99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2955
 
Introduced 2/18/2016, by Sen. Jason A. Barickman
 
SYNOPSIS AS INTRODUCED:
 

 
    
20 ILCS 1205/16  from Ch. 17, par. 117
205 ILCS 405/14  from Ch. 17, par. 4823

     Amends the Financial Institutions Code. Creates a Supervisor of Consumer Credit and a Supervisor of Title Insurance. Removes the Supervisor of Consumer Finance Business and the Supervisor of Sales Finance Agencies. Amends the Currency Exchange Act. Removes language requiring a licensee to file an annual report, annual bonds, and insurance policies at the same time the licensee pays his or her annual license fees. Effective immediately.
  


LRB099 16517 SMS 40853 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB2955LRB099 16517 SMS 40853 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 Financial Institutions Code is amended  by 
5changing Section 16 as follows:
 



6    (20 ILCS 1205/16)  (from Ch. 17, par. 117)



7    Sec. 16. 
There shall be a Supervisor of Consumer Credit , a 
8Supervisor of Consumer Finance Businesses, a
Supervisor of 
9Sales Finance Agencies, a Supervisor of Currency Exchanges, a 
10Supervisor of Title Insurance,
and a Supervisor of Credit 
11Unions. The respective Supervisors Supervisor shall be 
12appointed by and
responsible to the Director and shall be 
13administratively responsible
within the Department for the 
14financial institutions and title insurance entities to which 
15their
appointments pertain.

16(Source: Laws 1967, p. 2211.)

 
17    Section 10. The Currency Exchange Act is amended  by 
18changing Section 14 as follows:
 


19    (205 ILCS 405/14)  (from Ch. 17, par. 4823)




20    Sec. 14. 
Every licensee, shall, on or before November 15, 
21pay to the
Secretary the annual license fee or fees for the 
 
 
SB2955- 2 -LRB099 16517 SMS 40853 b

1next succeeding calendar
year and shall at the same time file 
2with the Secretary the annual report
required by Section 16 of 
3this Act, and the annual bond or bonds, and the
insurance 
4policy or policies as and if required by this Act. The annual

5license fee for each community currency exchange shall be $400 
6for each licensee and $400 for each additional licensed 
7location. The annual
license fee for each location served by an 
8ambulatory currency exchange
shall be $25.

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

 
 
10    Section 99. Effective date. This Act takes effect upon 
11becoming law.