of first publication. After the expiration
4of such three year period, the Secretary Director shall return
5to the person or persons designated in the statement of
6termination to receive such repayment and in the proportion
7therein specified, any balance of money then remaining in his
8possession, if any there be, after first deducting therefrom
9all unpaid costs and expenses incurred in connection with this
10proceeding. The Secretary Director shall receive for his
11services, exclusive of costs and expenses, two per cent of any
12amount up to $5,000.00, and one per cent of any amount in
13excess of $5,000.00, deposited with him hereunder by any one
14community currency exchange. Nothing contained herein shall
15affect or impair the liability of any bonding or insurance
16company on any bond or insurance policy issued under this Act
17relating to such community currency exchange.
18(Source: Laws 1957, p. 320.)
 
19    (205 ILCS 405/16)  (from Ch. 17, par. 4832)
20    Sec. 16. Annual report; investigation; costs.
21    (a) Each licensee shall annually, on or before the 1st day
22of March, file a report with the Secretary Director for the
23calendar year period from January 1st through December 31st,
24except that the report filed on or before March 15, 1990 shall
25cover the period from October 1, 1988 through December 31,

 

 

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11989, (which shall be used only for the official purposes of
2the Director) giving such relevant information as the Secretary
3Director may reasonably require concerning, and for the purpose
4of examining, the business and operations during the preceding
5fiscal year period of each licensed currency exchange conducted
6by such licensee within the State. Such report shall be made
7under oath and shall be in the form prescribed by the
8Secretary. The Secretary Director and the Director may at any
9time, and shall at least once in each year, investigate the
10currency exchange business of any licensee and of every person,
11partnership, association, limited liability company, and
12corporation who or which shall be engaged in the business of
13operating a currency exchange. For that purpose, the Secretary
14Director shall have free access to the offices and places of
15business and to such records of all such persons, firms,
16partnerships, associations, limited liability companies and
17members thereof, and corporations and to the officers and
18directors thereof that shall relate to such currency exchange
19business. The investigation may be conducted in conjunction
20with representatives of other State agencies or agencies of
21another state or of the United States as determined by the
22Secretary Director. The Secretary Director may at any time
23inspect the locations served by an ambulatory currency
24exchange, for the purpose of determining whether such currency
25exchange is complying with the provisions of this Act at each
26location served. The Secretary Director may require by subpoena

 

 

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1the attendance of and examine under oath all persons whose
2testimony he may require relative to such business, and in such
3cases the Secretary Director, or any qualified representative
4of the Secretary Director whom the Secretary Director may
5designate, may administer oaths to all such persons called as
6witnesses, and the Secretary Director, or any such qualified
7representative of the Secretary Director, may conduct such
8examinations, and there shall be paid to the Secretary Director
9for each such examination a fee of $250 $225 for each day or
10part thereof for each qualified representative designated and
11required to conduct the examination; provided, however, that in
12the case of an ambulatory currency exchange, such fee shall be
13$150 $75 for each day or part thereof and shall not be
14increased by reason of the number of locations served by it.
15    (b) All information collected by the Department under an
16examination or investigation of an ambulatory or community
17currency exchange, including, but not limited to, information
18collected to investigate any complaint against an ambulatory or
19community currency exchange filed with the Department, shall be
20maintained for the confidential use of the Department and shall
21not be disclosed. The Department may not disclose such
22information to anyone other than the licensee, law enforcement
23officials, or other regulatory agencies that have an
24appropriate regulatory interest as determined by the Secretary
25or to a party presenting a lawful subpoena to the Department.
26Information and documents disclosed to a federal, State,

 

 

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1county, or local law enforcement agency shall not be disclosed
2by the agency for any purpose to any other agency or person. An
3order issued by the Department against an ambulatory or
4community currency exchange shall be a public record and any
5documents produced in discovery, filed with the arbitrator, or
6introduced at a hearing shall be a public record, except as
7otherwise prohibited by law.
8(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
 
9    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
10    Sec. 17. A. (a) Every licensee shall keep and use in his or
11her business such books, accounts and records as will enable
12the Secretary Director to determine whether such licensee is
13complying with the provisions of this Act and with the rules,
14regulations and directions made by the Secretary Director
15hereunder.
16    (b) B. Each licensee shall record, electronically or
17otherwise, or cause to be recorded the following information
18with respect to each money order it sells or issues: (1) The
19amount; (2) the month and year of sale or issuance; and (3) the
20serial number.
21    Each licensee shall preserve the record required by this
22subsection for at least 5 17 years or until the money order to
23which it pertains is returned to the licensee. Each money order
24returned to the licensee shall be preserved for not less than 3
25years from the month and year of sale or issuance by the

 

 

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1licensee. The licensee shall keep the record, or an authentic
2microfilm copy thereof, required to be preserved by this
3subsection within this State state at a place readily
4accessible to the Secretary Director and his or her
5representatives. If a licensee sells or transfers his or her
6business at a location or an address, his or her obligations
7under this paragraph devolve upon the successor licensee and
8subsequent successor licensees, if any, at such location or
9address. If a licensee ceases to do business in this state, he
10or she shall deposit the records and money orders he or she is
11required to preserve, with the Secretary Director.
12(Source: Laws 1963, p. 1634.)
 
13    (205 ILCS 405/19)  (from Ch. 17, par. 4835)
14    Sec. 19. The Secretary Director may make and enforce such
15reasonable rules, relevant regulations, directions, orders,
16decisions, and findings as the execution and enforcement of the
17provisions of this Act require and as are not inconsistent
18within this Act may be necessary for the execution and
19enforcement of this Act and the purposes sought to be attained
20herein. All such rules regulations, directions, orders,
21decisions and findings shall be filed and entered by the
22Secretary Director in an indexed permanent book or record, or
23electronic record, with the effective date thereof suitably
24indicated, and such book or record shall be a public document.
25All rules regulations and directions, which are of a general

 

 

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1character, shall be made available in electronic form to all
2licensees within 10 days after filing and all licenses shall
3receive by mail notice of any changes printed and copies
4thereof mailed to all licensees within 10 days after filing as
5aforesaid. Copies of all findings, orders and decisions shall
6be mailed to the parties affected thereby by United States mail
7within 5 days of such filing.
8(Source: Laws 1957, p. 320.)
 
9    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
10    Sec. 19.3. (A) The General Assembly hereby finds and
11declares that : community currency exchanges and ambulatory
12currency exchanges provide important and vital services to
13Illinois citizens. In so doing, they transact extensive
14business involving check cashing and the writing of money
15orders in Illinois communities in which banking services are
16generally unavailable. Customers of currency exchanges who
17receive these services must be protected from being charged
18unreasonable and unconscionable rates for cashing checks and
19purchasing money orders. The Illinois Department of Financial
20and Professional Regulation Institutions has the
21responsibility for regulating the operations of currency
22exchanges and has the expertise to determine reasonable maximum
23rates to be charged for check cashing and money order
24purchases. Therefore, it is in the public interest,
25convenience, welfare and good to have the Department establish

 

 

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1reasonable maximum rate schedules for check cashing and the
2issuance of money orders and to require community and
3ambulatory currency exchanges to prominently display to the
4public the fees charged for all services. The Secretary
5Director shall review, each year, the cost of operation of the
6Currency Exchange Section Division and the revenue generated
7from currency exchange examinations and report to the General
8Assembly if the need exists for an increase in the fees
9mandated by this Act to maintain the Currency Exchange Section
10Division at a fiscally self-sufficient level. The Secretary
11Director shall include in such report the total amount of funds
12remitted to the State and delivered to the State Treasurer by
13currency exchanges pursuant to the Uniform Disposition of
14Unclaimed Property Act.
15    (B) The Secretary Director shall, by rules adopted in
16accordance with the Illinois Administrative Procedure Act,
17expeditiously formulate and issue schedules of reasonable
18maximum rates which can be charged for check cashing and
19writing of money orders by community currency exchanges and
20ambulatory currency exchanges.
21        (1) In determining the maximum rate schedules for the
22    purposes of this Section the Secretary Director shall take
23    into account:
24            (a) Rates charged in the past for the cashing of
25        checks and the issuance of money orders by community
26        and ambulatory currency exchanges.

 

 

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1            (b) Rates charged by banks or other business
2        entities for rendering the same or similar services and
3        the factors upon which those rates are based.
4            (c) The income, cost and expense of the operation
5        of currency exchanges.
6            (d) Rates charged by currency exchanges or other
7        similar entities located in other states for the same
8        or similar services and the factors upon which those
9        rates are based.
10            (e) Rates charged by the United States Postal
11        Service for the issuing of money orders and the factors
12        upon which those rates are based.
13            (f) A reasonable profit for a currency exchange
14        operation.
15        (2)    (a) The schedule of reasonable maximum rates
16    established pursuant to this Section may be modified by the
17    Secretary Director from time to time pursuant to rules
18    adopted in accordance with the Illinois Administrative
19    Procedure Act.
20        (b) Upon the filing of a verified petition setting
21    forth allegations demonstrating reasonable cause to
22    believe that the schedule of maximum rates previously
23    issued and promulgated should be adjusted, the Secretary
24    Director shall expeditiously:
25            (i) reject the petition if it fails to demonstrate
26        reasonable cause to believe that an adjustment is

 

 

HB3049- 56 -LRB097 08291 CEL 48418 b

1        necessary; or
2            (ii) conduct such hearings, in accordance with
3        this Section, as may be necessary to determine whether
4        the petition should be granted in whole or in part.
5        (c) No petition may be filed pursuant to subparagraph
6    (a) of paragraph (2) of subsection (B) unless:
7            (i) at least nine months have expired since the
8        last promulgation of schedules of maximum rates; and
9            (ii) at least one-fourth of all community currency
10        exchange licensees join in a petition or, in the case
11        of ambulatory currency exchanges, a licensee or
12        licensees authorized to serve at least 100 locations
13        join in a petition.
14    (3) Any currency exchange may charge lower fees than those
15of the applicable maximum fee schedule after filing with the
16Secretary Director a schedule of fees it proposes to use.
17(Source: P.A. 91-16, eff. 7-1-99.)
 
18    (205 ILCS 405/19.4)  (from Ch. 17, par. 4839)
19    Sec. 19.4. The fees charged by community and ambulatory
20currency exchanges for rendering any service authorized by this
21Act shall be prominently displayed on the premises of the
22community currency exchange or at the location served by the
23ambulatory currency exchange in such fashion as shall be
24required by the Secretary Director.
25(Source: P.A. 81-964.)
 

 

 

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1    (205 ILCS 405/20)  (from Ch. 17, par. 4840)
2    Sec. 20. Every person having taken an oath in any
3proceeding or matter wherein an oath is required by this Act,
4who shall swear willfully wilfully, corruptly or falsely in a
5matter material to the issue or point in question, or shall
6suborn any other person to swear as aforesaid, shall be guilty
7of perjury or subornation of perjury, as the case may be.
8(Source: Laws 1943, vol. 1, p. 233.)
 
9    (205 ILCS 405/21)  (from Ch. 17, par. 4841)
10    Sec. 21. Except as otherwise provided for in this Act,
11whenever the Secretary Director is required to give notice to
12any applicant or licensee, such requirement shall be complied
13with if, within the time fixed herein, such notice shall be
14sent via telefacsimile or enclosed in an envelope plainly
15addressed to such applicant or licensee, as the case may be, at
16the telephone number or address set forth in the application or
17license or as otherwise designated by the licensee, as the case
18may be, United States postage fully prepaid, and deposited,
19registered, in the United States mail.
20(Source: Laws 1957, p. 320.)
 
21    (205 ILCS 405/22.01)  (from Ch. 17, par. 4843)
22    Sec. 22.01. All final administrative decisions of the
23Secretary Director hereunder shall be subject to judicial

 

 

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1review pursuant to the provisions of the Administrative Review
2Law, and all amendments and modifications thereof, and the
3rules adopted pursuant thereto. The term "administrative
4decision" is defined as in Section 3-101 of the Code of Civil
5Procedure. The person seeking judicial review shall pay to the
6Secretary Director the costs of preparing and certifying the
7record of proceedings before the Secretary Director.
8(Source: P.A. 82-783.)
 
9    (205 ILCS 405/22.03)  (from Ch. 17, par. 4845)
10    Sec. 22.03. There shall be a Board of Currency Exchange
11Advisers composed of 7 members, no more than 4 of whom may be
12members of the same political party, to be appointed by the
13Governor as follows: 3 persons who are familiar with and
14associated in the field of currency exchanges, 2 of whom shall
15have been actively engaged in the management of currency
16exchanges for at least 5 years prior to the date of
17appointment; one person who is a public aid recipient at the
18time of appointment; and 3 persons who shall represent the
19public. In making the appointments of the members to represent
20the public, the Governor shall consider the needs of those
21people served by currency exchanges. A chairman of the Advisory
22Board shall be chosen bi-annually from the membership of the
23Advisory Board by a majority of the members of the Board at the
24first meeting of the Board in each odd numbered year. Initial
25members shall be appointed to the Board as follows:

 

 

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1    The Governor shall appoint a public aid recipient to the
2first vacancy among members representing the public that occurs
3or exists after the effective date of this amendatory Act of
41991.
5    Two members to serve until the third Monday in January,
61959;
7    Three members to serve until the third Monday in January,
81961.
9    As soon as may be practicable after the effective date of
10this amendatory Act of 1977, 2 persons shall be appointed as
11members representing the public, one for a term expiring on the
12third Monday in January, 1979 and one for a term expiring on
13the third Monday in January, 1981. When the terms of the
14members serving on the effective date of this amendatory Act
15expire in 1979 and 1981, one of those appointed as a successor
16member in each of those years shall be a member representing
17the public.
18    As terms of members so appointed expire, their successors
19shall be appointed for terms to expire the third Monday in
20January 4 years thereafter. All members shall serve until their
21respective successors are appointed and qualified.
22    Meetings of the Advisory Board created in this Act shall be
23held on the call of the Chairman thereof or upon call signed by
24any 5 members thereof, or upon call by the Secretary Director.
25A majority of the members of the Board shall constitute a
26quorum.

 

 

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1    Members of the Advisory Board shall receive no compensation
2for their services, but shall be reimbursed for necessary
3expenses.
4    In addition to the powers and duties created elsewhere in
5this Act, the Advisory Board shall have the following powers
6and duties:
7        (1) To obtain from the Secretary Director such reports
8    concerning the supervision and regulation of currency
9    exchanges as they consider desirable.
10        (2) To advise the Governor and the Secretary Director
11    on problems concerning currency exchanges.
12        (3) To foster the interest and cooperation of currency
13    exchanges in improvement of their services to the people of
14    the State of Illinois.
15        (4) To advise the Governor and the Secretary Director
16    upon appointments and employment of personnel in
17    connection with the supervision and regulation of currency
18    exchanges.
19(Source: P.A. 87-258.)
 
20    (205 ILCS 405/25)  (from Ch. 17, par. 4848)
21    Sec. 25. Any community currency exchange in existence upon
22the date of the passage of this Act shall be approved by the
23Secretary Director as to location, if all other requirements
24set forth in this Act shall have been complied with.
25(Source: Laws 1957, p. 320.)
 

 

 

HB3049- 61 -LRB097 08291 CEL 48418 b

1    (205 ILCS 405/29.5 new)
2    Sec. 29.5. Cease and desist against unlicensed activity.
3The Secretary may issue a cease and desist order to any person
4doing business without the required license when, in the
5opinion of the Secretary, the person is violating or is about
6to violate any provision of this Act or any rule or requirement
7imposed in writing by the Department.
8    The cease and desist order permitted by this Section may be
9prior to a hearing.
10    The Secretary shall serve notice of his or her action,
11including, but not limited to, a statement of reasons for the
12action, either personally or by certified mail, return receipt
13requested. Service by certified mail shall be deemed completed
14when notice is deposited in the U.S. mail.
15    Within 10 days after service of a cease and desist order
16under this Section, the person may request, in writing, a
17hearing under Section 10.1 of this Act. If it is determined
18that the Secretary has the authority to issue the cease and
19desist order under this Section, he or she may issue such
20orders as reasonably necessary to correct, eliminate, or remedy
21such conduct.
22    The powers vested in the Secretary by this Section are
23additional to any and all other powers and remedies vested in
24the Secretary by law, and nothing in this Section shall be
25construed as requiring that the Secretary shall employ the

 

 

HB3049- 62 -LRB097 08291 CEL 48418 b

1power conferred in this Section instead of or as a condition
2precedent to the exercise of any other power or remedy vested
3in the Secretary.
4    Any person doing business without the required license
5shall pay the actual costs of the hearing.
 
6    (205 ILCS 405/9 rep.)
7    (205 ILCS 405/10 rep.)
8    (205 ILCS 405/18 rep.)
9    Section 10. The Currency Exchange Act is amended by
10repealing Sections 9, 10, and 18.

 

 

HB3049- 63 -LRB097 08291 CEL 48418 b

1 INDEX
2 Statutes amended in order of appearance
3    205 ILCS 405/1from Ch. 17, par. 4802
4    205 ILCS 405/2from Ch. 17, par. 4803
5    205 ILCS 405/3from Ch. 17, par. 4804
6    205 ILCS 405/3.1from Ch. 17, par. 4805
7    205 ILCS 405/3.2from Ch. 17, par. 4806
8    205 ILCS 405/3.3from Ch. 17, par. 4807
9    205 ILCS 405/4from Ch. 17, par. 4808
10    205 ILCS 405/4.1from Ch. 17, par. 4809
11    205 ILCS 405/4.1a new
12    205 ILCS 405/4.1b new
13    205 ILCS 405/4.2from Ch. 17, par. 4810
14    205 ILCS 405/4.3from Ch. 17, par. 4811
15    205 ILCS 405/5from Ch. 17, par. 4812
16    205 ILCS 405/6from Ch. 17, par. 4813
17    205 ILCS 405/7from Ch. 17, par. 4814
18    205 ILCS 405/8from Ch. 17, par. 4815
19    205 ILCS 405/10.1from Ch. 17, par. 4818
20    205 ILCS 405/11from Ch. 17, par. 4819
21    205 ILCS 405/12from Ch. 17, par. 4820
22    205 ILCS 405/13from Ch. 17, par. 4821
23    205 ILCS 405/13.1from Ch. 17, par. 4822
24    205 ILCS 405/14from Ch. 17, par. 4823
25    205 ILCS 405/15from Ch. 17, par. 4824

 

 

HB3049- 64 -LRB097 08291 CEL 48418 b

1    205 ILCS 405/15.1from Ch. 17, par. 4825
2    205 ILCS 405/15.1afrom Ch. 17, par. 4826
3    205 ILCS 405/15.1bfrom Ch. 17, par. 4827
4    205 ILCS 405/15.1dfrom Ch. 17, par. 4829
5    205 ILCS 405/15.2from Ch. 17, par. 4831
6    205 ILCS 405/16from Ch. 17, par. 4832
7    205 ILCS 405/17from Ch. 17, par. 4833
8    205 ILCS 405/19from Ch. 17, par. 4835
9    205 ILCS 405/19.3from Ch. 17, par. 4838
10    205 ILCS 405/19.4from Ch. 17, par. 4839
11    205 ILCS 405/20from Ch. 17, par. 4840
12    205 ILCS 405/21from Ch. 17, par. 4841
13    205 ILCS 405/22.01from Ch. 17, par. 4843
14    205 ILCS 405/22.03from Ch. 17, par. 4845
15    205 ILCS 405/25from Ch. 17, par. 4848
16    205 ILCS 405/29.5 new
17    205 ILCS 405/9 rep.
18    205 ILCS 405/10 rep.
19    205 ILCS 405/18 rep.