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| Public Act 100-0704 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Currency Exchange Act is amended by changing | ||||
Section 19.3 as follows:
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(205 ILCS 405/19.3) (from Ch. 17, par. 4838)
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Sec. 19.3. (A) The General Assembly hereby finds and | ||||
declares: community
currency exchanges and ambulatory currency | ||||
exchanges provide important and
vital services to Illinois | ||||
citizens. In so doing, they transact extensive
business | ||||
involving check cashing and the writing of money orders in | ||||
communities
in which banking services are generally | ||||
unavailable. Customers of currency
exchanges who receive these | ||||
services must be protected from being charged
unreasonable and | ||||
unconscionable rates for cashing checks and purchasing
money | ||||
orders. The Illinois Department of Financial and Professional | ||||
Regulation has the
responsibility for regulating the | ||||
operations of currency exchanges and has
the expertise to | ||||
determine reasonable maximum rates to be charged for check
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cashing and money order purchases. Therefore, it is in the | ||||
public interest,
convenience, welfare and good to have the | ||||
Department establish reasonable
maximum rate schedules for | ||||
check cashing and the issuance of money orders
and to require | ||||
community and ambulatory currency exchanges to prominently
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display to the public the fees charged for all services.
The | ||
Secretary shall review, each year, the cost of operation of the | ||
Currency
Exchange Section and the revenue generated from | ||
currency exchange
examinations and report to the General | ||
Assembly if the need exists for an
increase in the fees | ||
mandated by this Act to maintain the Currency Exchange Section
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at a fiscally self-sufficient level. The Secretary shall | ||
include
in such report the total amount of funds remitted to | ||
the State and delivered
to the State Treasurer by currency | ||
exchanges pursuant to the Revised Uniform
Unclaimed Property | ||
Act.
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(B) The Secretary shall, by rules adopted in accordance | ||
with the Illinois
Administrative Procedure Act, expeditiously | ||
formulate and issue schedules of
reasonable maximum rates which | ||
can be charged for check cashing and writing of
money orders by | ||
community currency exchanges and ambulatory currency | ||
exchanges.
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(1) In determining the maximum rate schedules for the | ||
purposes of this
Section the Secretary shall take into | ||
account:
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(a) Rates charged in the past for the cashing of | ||
checks and the issuance
of money orders by community | ||
and ambulatory currency exchanges.
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(b) Rates charged by banks or other business | ||
entities for rendering the
same or similar services and | ||
the factors upon which those rates are based.
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(c) The income, cost and expense of the operation | ||
of currency exchanges.
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(d) Rates charged by currency exchanges or other | ||
similar entities
located in other states for the same | ||
or similar services and the factors upon
which those | ||
rates are based.
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(e) Rates charged by the United States Postal | ||
Service for the issuing
of money orders and the factors | ||
upon which those rates are based.
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(f) A reasonable profit for a currency exchange | ||
operation.
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(g) The impact on consumers. | ||
(h) Whether the rate schedule will | ||
disproportionately impact anyone on the basis of any | ||
protected characteristic or category listed in | ||
subsection (Q) of Section 1-103 of the Illinois Human | ||
Rights Act as those terms are defined in that Section. | ||
(2)(a) The schedule of reasonable maximum rates | ||
established pursuant
to this Section may be modified by the | ||
Secretary from time to time pursuant
to rules adopted in | ||
accordance with the Illinois Administrative Procedure Act.
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(b) Upon the filing of a verified petition setting | ||
forth allegations
demonstrating reasonable cause to | ||
believe that the schedule of maximum rates
previously | ||
issued and promulgated should be adjusted, the Secretary | ||
shall
expeditiously:
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(i) reject the petition if it fails to demonstrate | ||
reasonable cause to
believe that an adjustment is | ||
necessary; or
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(ii) conduct such hearings, in accordance with | ||
this Section, as may be
necessary to determine whether | ||
the petition should be granted in whole or in
part.
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(c) No petition may be filed pursuant to subparagraph | ||
(a) of paragraph
(2) of subsection (B) unless:
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(i) at least nine months have expired since the | ||
last promulgation of
schedules of maximum rates; and
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(ii) at least one-fourth of all community currency | ||
exchange licensees
join in a petition or, in the case | ||
of ambulatory currency exchanges, a licensee
or | ||
licensees authorized to serve at least 100 locations | ||
join in a petition.
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(3) Any currency exchange may charge lower fees than | ||
those of the
applicable maximum fee schedule after filing | ||
with the Secretary a schedule of
fees it proposes to use.
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(Source: P.A. 100-22, eff. 1-1-18.)
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Section 99. Effective date. This Act takes effect June 1, | ||
2019.
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