Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 405/10

(205 ILCS 405/10) (from Ch. 17, par. 4817)

Sec. 10. Qualifications of applicant; denial of license; review.

The
applicant or its controlling persons shall be vouched for
by 2 reputable citizens of this State setting forth
that the individual mentioned is (a) personally known to them to be
trustworthy and reputable, (b) that he has business experience qualifying
him to competently conduct, operate, own or become associated with a
currency exchange, (c) that he has a good business reputation and is worthy
of a license. Thereafter, the Secretary shall, upon approval of the
application filed with him, issue to the applicant, qualifying under this
Act, a license to operate a currency exchange. If it is a license for a
community currency exchange, the same shall be valid only at the place of
business specified in the application. If it is a license for an ambulatory
currency exchange, it shall entitle the applicant to operate only at the
location or locations specified in the application, provided the applicant
shall secure separate and additional licenses for each of such locations.
Such licenses shall remain in full force and effect, until they are
surrendered by the licensee, or revoked, or expire, as herein provided. If
the Secretary shall not so approve, he shall not issue such license or
licenses and shall notify the applicant of such denial, retaining the full
investigation fee to cover the cost of investigating the community
currency exchange applicant. The
Secretary shall approve or deny every application hereunder within 90 days
from the filing of a complete application; except that in respect to an application by an
approved ambulatory currency exchange for a license with regard to a
particular location to be served by it, the same shall be approved or
denied within 20 days from the filing thereof. If the application is
denied, the Secretary shall send by United States mail notice of such denial
to the applicant at the address set forth in the application.

If an application is denied, the applicant may, within 10 days from the
date of the notice of denial, make written request to the Secretary for a
hearing on the application, and the Secretary shall set a time and place for
the hearing. The hearing shall be set for a date after the receipt by the
Secretary of the request for hearing, and written notice of the time and
place of the hearing shall be mailed to the applicant at least 15 days
before the date of the hearing. The applicant shall pay the actual cost of
making the transcript of the hearing prior to the Secretary's issuing his
decision following the hearing. If, following the hearing, the application
is denied, the Secretary shall, within 20 days thereafter prepare and keep
on file in his office a written order of denial thereof, which shall
contain his findings with respect thereto and the reasons supporting the
denial, and shall send by United States Mail a copy thereof to the
applicant at the address set forth in the application, within 5 days after
the filing of such order. A review of any such decision may be had as
provided in Section 22.01 of this Act.

(Source: P.A. 99-445, eff. 1-1-16.)