102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2962

 

Introduced 2/19/2021, by Rep. Camille Y. Lilly

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 405/10  from Ch. 17, par. 4817
205 ILCS 405/3.2 rep.
205 ILCS 405/9 rep.

    Amends the Currency Exchange Act. Requires that an applicant for a license to operate a currency exchange must provide a statement that the business is in good standing with the State of Illinois and in compliance with the Department of Revenue. Repeals a provision that allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and a provision that prohibits community currency exchanges and ambulatory currency exchanges from issuing tokens to be used instead of money for the purchase of goods or services from any enterprise.


LRB102 13798 BMS 19148 b

 

 

A BILL FOR

 

HB2962LRB102 13798 BMS 19148 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
5changing Section 10 as follows:
 
6    (205 ILCS 405/10)  (from Ch. 17, par. 4817)
7    Sec. 10. Qualifications of applicant; denial of license;
8review. The applicant or its controlling persons shall be
9vouched for by 2 reputable citizens of this State setting
10forth that the individual mentioned is (a) personally known to
11them to be trustworthy and reputable, (b) that he has business
12experience qualifying him to competently conduct, operate, own
13or become associated with a currency exchange, and (c) that he
14has a good business reputation and is worthy of a license. The
15applicant shall also provide a statement that the business is
16in good standing with the State of Illinois and in compliance
17with the Department of Revenue. Thereafter, the Secretary
18shall, upon approval of the application filed with him, issue
19to the applicant, qualifying under this Act, a license to
20operate a currency exchange. If it is a license for a community
21currency exchange, the same shall be valid only at the place of
22business specified in the application. If it is a license for
23an ambulatory currency exchange, it shall entitle the

 

 

HB2962- 2 -LRB102 13798 BMS 19148 b

1applicant to operate only at the location or locations
2specified in the application, provided the applicant shall
3secure separate and additional licenses for each of such
4locations. Such licenses shall remain in full force and
5effect, until they are surrendered by the licensee, or
6revoked, or expire, as herein provided. If the Secretary shall
7not so approve, he shall not issue such license or licenses and
8shall notify the applicant of such denial, retaining the full
9investigation fee to cover the cost of investigating the
10community currency exchange applicant. The Secretary shall
11approve or deny every application hereunder within 90 days
12from the filing of a complete application; except that in
13respect to an application by an approved ambulatory currency
14exchange for a license with regard to a particular location to
15be served by it, the same shall be approved or denied within 20
16days from the filing thereof. If the application is denied,
17the Secretary shall send by United States mail notice of such
18denial to the applicant at the address set forth in the
19application.
20    If an application is denied, the applicant may, within 10
21days from the date of the notice of denial, make written
22request to the Secretary for a hearing on the application, and
23the Secretary shall set a time and place for the hearing. The
24hearing shall be set for a date after the receipt by the
25Secretary of the request for hearing, and written notice of
26the time and place of the hearing shall be mailed to the

 

 

HB2962- 3 -LRB102 13798 BMS 19148 b

1applicant at least 15 days before the date of the hearing. The
2applicant shall pay the actual cost of making the transcript
3of the hearing prior to the Secretary's issuing his decision
4following the hearing. If, following the hearing, the
5application is denied, the Secretary shall, within 20 days
6thereafter prepare and keep on file in his office a written
7order of denial thereof, which shall contain his findings with
8respect thereto and the reasons supporting the denial, and
9shall send by United States Mail a copy thereof to the
10applicant at the address set forth in the application, within
115 days after the filing of such order. A review of any such
12decision may be had as provided in Section 22.01 of this Act.
13(Source: P.A. 99-445, eff. 1-1-16.)
 
14    (205 ILCS 405/3.2 rep.)
15    (205 ILCS 405/9 rep.)
16    Section 10. The Currency Exchange Act is amended by
17repealing Sections 3.2 and 9.