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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Currency Exchange Act is amended by changing | |||||||||||||||||||
5 | Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5, 6, 7, 10, | |||||||||||||||||||
6 | 12, 13, 13.1, 14, 15, 15.1, 15.1a, 15.1b, 15.1d, 15.2, 16, 17, | |||||||||||||||||||
7 | 18, 19, 19.3, 19.4, 20, 21, and 22.01 and by adding Section | |||||||||||||||||||
8 | 29.5 as follows:
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9 | (205 ILCS 405/1) (from Ch. 17, par. 4802)
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10 | Sec. 1. Definitions; application of Act. | |||||||||||||||||||
11 | (a) For the purposes of this Act:
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12 | "Community currency exchange" means
any person, firm, | |||||||||||||||||||
13 | association, partnership, limited liability company, or
| |||||||||||||||||||
14 | corporation, except an
ambulatory currency exchange as | |||||||||||||||||||
15 | hereinafter defined, banks incorporated
under the laws of this | |||||||||||||||||||
16 | State and National Banks organized pursuant to the
laws of the | |||||||||||||||||||
17 | United States, engaged in the business or service of, and
| |||||||||||||||||||
18 | providing facilities for, cashing checks, drafts, money orders | |||||||||||||||||||
19 | or any other
evidences of money acceptable to such community | |||||||||||||||||||
20 | currency exchange, for a
fee or service charge or other | |||||||||||||||||||
21 | consideration, or engaged in the business of
selling or issuing | |||||||||||||||||||
22 | money orders under his or their or its name, or any
other money | |||||||||||||||||||
23 | orders (other than United States Post Office money orders,
|
| |||||||
| |||||||
1 | Postal Telegraph Company money orders, or Western Union | ||||||
2 | Telegraph Company
money orders), or engaged in both such | ||||||
3 | businesses, or engaged in performing
any one or more of the | ||||||
4 | foregoing services.
| ||||||
5 | "Ambulatory Currency Exchange" means any person, firm, | ||||||
6 | association,
partnership, limited liability company, or | ||||||
7 | corporation, except banks organized under the laws of this
| ||||||
8 | State and National Banks organized pursuant to the laws of the | ||||||
9 | United
States, engaged in one or both of the foregoing | ||||||
10 | businesses, or engaged in
performing any one or more of the | ||||||
11 | foregoing services, solely on the
premises of the employer | ||||||
12 | whose employees are being served.
| ||||||
13 | "Location" when used with reference to an ambulatory | ||||||
14 | currency exchange
means the premises of the employer whose | ||||||
15 | employees are or are to be served
by an ambulatory currency | ||||||
16 | exchange.
| ||||||
17 | " Secretary Director " means the Secretary Director of | ||||||
18 | Financial and Professional Regulation Financial Institutions .
| ||||||
19 | (b) Nothing in this Act shall be held to apply to any | ||||||
20 | person, firm,
association, partnership, limited liability | ||||||
21 | company, or corporation who is
engaged primarily in the
| ||||||
22 | business of transporting for hire, bullion, currency, | ||||||
23 | securities,
negotiable or non-negotiable documents, jewels or | ||||||
24 | other property of great
monetary value and who in the course of | ||||||
25 | such business and only as an
incident thereto, cashes checks, | ||||||
26 | drafts, money orders or other evidences of
money directly for, |
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| |||||||
1 | or for the employees of and with the funds of and at a
cost only | ||||||
2 | to, the person, firm, association, partnership, limited | ||||||
3 | liability
company, or corporation for
whom he or it is then | ||||||
4 | actually transporting such bullion, currency,
securities, | ||||||
5 | negotiable or non-negotiable documents, jewels, or other
| ||||||
6 | property of great monetary value, pursuant to a written | ||||||
7 | contract for such
transportation and all incidents thereof, nor | ||||||
8 | shall it apply to any person,
firm, association, partnership, | ||||||
9 | limited liability company, or corporation
engaged in the | ||||||
10 | business of
selling tangible personal property at retail who, | ||||||
11 | in the course of such
business and only as an incident thereto, | ||||||
12 | cashes checks, drafts, money
orders or other evidences of | ||||||
13 | money.
| ||||||
14 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
15 | (205 ILCS 405/2) (from Ch. 17, par. 4803)
| ||||||
16 | Sec. 2. License required; violation; injunction. No | ||||||
17 | person, firm,
association, partnership, limited liability
| ||||||
18 | company,
or corporation shall
engage in the business of a | ||||||
19 | community currency exchange or in the business
of an ambulatory | ||||||
20 | currency exchange without first securing a license to do
so | ||||||
21 | from the Secretary Director .
| ||||||
22 | Any person, firm, association, partnership, limited | ||||||
23 | liability company, or corporation issued a
license to do so by | ||||||
24 | the Secretary Director shall have authority to operate a
| ||||||
25 | community currency exchange or an ambulatory currency |
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| |||||||
1 | exchange, as defined
in Section 1 hereof.
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2 | Any person, firm, association, partnership, limited | ||||||
3 | liability company, or
corporation licensed as and engaged in | ||||||
4 | the business of a community currency
exchange shall at a | ||||||
5 | minimum offer the service of cashing checks, or drafts,
or | ||||||
6 | money orders, or any other evidences of money acceptable to | ||||||
7 | such currency exchange.
| ||||||
8 | No ambulatory currency exchange and no community currency | ||||||
9 | exchange shall
be conducted on any street, sidewalk or highway | ||||||
10 | used by the public, and no
license shall be issued therefor. An | ||||||
11 | ambulatory currency exchange shall be
required to and shall | ||||||
12 | secure a license or licenses for the conduct of its
business at | ||||||
13 | each and every location served by it, as provided in Section 4
| ||||||
14 | hereof, whether the services at any such location are rendered | ||||||
15 | for or
without a fee, service charge or other consideration. | ||||||
16 | Each plant or
establishment is deemed a separate location. No | ||||||
17 | license issued for the
conduct of its business at one location | ||||||
18 | shall authorize the conduct of its
business at any other | ||||||
19 | location, nor shall any license authorize the
rendering of | ||||||
20 | services by an ambulatory currency exchange to persons other
| ||||||
21 | than the employees of the employer named therein. If the | ||||||
22 | employer named in
such license shall move his business from the | ||||||
23 | address therein set forth,
such license shall thereupon expire, | ||||||
24 | unless the Secretary Director has approved a
change of address | ||||||
25 | for such location, as provided in Section 13.
| ||||||
26 | Any person, firm, association, partnership, limited |
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| |||||||
1 | liability company, or
corporation that violates
this Section | ||||||
2 | shall be guilty of a Class A misdemeanor, and the Attorney
| ||||||
3 | General or the State's Attorney of the county in which the | ||||||
4 | violation occurs
shall file a complaint in the Circuit Court of | ||||||
5 | the county to restrain the
violation.
| ||||||
6 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
7 | (205 ILCS 405/3) (from Ch. 17, par. 4804)
| ||||||
8 | Sec. 3. Powers of community currency exchanges. No | ||||||
9 | community or
ambulatory currency exchange shall be
permitted to | ||||||
10 | accept money or evidences of money as a deposit to be
returned | ||||||
11 | to the depositor or upon the depositor's order . ; and no No
| ||||||
12 | community or ambulatory currency exchange shall be permitted to | ||||||
13 | act as
bailee or agent for persons, firms, partnerships, | ||||||
14 | limited liability
companies, associations or
corporations to | ||||||
15 | hold money or evidences thereof or the proceeds
therefrom for | ||||||
16 | the use and benefit of the owners thereof, and deliver
such | ||||||
17 | money or proceeds of evidence of money upon request and | ||||||
18 | direction
of such owner or owners . A community or ambulatory | ||||||
19 | currency exchange may: obtain State automobile and city vehicle | ||||||
20 | licenses for a fee or service charge; render photostat | ||||||
21 | services; render a notary service, either by the proprietor of | ||||||
22 | the currency exchange or any one of its employees authorized by | ||||||
23 | the State of Illinois to act as a notary public; sell travelers | ||||||
24 | checks obtained by the currency exchange from a banking | ||||||
25 | institution under a trust receipt; issue money orders; and |
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| |||||||
1 | accept payment for utility and other companies' bills. ; | ||||||
2 | provided, that nothing contained herein shall
prevent a | ||||||
3 | community or an ambulatory currency exchange from obtaining
| ||||||
4 | state automobile and city vehicle licenses for a fee or service | ||||||
5 | charge,
or from rendering a photostat service, or from | ||||||
6 | rendering a notary
service either by the proprietor of the | ||||||
7 | currency exchange or any one of
its employees, authorized by | ||||||
8 | the State of Illinois to act as a notary
public, or from | ||||||
9 | selling travelers cheques obtained by the currency
exchange | ||||||
10 | from a banking institution under a trust receipt, or from
| ||||||
11 | issuing money orders or from accepting for payment utility | ||||||
12 | bills.
Any community or ambulatory currency exchange may enter | ||||||
13 | into an
agreement s with any utility and other companies to act | ||||||
14 | as its the companies'
agent for the acceptance of payment of | ||||||
15 | utility and other
companies' bills without charge
to the | ||||||
16 | utility customer and,
acting under such agreement, may receipt | ||||||
17 | for payments in the
names of the utility and other companies. | ||||||
18 | Any community or
ambulatory currency exchange may also receive | ||||||
19 | payment of
utility and other companies' bills for remittance to | ||||||
20 | companies
with which it has no such agency agreement and may | ||||||
21 | charge a fee
for such service but may not, in such cases, issue | ||||||
22 | a receipt for such
payment in the names of the utility and | ||||||
23 | other companies. All funds received by currency exchanges for | ||||||
24 | remittance to utility and other companies must be deposited no | ||||||
25 | later than the next business day into an escrow account in the | ||||||
26 | name of the currency exchange. This account can only be used |
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| |||||||
1 | for the payment of utility bills and other bills as defined by | ||||||
2 | this Section and any other use of the account as security or | ||||||
3 | collateral is not permitted; nor can the account be subject to | ||||||
4 | offset by the currency exchange or any bank. The currency | ||||||
5 | exchange shall file a copy of the account agreement with the | ||||||
6 | Secretary as evidence of compliance with this Section.
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7 | However, funds received by currency exchanges for remittance
to | ||||||
8 | utility and other companies with which the currency exchange
| ||||||
9 | has no agency agreement shall be forwarded to the appropriate
| ||||||
10 | utility and other companies by the currency exchange before the
| ||||||
11 | end of the next business day. | ||||||
12 | For the purpose of this Section, "utility and other | ||||||
13 | companies" means any utility company and other company with | ||||||
14 | which the currency exchange may or may not have a contractual | ||||||
15 | agreement and for which the currency exchange accepts payments | ||||||
16 | from consumers for remittance to the utility or other company | ||||||
17 | for the payment of bills.
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18 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
19 | (205 ILCS 405/3.1) (from Ch. 17, par. 4805)
| ||||||
20 | Sec. 3.1.
Nothing in this Act shall prevent a currency | ||||||
21 | exchange from
rendering State or Federal income tax service; | ||||||
22 | nor shall the rendering of
such service be considered a | ||||||
23 | violation of this Act if such service be
rendered either by the | ||||||
24 | proprietor or any of his employees. For the purposes of this | ||||||
25 | Section, "tax service" does not include making or offering to |
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| |||||||
1 | make a refund anticipation loan as defined by the Tax Refund | ||||||
2 | Anticipation Loan Disclosure Act.
| ||||||
3 | (Source: Laws 1949, p. 336.)
| ||||||
4 | (205 ILCS 405/3.2) (from Ch. 17, par. 4806)
| ||||||
5 | Sec. 3.2.
Community currency exchanges and ambulatory | ||||||
6 | currency
exchanges may engage in the distribution of | ||||||
7 | Supplemental Nutrition Assistance Program (SNAP) benefits food | ||||||
8 | stamps in
accordance with such regulations as are made by the | ||||||
9 | Secretary Director .
| ||||||
10 | (Source: P.A. 80-439.)
| ||||||
11 | (205 ILCS 405/3.3) (from Ch. 17, par. 4807)
| ||||||
12 | Sec. 3.3. Additional public services.
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13 | (a) Nothing in this Act shall prevent the Secretary | ||||||
14 | Director from authorizing
currency exchanges to render | ||||||
15 | additional services to the public if the services
are | ||||||
16 | consistent with the provisions of this Act, are within its | ||||||
17 | meaning,
are in the best interest of the public, and benefit | ||||||
18 | the general welfare. The currency exchange must request, in | ||||||
19 | writing, the Secretary's approval of the additional service | ||||||
20 | prior to rendering such additional service to the public. The | ||||||
21 | Secretary may charge an additional service investigation fee of | ||||||
22 | $100 per application. The Secretary may, at his or her | ||||||
23 | discretion, revoke any authorization under this Section on 30 | ||||||
24 | days written notice to the currency exchange.
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1 | (b) Nothing in this Act shall prevent a community currency | ||||||
2 | exchange
from selling candy, gum, other packaged foods, and | ||||||
3 | soft drinks by means
of vending machines on its premises.
| ||||||
4 | (Source: P.A. 87-258; 88-583, eff. 8-12-94.)
| ||||||
5 | (205 ILCS 405/4) (from Ch. 17, par. 4808)
| ||||||
6 | Sec. 4. License application; contents; fees. Application | ||||||
7 | for such
license shall be in writing under oath and in
the form | ||||||
8 | prescribed and furnished by the Secretary Director . Each | ||||||
9 | application shall
contain the following:
| ||||||
10 | (a) The full name and address (both of residence and place | ||||||
11 | of business)
of the applicant, and if the applicant is a | ||||||
12 | partnership, limited liability
company, or association, of
| ||||||
13 | every member thereof, and the name and business address if the | ||||||
14 | applicant is
a corporation;
| ||||||
15 | (b) The county and municipality, with street and number, if | ||||||
16 | any, where
the community currency exchange is to be conducted, | ||||||
17 | if the application is
for a community currency exchange | ||||||
18 | license;
| ||||||
19 | (c) If the application is for an ambulatory currency | ||||||
20 | exchange license,
the name and address of the employer at each | ||||||
21 | location to be served by it;
and
| ||||||
22 | (d) The applicant's occupation or profession; a detailed | ||||||
23 | statement of
his business experience for the 10 years | ||||||
24 | immediately preceding his
application; a detailed statement of | ||||||
25 | his finances; his present or previous
connection with any other |
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| |||||||
1 | currency exchange; whether he has ever been
involved in any | ||||||
2 | civil or criminal litigation, and the material facts
pertaining | ||||||
3 | thereto; whether he has ever been committed to any penal
| ||||||
4 | institution or admitted to an institution for the care and | ||||||
5 | treatment of
mentally ill persons; and the nature of | ||||||
6 | applicant's occupancy of the
premises to be licensed where the | ||||||
7 | application is for a community currency
exchange license. If | ||||||
8 | the applicant is a partnership, the information
specified | ||||||
9 | herein shall be required of each partner. If the applicant is a
| ||||||
10 | corporation, the said information shall be required of each | ||||||
11 | officer,
director and stockholder thereof along with | ||||||
12 | disclosure of their ownership
interests.
If the applicant is a | ||||||
13 | limited liability company, the information required by
this | ||||||
14 | Section shall be provided with respect to each member and | ||||||
15 | manager along
with disclosure of their ownership interests.
| ||||||
16 | A community currency exchange license application shall be
| ||||||
17 | accompanied by a fee of $1,500 $500 for the cost of | ||||||
18 | investigating the applicant. If the ownership of a
licensee | ||||||
19 | changes, in whole or in part, a new application must be filed | ||||||
20 | pursuant
to this Section along with a $500 fee if the | ||||||
21 | licensee's ownership interests
have been transferred
or sold to | ||||||
22 | a new person or entity or a fee of $300 if the licensee's
| ||||||
23 | ownership interests have been transferred or sold to a current | ||||||
24 | holder or
holders of the licensee's ownership interests.
When | ||||||
25 | the application for a
community currency exchange license has | ||||||
26 | been approved by the Secretary Director and
the applicant so |
| |||||||
| |||||||
1 | advised, an additional sum of
$500 $200 as an annual license
| ||||||
2 | fee for a period terminating on the last day of the current | ||||||
3 | calendar year
shall be paid to the Secretary Director by the | ||||||
4 | applicant; provided, that the license
fee for an applicant | ||||||
5 | applying for such a license after July 1st of any year
shall be | ||||||
6 | $250 $100 for the balance of such year.
| ||||||
7 | An application for an ambulatory currency exchange license | ||||||
8 | shall be
accompanied by a fee of $100, which fee shall be for | ||||||
9 | the cost of
investigating the applicant. An approved applicant | ||||||
10 | shall not be required
to pay the initial investigation fee of | ||||||
11 | $100 more than once.
When the application for an ambulatory | ||||||
12 | currency exchange license has
been approved by the Secretary | ||||||
13 | Director , and such applicant so advised, such
applicant shall | ||||||
14 | pay an annual license fee of $25 for each and every
location to | ||||||
15 | be served by such applicant; provided that such license fee for
| ||||||
16 | an approved applicant applying for such a license after July | ||||||
17 | 1st of any
year shall be $12 for the balance of such year for | ||||||
18 | each and every location
to be served by such applicant. Such an
| ||||||
19 | approved applicant for an ambulatory currency exchange | ||||||
20 | license, when
applying for a license with respect to a | ||||||
21 | particular location, shall file
with the Secretary Director , at | ||||||
22 | the time of filing an application, a letter of
memorandum, | ||||||
23 | which shall be in writing and under oath, signed by the owner
| ||||||
24 | or authorized representative of the business whose employees | ||||||
25 | are to be
served; such letter or memorandum shall contain a | ||||||
26 | statement that such
service is desired, and that the person |
| |||||||
| |||||||
1 | signing the same is authorized so
to do. The Secretary Director | ||||||
2 | shall thereupon verify the authenticity of the letter
or | ||||||
3 | memorandum and the authority of the person who executed it, to | ||||||
4 | do
so.
| ||||||
5 | (Source: P.A. 92-398, eff. 1-1-02.)
| ||||||
6 | (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
| ||||||
7 | Sec. 4.1.
The General Assembly finds and declares that | ||||||
8 | community currency
exchanges provide important and vital | ||||||
9 | services to Illinois citizens, that
the number of community | ||||||
10 | currency exchanges should be limited in accordance
with the | ||||||
11 | needs of the communities they are to serve, and that it is in | ||||||
12 | the
public interest to promote and foster the community | ||||||
13 | currency exchange business
and to insure the financial | ||||||
14 | stability thereof. Upon receipt of an application
for a license | ||||||
15 | for a community
currency exchange, the Secretary Director shall | ||||||
16 | cause an investigation
of the need of the community
for the | ||||||
17 | establishment of a community currency exchange at the location
| ||||||
18 | specified in the application and the effect that granting the | ||||||
19 | license
will have on the financial stability of other community | ||||||
20 | currency exchanges
that may be serving the community in which | ||||||
21 | the business of the applicant
is proposed to be conducted.
| ||||||
22 | "Community", as used in this Act, means a locality where | ||||||
23 | there may or
can be available to the people thereof the | ||||||
24 | services of a community currency
exchange reasonably | ||||||
25 | accessible to them. If the issuance of a license to
engage in |
| |||||||
| |||||||
1 | the community currency exchange business at the location
| ||||||
2 | specified will not promote the needs and the convenience and | ||||||
3 | advantage
of the community in which the business of the | ||||||
4 | applicant is proposed to be
conducted, then the application | ||||||
5 | shall be denied.
| ||||||
6 | (Source: P.A. 83-652.)
| ||||||
7 | (205 ILCS 405/4.2) (from Ch. 17, par. 4810)
| ||||||
8 | Sec. 4.2.
Whensoever the ownership of any Currency | ||||||
9 | Exchange, theretofore
licensed under the provisions of this | ||||||
10 | Act, shall be held or contained in
any estate subject to the | ||||||
11 | control and supervision of any Administrator,
Executor or | ||||||
12 | Guardian appointed, approved or qualified by any
Court of the | ||||||
13 | State of Illinois, having jurisdiction so to do, such
| ||||||
14 | Administrator, Executor or Guardian may, upon the entry of
an | ||||||
15 | order by such Court granting leave to continue the operation of | ||||||
16 | such
Currency Exchange, apply to the Secretary Director of | ||||||
17 | Financial Institutions for a
license under the provisions of | ||||||
18 | this Act. When any such Administrator,
Executor or Guardian | ||||||
19 | shall apply for a Currency Exchange
License pursuant to the | ||||||
20 | provisions of this Section, and shall otherwise
fully comply | ||||||
21 | with all of the provisions of this Act relating to the
| ||||||
22 | application for a Currency Exchange license, the Secretary | ||||||
23 | Director may issue to such
applicant a Currency Exchange | ||||||
24 | license. Any Currency Exchange license
theretofore issued to a | ||||||
25 | Currency Exchange, for which an application for a
license shall |
| |||||||
| |||||||
1 | be sought under the provisions of this Section, if not
| ||||||
2 | previously surrendered, lapsed, or revoked, shall be | ||||||
3 | surrendered, revoked
or otherwise terminated before a license | ||||||
4 | shall be issued pursuant to
application made therefor under | ||||||
5 | this Section.
| ||||||
6 | (Source: P.A. 92-16, eff. 6-28-01.)
| ||||||
7 | (205 ILCS 405/4.3) (from Ch. 17, par. 4811)
| ||||||
8 | Sec. 4.3.
Upon receipt of an application from an ambulatory | ||||||
9 | currency
exchange for the conduct of its business at a location | ||||||
10 | to be served by
it, the Secretary Director of Financial | ||||||
11 | Institutions shall
cause an investigation to be made to | ||||||
12 | determine whether to issue
said license. No fee shall be | ||||||
13 | charged for the investigation of an
application for a location | ||||||
14 | license. The
Secretary Director shall employ the following | ||||||
15 | criteria
in making his determination:
| ||||||
16 | (1) the economic benefit and convenience to the persons to | ||||||
17 | be
served at the location for which a license has been | ||||||
18 | requested;
| ||||||
19 | (2) the effect that granting a license will have on the
| ||||||
20 | financial stability of community currency exchanges;
| ||||||
21 | (3) safety benefits, if any, which may accrue from the | ||||||
22 | granting of the
location license;
| ||||||
23 | (4) the effects, if any, which granting of a license will
| ||||||
24 | have on traffic, and traffic congestion in the immediate area
| ||||||
25 | of the location to be served;
|
| |||||||
| |||||||
1 | (5) such other factors as the Secretary Director shall deem | ||||||
2 | proper and relevant.
| ||||||
3 | (Source: P.A. 85-1356.)
| ||||||
4 | (205 ILCS 405/5) (from Ch. 17, par. 4812)
| ||||||
5 | Sec. 5. Bond; condition; amount.
| ||||||
6 | (a) Before any license shall be issued
to a community
| ||||||
7 | currency exchange the applicant shall file annually with and
| ||||||
8 | have approved by the Secretary Director a surety bond, issued | ||||||
9 | by a bonding
company authorized to do business in this State in | ||||||
10 | the principal sum
of $50,000 $10,000 . Such bond shall run to | ||||||
11 | the Secretary Director and shall
be for the benefit of any | ||||||
12 | creditors of such currency exchange
for any liability incurred | ||||||
13 | by the currency exchange on any
money orders , including any | ||||||
14 | fees and penalties incurred by the remitter should the money | ||||||
15 | order be returned unpaid, issued or sold by the currency | ||||||
16 | exchange and for
any liability incurred by the currency | ||||||
17 | exchange for any sum or
sums due to any payee or endorsee of | ||||||
18 | any check, draft or money
order left with the currency exchange | ||||||
19 | for collection, and for
any liability incurred by the currency | ||||||
20 | exchange in connection
with the rendering of any of the | ||||||
21 | services referred to in
Section 3 of this Act.
| ||||||
22 | From time to time the Secretary Director may determine the | ||||||
23 | amount of liabilities
as described herein and shall require the | ||||||
24 | licensee to file a bond in an
additional sum if the same is | ||||||
25 | determined to be necessary in accordance with
the requirements |
| |||||||
| |||||||
1 | of this Section. In no case shall the bond be less than
the | ||||||
2 | initial $50,000 $10,000 , nor more than the outstanding | ||||||
3 | liabilities.
| ||||||
4 | (b) In lieu of the surety bond requirements of subsection | ||||||
5 | (a), a community
currency exchange licensee may submit evidence | ||||||
6 | satisfactory to the Secretary Director
that the community | ||||||
7 | currency exchange licensee is covered by a blanket bond that
| ||||||
8 | covers multiple licensees who are members of a statewide | ||||||
9 | association of
community currency exchanges. Such a blanket | ||||||
10 | bond must be issued by a bonding
company authorized to do | ||||||
11 | business in this State and in a principal aggregate
sum of not | ||||||
12 | less than $10,000,000 $2,000,000 .
| ||||||
13 | (c) An ambulatory currency exchange may sell or issue money | ||||||
14 | orders
at any location with regard to which it
is issued a | ||||||
15 | license pursuant to this Act, including existing
licensed | ||||||
16 | locations, without the necessity of a further
application or | ||||||
17 | hearing and without regard to any exceptions
contained in | ||||||
18 | existing licenses, upon the filing with
the Secretary Director | ||||||
19 | of a surety bond approved by the Secretary Director and issued | ||||||
20 | by a bonding
company
or insurance company authorized to do | ||||||
21 | business in Illinois,
in the principal sum of $100,000. Such | ||||||
22 | bond may be a blanket
bond covering all locations at which the | ||||||
23 | ambulatory currency
exchange may sell or issue money orders,
| ||||||
24 | and shall run to the Secretary Director for the
use and benefit | ||||||
25 | of any creditors of such ambulatory currency
exchange for any | ||||||
26 | liability incurred by the ambulatory currency
exchange on any |
| |||||||
| |||||||
1 | money orders issued or sold by it.
Such bond shall be renewed | ||||||
2 | annually. If after
the expiration of one year from the date of | ||||||
3 | approval of such
bond by the Secretary Director , it shall | ||||||
4 | appear that the average amount
of such liability during the | ||||||
5 | year has exceeded $100,000,
the Secretary Director shall | ||||||
6 | require the licensee to furnish a bond for
the ensuing year, to | ||||||
7 | be approved by the Secretary Director ,
for an additional | ||||||
8 | principal sum of $1,000 for each $1,000 of
such liability or | ||||||
9 | fraction thereof in excess of the original
$100,000, except | ||||||
10 | that the maximum amount of such bond shall not be required to
| ||||||
11 | exceed $250,000.
| ||||||
12 | (Source: P.A. 93-614, eff. 11-18-03.)
| ||||||
13 | (205 ILCS 405/6) (from Ch. 17, par. 4813)
| ||||||
14 | Sec. 6. Insurance against loss. | ||||||
15 | (a) Every applicant for a license hereunder
shall, after | ||||||
16 | his
application for a license has been approved, file with and | ||||||
17 | have approved
by the Secretary of Financial and Professional | ||||||
18 | Regulation , a policy or policies of insurance issued by an
| ||||||
19 | insurance company or indemnity company authorized to do | ||||||
20 | business under
the law of this State, which shall insure the | ||||||
21 | applicant against loss by
theft, burglary, robbery or forgery | ||||||
22 | in a principal sum as hereinafter
provided; if the average | ||||||
23 | amount of cash and liquid funds to be kept on
hand in the | ||||||
24 | office of the community currency exchange during the year
will | ||||||
25 | not be in excess of $10,000 the policy or policies shall be in |
| |||||||
| |||||||
1 | the
principal sum of $10,000. If such average amount will be in | ||||||
2 | excess of
$10,000, the policy or policies shall be for an | ||||||
3 | additional principal sum
of $500 for each $1,000 or fraction | ||||||
4 | thereof of such excess over the
original $10,000. From time to
| ||||||
5 | time, the Secretary may determine the amount of cash and liquid | ||||||
6 | funds on
hand in the office of any community currency exchange | ||||||
7 | and shall require
the licensee to submit additional policies if | ||||||
8 | the same are determined to
be necessary in accordance with the | ||||||
9 | requirements of this Section. | ||||||
10 | However, any community currency exchange licensed under | ||||||
11 | this Act may meet the insurance bonding requirements of this | ||||||
12 | subsection (a) by submitting evidence satisfactory to the | ||||||
13 | Secretary that the licensee is covered by a blanket insurance | ||||||
14 | policy bond that covers multiple licensees. The blanket | ||||||
15 | insurance policy bond : (i) shall insure the licensee against | ||||||
16 | loss by theft, robbery, or forgery; (ii) shall be issued by an | ||||||
17 | insurance a bonding company authorized to do business in this | ||||||
18 | State; and (iii) shall be in the principal sum of an amount | ||||||
19 | equal to the maximum amount required under this Section for any | ||||||
20 | one licensee covered by the insurance policy bond .
| ||||||
21 | Any such policy or policies, with respect to forgery, may | ||||||
22 | carry a
condition that the community currency exchange assumes | ||||||
23 | the first $1,000 of
each claim thereunder.
| ||||||
24 | (b) Before an ambulatory currency exchange shall sell or
| ||||||
25 | issue money orders,
it shall file with and
have approved by the | ||||||
26 | Secretary, a policy or policies of
insurance issued by an |
| |||||||
| |||||||
1 | insurance company or indemnity company
authorized to do | ||||||
2 | business under the laws of this State, which
shall insure such | ||||||
3 | ambulatory currency exchange against loss
by theft, burglary, | ||||||
4 | robbery, forgery or embezzlement in the
principal sum of not | ||||||
5 | less than $500,000. If the average amount
of cash and liquid | ||||||
6 | funds to be kept on hand during the year
will exceed $500,000, | ||||||
7 | the policy or policies shall be for an
additional principal sum | ||||||
8 | of $500 for each $1,000 or fraction
thereof in excess of | ||||||
9 | $500,000. From time to time the Secretary may determine
the | ||||||
10 | amount of cash and liquid funds kept on hand by an ambulatory
| ||||||
11 | currency exchange and shall require it to submit such | ||||||
12 | additional
policies as are determined to be required within the | ||||||
13 | limits of
this Section. No ambulatory currency exchange subject | ||||||
14 | to
this Section shall be required to furnish more than one | ||||||
15 | policy
of insurance if the policy furnished insures it against | ||||||
16 | the
foregoing losses at all locations served by it.
| ||||||
17 | Any such policy may contain a condition that the insured
| ||||||
18 | assumes a portion of the loss, provided the insured shall file
| ||||||
19 | with such policy a sworn financial statement indicating its
| ||||||
20 | ability to act as self-insurer in the amount of such deductible
| ||||||
21 | portion of the policy without prejudice to the safety of any
| ||||||
22 | funds belonging to its customers. If the Secretary is not
| ||||||
23 | satisfied as to the financial ability of the ambulatory | ||||||
24 | currency
exchange, he may require it to deposit cash or United | ||||||
25 | States Government
Bonds in the amount of part or
all of the | ||||||
26 | deductible portion of the policy.
|
| |||||||
| |||||||
1 | (Source: P.A. 94-538, eff. 1-1-06.)
| ||||||
2 | (205 ILCS 405/7) (from Ch. 17, par. 4814)
| ||||||
3 | Sec. 7. Available funds; minimum amount. Each community | ||||||
4 | currency
exchange shall have, at all times, a
minimum of $5,000 | ||||||
5 | sum of its own cash funds available for the uses and
purposes | ||||||
6 | of its business and said minimum sum shall be exclusive of and
| ||||||
7 | in addition to funds received for exchange or transfer; and in | ||||||
8 | addition
thereto each such licensee shall at all times have on | ||||||
9 | hand an amount of
liquid funds sufficient to pay on demand all | ||||||
10 | outstanding money orders
issued by it. Prior to January 1, | ||||||
11 | 1979, this minimum sum shall be $4,000.
After January 1, 1979, | ||||||
12 | this minimum sum shall be $5,000. | ||||||
13 | Each licensee must deposit funds received as payment for | ||||||
14 | money orders into an escrow account in the name of the currency | ||||||
15 | exchange no later than the next business day. This account can | ||||||
16 | only be used for the payment of money orders. This account | ||||||
17 | cannot be used as security or collateral for any transaction, | ||||||
18 | nor can the account be subject to offset by the currency | ||||||
19 | exchange. The currency exchange shall file a copy of the | ||||||
20 | account agreement with the Secretary as evidence of compliance | ||||||
21 | with this Section.
| ||||||
22 | In the event a receiver is appointed in accordance with | ||||||
23 | Section 15.1
of this Act, and the Secretary Director determines | ||||||
24 | that the business of the
currency exchange should be | ||||||
25 | liquidated, and if it shall appear that the
said minimum sum |
| |||||||
| |||||||
1 | was not on hand or available at the time of the
appointment of | ||||||
2 | the receiver, then the receiver shall have the right to
recover | ||||||
3 | in any court of competent jurisdiction from the owner or owners
| ||||||
4 | of such currency exchange, or from the stockholders and | ||||||
5 | directors
thereof if such currency exchange was operated by a | ||||||
6 | corporation, or from the
members if the currency exchange was | ||||||
7 | operated as a limited liability company,
said
sum or that part | ||||||
8 | thereof which was not on hand or available at the time
of the | ||||||
9 | appointment of such receiver. Nothing contained in this Section
| ||||||
10 | shall limit or impair the liability of any bonding or insurance | ||||||
11 | company
on any bond or insurance policy relating to such | ||||||
12 | community currency
exchange issued pursuant to the | ||||||
13 | requirements of this Act, nor shall
anything contained herein | ||||||
14 | limit or impair such other rights or remedies
as the receiver | ||||||
15 | may otherwise have.
| ||||||
16 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
17 | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| ||||||
18 | Sec. 10. Qualifications of applicant; denial of license; | ||||||
19 | review. The
applicant, and its officers, directors and
| ||||||
20 | stockholders, if a corporation,
and its managers and members, | ||||||
21 | if a liability company, shall be vouched for
by 2 reputable | ||||||
22 | citizens of this State setting forth
that the individual | ||||||
23 | mentioned is (a) personally known to them to be
trustworthy and | ||||||
24 | reputable, (b) that he has business experience qualifying
him | ||||||
25 | to competently conduct, operate, own or become associated with |
| |||||||
| |||||||
1 | a
currency exchange, (c) that he has a good business reputation | ||||||
2 | and is worthy
of a license. Thereafter, the Secretary Director | ||||||
3 | shall, upon approval of the
application filed with him, issue | ||||||
4 | to the applicant, qualifying under this
Act, a license to | ||||||
5 | operate a currency exchange. If it is a license for a
community | ||||||
6 | currency exchange, the same shall be valid only at the place of
| ||||||
7 | business specified in the application. If it is a license for | ||||||
8 | an ambulatory
currency exchange, it shall entitle the applicant | ||||||
9 | to operate only at the
location or locations specified in the | ||||||
10 | application, provided the applicant
shall secure separate and | ||||||
11 | additional licenses for each of such locations.
Such licenses | ||||||
12 | shall remain in full force and effect, until they are
| ||||||
13 | surrendered by the licensee, or revoked, or expire, as herein | ||||||
14 | provided. If
the Secretary Director shall not so approve, he | ||||||
15 | shall not issue such license or
licenses and shall notify the | ||||||
16 | applicant of such denial, retaining the full
investigation fee | ||||||
17 | to cover the cost of investigating the community
currency | ||||||
18 | exchange applicant. The
Secretary Director shall approve or | ||||||
19 | deny every application hereunder within 90 days
from the filing | ||||||
20 | of a complete application thereof ; except that in respect to an | ||||||
21 | application by an
approved ambulatory currency exchange for a | ||||||
22 | license with regard to a
particular location to be served by | ||||||
23 | it, the same shall be approved or
denied within 20 days from | ||||||
24 | the filing thereof. If the application is
denied, the Secretary | ||||||
25 | Director shall send by United States mail notice of such denial
| ||||||
26 | to the applicant at the address set forth in the application.
|
| |||||||
| |||||||
1 | If an application is denied, the applicant may, within 10 | ||||||
2 | days from the
date of the notice of denial, make written | ||||||
3 | request to the Secretary Director for a
hearing on the | ||||||
4 | application, and the Secretary Director shall set a time and | ||||||
5 | place for
the hearing. The hearing shall be set for a date | ||||||
6 | after the receipt by the
Secretary Director of the request for | ||||||
7 | hearing, and written notice of the time and
place of the | ||||||
8 | hearing shall be mailed to the applicant at least 15 days
| ||||||
9 | before the date of the hearing. The applicant shall pay the | ||||||
10 | actual cost of
making the transcript of the hearing prior to | ||||||
11 | the Secretary's Director's issuing his
decision following the | ||||||
12 | hearing. If, following the hearing, the application
is denied, | ||||||
13 | the Secretary Director shall, within 20 days thereafter prepare | ||||||
14 | and keep
on file in his office a written order of denial | ||||||
15 | thereof, which shall
contain his findings with respect thereto | ||||||
16 | and the reasons supporting the
denial, and shall send by United | ||||||
17 | States Mail a copy thereof to the
applicant at the address set | ||||||
18 | forth in the application, within 5 days after
the filing of | ||||||
19 | such order. A review of any such decision may be had as
| ||||||
20 | provided in Section 22.01 of this Act.
| ||||||
21 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
22 | (205 ILCS 405/12) (from Ch. 17, par. 4820)
| ||||||
23 | Sec. 12.
If the Secretary Director shall find at any time | ||||||
24 | that the bond required by Section 5 is insecure
or exhausted or | ||||||
25 | otherwise doubtful, an additional bond in like amount to be
|
| |||||||
| |||||||
1 | approved by the Secretary Director shall be filed by the | ||||||
2 | licensee within 30 days
after written demand therefor upon the | ||||||
3 | licensee by the Secretary Director .
| ||||||
4 | (Source: Laws 1957, p. 320.)
| ||||||
5 | (205 ILCS 405/13) (from Ch. 17, par. 4821)
| ||||||
6 | Sec. 13.
No more than one place of business shall be | ||||||
7 | maintained under
the same community currency exchange license, | ||||||
8 | but the Secretary Director may issue
more than one license to | ||||||
9 | the same licensee upon compliance with the
provisions of this | ||||||
10 | Act governing an original issuance of a license, for
each new | ||||||
11 | license.
| ||||||
12 | Whenever a community currency exchange or an ambulatory | ||||||
13 | currency
exchange shall wish to change its name in its license, | ||||||
14 | it shall file an
application for approval thereof with the | ||||||
15 | Secretary Director , and if the change is
approved by the | ||||||
16 | Secretary Director he shall attach to the license, in writing, | ||||||
17 | a
rider stating the licensee's new name.
| ||||||
18 | If an ambulatory currency exchange has serviced a licensed | ||||||
19 | location for
2 years or longer and the employer whose employees | ||||||
20 | are served at that location
has moved his place of business, | ||||||
21 | the currency exchange may continue its
service to the employees | ||||||
22 | of that employer at the new address of that employer's
place of | ||||||
23 | business by filing a notice of the change of address with the | ||||||
24 | Secretary Director
and by relinquishing its license to conduct | ||||||
25 | its business at the employer's
old address upon receipt of a |
| |||||||
| |||||||
1 | license to conduct its business at the employer's
new address. | ||||||
2 | Nothing in this Act shall preclude or prevent an ambulatory
| ||||||
3 | currency exchange from filing an application to conduct its | ||||||
4 | business at
the old address of an employer who moved his place | ||||||
5 | of business after the
ambulatory currency exchange receives a | ||||||
6 | license to conduct its business
at the employer's new address | ||||||
7 | through the filing of a notice of its change
of address with | ||||||
8 | the Secretary Director and the relinquishing of its license to | ||||||
9 | conduct
its business at the employer's old address.
| ||||||
10 | Whenever a currency exchange wishes to make any other | ||||||
11 | change in the address
set forth in any of its licenses, it | ||||||
12 | shall apply to the Secretary Director for approval
of such | ||||||
13 | change of address.
Every application for approval of a change | ||||||
14 | of address shall be treated by
the Secretary Director in the | ||||||
15 | same manner as is otherwise provided in this Act for
the | ||||||
16 | treatment of proposed places of business or locations as | ||||||
17 | contained in
new applications for licenses; and if any fact or | ||||||
18 | condition then exists
with respect to the application for | ||||||
19 | change of address, which fact or condition
would otherwise | ||||||
20 | authorize denial of a new application for a license because
of | ||||||
21 | the address of the proposed location or place of business, then | ||||||
22 | such
application for change of address shall not be approved. | ||||||
23 | Whenever a
community currency exchange wishes to sell its | ||||||
24 | physical assets, it may do
so, however, if the assets are sold | ||||||
25 | with the intention of continuing the
operation of a community | ||||||
26 | currency exchange, the purchaser or purchasers
must first make |
| |||||||
| |||||||
1 | application to the Secretary Director for licensure in | ||||||
2 | accordance
with Sections 4 and 10 of this Act. If the Secretary | ||||||
3 | Director shall not so approve,
he shall not issue such license | ||||||
4 | and shall notify the applicant or
applicants of such denial. | ||||||
5 | The investigation fee for a change of location
is $500. shall | ||||||
6 | be $75 on September 22, 1987 and until July 1, 1988, and $125 | ||||||
7 | on July
1, 1988 and until July 1, 1989, and $150 on and after | ||||||
8 | July 1, 1989.
| ||||||
9 | The provisions of Section 10 with reference to notice, | ||||||
10 | hearing and review
apply to applications filed pursuant to this | ||||||
11 | Section.
| ||||||
12 | (Source: P.A. 85-1209.)
| ||||||
13 | (205 ILCS 405/13.1) (from Ch. 17, par. 4822)
| ||||||
14 | Sec. 13.1. Consolidation of business locations. Whenever 2 | ||||||
15 | or more
licensees desire to consolidate their places
of | ||||||
16 | business, they shall make application for such consolidation to | ||||||
17 | the
Secretary Director upon a form provided by him or her . This | ||||||
18 | application shall state: (a) the
name to be adopted and the | ||||||
19 | location at which the business is to be located,
which name and | ||||||
20 | location shall be the same as one of the consolidating
| ||||||
21 | licensees; (b) that the owners or all partners or all | ||||||
22 | stockholders or all
members, as the
case may be, of the | ||||||
23 | licensees involved in the contemplated consolidation,
have | ||||||
24 | approved the application; (c) a certification by the secretary, | ||||||
25 | if any
of the licensees be corporations, that the contemplated |
| |||||||
| |||||||
1 | consolidation has
been approved by all of the stockholders at a | ||||||
2 | properly convened
stockholders meeting; (d) other relevant | ||||||
3 | information the Secretary Director may
require. Simultaneously | ||||||
4 | with the approval of the application by the
Secretary Director , | ||||||
5 | the licensee or licensees who will cease doing business shall:
| ||||||
6 | (a) surrender their license or licenses to the Secretary | ||||||
7 | Director ; (b) transfer all
of their assets and liabilities to | ||||||
8 | the licensee continuing to operate by
virtue of the | ||||||
9 | application; (c) apply to the Secretary of State, if they be
| ||||||
10 | corporations, for surrender of their corporate charter in | ||||||
11 | accordance with
the provisions of the Business Corporation Act | ||||||
12 | of 1983.
| ||||||
13 | An application for consolidation shall be approved or | ||||||
14 | rejected by the
Secretary Director within 30 days after receipt | ||||||
15 | by him of such application and
supporting documents required | ||||||
16 | thereunder. The Secretary may impose a consolidation fee of | ||||||
17 | $100 per application.
| ||||||
18 | Such consolidation shall not affect suits pending in which | ||||||
19 | the
surrendering licensees are parties; nor shall such | ||||||
20 | consolidation affect
causes of action nor the rights of persons | ||||||
21 | in particular; nor shall suits
brought against such licensees | ||||||
22 | in their former names be abated for that
cause.
| ||||||
23 | Nothing contained herein shall limit or prohibit any action | ||||||
24 | or remedy
available to a licensee or to the Secretary Director | ||||||
25 | under Sections 15, 15.1 to 15.1e
or 15.2 of this Act.
| ||||||
26 | (Source: P.A. 90-545, eff. 1-1-98.)
|
| |||||||
| |||||||
1 | (205 ILCS 405/14) (from Ch. 17, par. 4823)
| ||||||
2 | Sec. 14.
Every licensee, shall, on or before November 15, | ||||||
3 | pay to the
Secretary Director the annual license fee or fees | ||||||
4 | for the next succeeding calendar
year and shall at the same | ||||||
5 | time file with the Secretary Director the annual report
| ||||||
6 | required by Section 16 of this Act, and the annual bond or | ||||||
7 | bonds, and the
insurance policy or policies as and if required | ||||||
8 | by this Act. The annual
license fee for each community currency | ||||||
9 | exchange is $500. shall be
$150 on the effective date of this | ||||||
10 | amendatory Act of 1987 and
until January 1, 1989, and $180 on | ||||||
11 | January 1, 1989 and until January 1,
1990, and $200 on and | ||||||
12 | after January 1, 1990. The annual
license fee for each location | ||||||
13 | served by an ambulatory currency exchange
shall be $25.
| ||||||
14 | (Source: P.A. 85-708.)
| ||||||
15 | (205 ILCS 405/15) (from Ch. 17, par. 4824)
| ||||||
16 | Sec. 15.
The Secretary may, after 10 days notice by | ||||||
17 | registered mail to the licensee at the address set forth in the | ||||||
18 | license stating the contemplated action and in general the | ||||||
19 | grounds therefore, fine the licensee an amount not exceeding | ||||||
20 | $10,000 per violation or revoke or suspend any license issued | ||||||
21 | if he or she finds that Director may, upon 10 days notice to | ||||||
22 | the licensee
by United States mail directed to the licensee at | ||||||
23 | the address set forth
in the license, stating the contemplated | ||||||
24 | action and in general the
grounds therefor, and upon reasonable |
| |||||||
| |||||||
1 | opportunity to be heard prior to
such action, fine, suspend or | ||||||
2 | revoke any license issued hereunder if he shall find that :
| ||||||
3 | (a) the The licensee has failed to pay the annual | ||||||
4 | license fee or to
maintain in effect the required bond or | ||||||
5 | bonds or insurance policy or
policies or to comply with any | ||||||
6 | order, decision, or finding of the
Director made pursuant | ||||||
7 | to this Act ; or that
| ||||||
8 | (b) the licensee has failed to comply with any | ||||||
9 | provision of this Act or any order, decision, finding, | ||||||
10 | rule, regulation, or direction of the Secretary lawfully | ||||||
11 | made under the authority of this Act; or | ||||||
12 | (c) the The licensee has violated any provision of this | ||||||
13 | Act or any
regulation or direction made by the Secretary | ||||||
14 | Director under this Act; or that
| ||||||
15 | (d) any (c) Any fact or condition exists which, if it | ||||||
16 | had existed at the
time of the original application for | ||||||
17 | such license, would have warranted
the Secretary Director | ||||||
18 | in refusing the issuance of the license; or that
| ||||||
19 | (e) the (d) The licensee has not operated the currency | ||||||
20 | exchange or at the
location licensed, for a period of 60 | ||||||
21 | sixty consecutive days, unless the
licensee was prevented | ||||||
22 | from operating during such period by reason of
events or | ||||||
23 | acts beyond the licensee's control.
| ||||||
24 | Prior to suspension or revocation of the licenses issued | ||||||
25 | hereunder, the
Director may but is not required to fine a | ||||||
26 | licensee up to a maximum of $100 a day.
|
| |||||||
| |||||||
1 | The Secretary Director may fine, suspend or revoke only the | ||||||
2 | particular license or licenses for
particular places of | ||||||
3 | business or locations with respect to which grounds
for | ||||||
4 | revocation may occur or exist; except that if he shall find | ||||||
5 | that
such grounds for revocation are of general application to | ||||||
6 | all places of
business or locations, or that such grounds for | ||||||
7 | fines, suspension or revocation
have occurred
or exist with | ||||||
8 | respect to a substantial number of places of business or
| ||||||
9 | locations, he may fine, suspend or revoke all of the licenses | ||||||
10 | issued to such licensee. | ||||||
11 | An order assessing a fine, an order revoking or suspending | ||||||
12 | a license, or an order denying renewal of a license shall take | ||||||
13 | effect on service of the order unless the licensee requests a | ||||||
14 | hearing, in writing, within 10 days after the date of service. | ||||||
15 | In the event a hearing is requested, the order shall be stayed | ||||||
16 | until a final administrative order is entered. If the licensee | ||||||
17 | requests a hearing, the Secretary shall schedule a hearing | ||||||
18 | within 30 days after the request for a hearing unless otherwise | ||||||
19 | agreed to by the parties. The hearing shall be held at the time | ||||||
20 | and place designated by the Secretary. | ||||||
21 | The Secretary and any administrative law judge designated | ||||||
22 | by him or her shall have the power to administer oaths and | ||||||
23 | affirmations, subpoena witnesses and compel their attendance, | ||||||
24 | take evidence, and require the production of books, papers, | ||||||
25 | correspondence, and other records or information that he or she | ||||||
26 | considers relevant or material to the inquiry. |
| |||||||
| |||||||
1 | In case of contumacy or refusal of a witness to obey a | ||||||
2 | subpoena, any circuit court of this State whose jurisdiction | ||||||
3 | encompasses where the hearing is located may issue an order | ||||||
4 | requiring such witness to appear before the Secretary or the | ||||||
5 | hearing officer, to produce documentary evidence, or to give | ||||||
6 | testimony touching the matter in question; and the court may | ||||||
7 | punish any failures to obey such orders of the court as | ||||||
8 | contempt.
| ||||||
9 | A licensee may surrender any license by delivering to the | ||||||
10 | Secretary Director
written notice that he, they or it thereby | ||||||
11 | surrenders such license, but
such surrender shall not affect | ||||||
12 | such licensee's civil or criminal
liability for acts committed | ||||||
13 | prior to such surrender, or affect the
liability on his, their | ||||||
14 | or its bond or bonds, or his, their or its
policy or policies | ||||||
15 | of insurance, required by this Act, or entitle such
licensee to | ||||||
16 | a return of any part of the annual license fee or fees.
| ||||||
17 | Every license issued hereunder shall remain in force until | ||||||
18 | the same
shall expire, or shall have been surrendered, | ||||||
19 | suspended or revoked in accordance
with this Act, but the | ||||||
20 | Secretary Director may on his own motion, issue new
licenses to | ||||||
21 | a licensee whose license or licenses shall have been revoked
if | ||||||
22 | no fact or condition then exists which clearly would have | ||||||
23 | warranted
the Secretary Director in refusing originally the | ||||||
24 | issuance of such license under
this Act.
| ||||||
25 | No license shall be revoked until the licensee has had | ||||||
26 | notice of a
hearing thereon and an opportunity to be heard. |
| |||||||
| |||||||
1 | When any license is so
revoked, the Director shall within | ||||||
2 | twenty (20) days thereafter, prepare
and keep on file in his | ||||||
3 | office, a written order or decision of
revocation which shall | ||||||
4 | contain his findings with respect thereto and the
reasons | ||||||
5 | supporting the revocation and shall send by United States mail | ||||||
6 | a
copy thereof to the licensee at the address set forth in the | ||||||
7 | license
within five (5) days after the filing in his office of | ||||||
8 | such order,
finding or decision. A review of any such order, | ||||||
9 | finding or decision may
be had as provided in Section 22.01 of | ||||||
10 | this Act.
| ||||||
11 | (Source: P.A. 80-1101.)
| ||||||
12 | (205 ILCS 405/15.1) (from Ch. 17, par. 4825)
| ||||||
13 | Sec. 15.1.
If the Secretary Director determines that any | ||||||
14 | licensee is insolvent or is violating this Act, or if the | ||||||
15 | owner, executor, or successor in interest of a currency | ||||||
16 | exchange abandons the currency exchange, he or she shall | ||||||
17 | appoint a receiver, who shall, under his
or her direction, for | ||||||
18 | the purpose of receivership, take possession of and title to
| ||||||
19 | the books, records , and assets of every description of the | ||||||
20 | community
currency exchange. The Secretary may Director shall | ||||||
21 | require of the receiver such security
as he or she deems proper | ||||||
22 | and, upon appointment of the receiver, shall have
published, | ||||||
23 | once each week for 4 consecutive weeks in a newspaper having a
| ||||||
24 | general circulation in the community, a notice calling on all | ||||||
25 | persons who
have claims against the community currency |
| |||||||
| |||||||
1 | exchange, to present them to the
receiver.
| ||||||
2 | Within 10 days after the receiver takes possession of the | ||||||
3 | property, the
licensee may apply to the Circuit Court of the | ||||||
4 | county where the community currency exchange is located | ||||||
5 | Sangamon County to enjoin
further proceedings in the premises.
| ||||||
6 | The receiver may operate the community currency exchange | ||||||
7 | until the
Secretary Director determines that possession should | ||||||
8 | be restored to the licensee or
that the business should be | ||||||
9 | liquidated.
| ||||||
10 | (Source: Laws 1961, p. 3522.)
| ||||||
11 | (205 ILCS 405/15.1a) (from Ch. 17, par. 4826)
| ||||||
12 | Sec. 15.1a.
If the Secretary Director determines that a | ||||||
13 | business in
receivership should be liquidated, he shall direct | ||||||
14 | the Attorney General
to file a complaint in the Circuit Court | ||||||
15 | of the county in which such
community currency exchange is | ||||||
16 | located, in the name of the People of the
State of Illinois, | ||||||
17 | for the orderly liquidation and dissolution of the
community | ||||||
18 | currency exchange and for an injunction restraining the
| ||||||
19 | licensee or the officers and directors thereof from continuing | ||||||
20 | the
operation of the community currency exchange.
| ||||||
21 | The receiver shall, 30 days from the day the Secretary | ||||||
22 | Director determines that
the business should be liquidated, | ||||||
23 | file with the Secretary Director and with the
clerk of such | ||||||
24 | court as has charge of the liquidation, a correct list of
all | ||||||
25 | creditors who have not presented their claims. The list shall |
| |||||||
| |||||||
1 | show
the amount of the claim after allowing all just credits, | ||||||
2 | deductions and
set-offs as shown by the books of the currency | ||||||
3 | exchange. These claims
shall be deemed proven unless objections | ||||||
4 | are filed by some interested
party within the time fixed by the | ||||||
5 | Secretary Director or court that has charge of
the liquidation.
| ||||||
6 | (Source: P.A. 79-1361.)
| ||||||
7 | (205 ILCS 405/15.1b) (from Ch. 17, par. 4827)
| ||||||
8 | Sec. 15.1b. Liquidation; distribution; priority. The | ||||||
9 | General Assembly
finds and declares that community currency
| ||||||
10 | exchanges provide important and vital services to Illinois | ||||||
11 | citizens. The
General Assembly also finds that in providing | ||||||
12 | such services, community currency
exchanges transact extensive | ||||||
13 | business involving check cashing and the writing
of money | ||||||
14 | orders in communities in which banking services are generally
| ||||||
15 | unavailable. It is therefore declared to be the policy of this | ||||||
16 | State that customers who
receive these services must be | ||||||
17 | protected from insolvencies of currency
exchanges and | ||||||
18 | interruptions of services. To carry out this policy and to | ||||||
19 | insure that
customers of community currency exchanges are | ||||||
20 | protected in the event it
is determined that a community | ||||||
21 | currency exchange in receivership should
be liquidated in | ||||||
22 | accordance with Section 15.1a of this Act, the Secretary | ||||||
23 | Director
shall make a distribution of moneys collected by the | ||||||
24 | receiver in the following
order of priority: First, allowed | ||||||
25 | claims for the actual necessary expenses
of the receivership of |
| |||||||
| |||||||
1 | the community currency exchange being liquidated,
including | ||||||
2 | (a) reasonable receiver fees and receiver's attorney's fees | ||||||
3 | approved
by the Secretary Director , (b) all expenses of any | ||||||
4 | preliminary or other examinations
into the condition of the | ||||||
5 | community currency exchange or receivership,
(c) all expenses | ||||||
6 | incurred by the Secretary Director which are incident to | ||||||
7 | possession
and control of any property or records of the | ||||||
8 | community currency exchange, and
(d) reasonable expenses | ||||||
9 | incurred by the Secretary Director as the result of business
| ||||||
10 | agreements or contractual arrangements necessary to insure | ||||||
11 | that the services
of the community currency exchanges are | ||||||
12 | delivered to the community without
interruption. Said business | ||||||
13 | agreements or contractual arrangements may
include, but are not | ||||||
14 | limited to, agreements made by the Secretary Director , or by
| ||||||
15 | the Receiver with the approval of the Secretary Director , with | ||||||
16 | banks, money order
companies, bonding companies and other types | ||||||
17 | of financial institutions;
Second, allowed claims by a | ||||||
18 | purchaser of money orders issued on demand of
the community | ||||||
19 | currency exchange being liquidated; Third, allowed claims
| ||||||
20 | arising by virtue of and to the extent of the amount a utility | ||||||
21 | customer
deposits with the community currency exchange being | ||||||
22 | liquidated which are
not remitted to the utility company; | ||||||
23 | Fourth,
allowed claims arising by virtue of and to the extent | ||||||
24 | of the amount paid
by a purchaser of Illinois license plates, | ||||||
25 | vehicle stickers sold for
State and municipal governments in | ||||||
26 | Illinois, and temporary
Illinois registration permits |
| |||||||
| |||||||
1 | purchased at the currency exchange being
liquidated; Fifth, | ||||||
2 | allowed unsecured claims for
wages or salaries, excluding | ||||||
3 | vacation, severance and sick leave pay earned
by employee | ||||||
4 | earned within 90 days prior to the appointment of a Receiver;
| ||||||
5 | Sixth, secured claims; Seventh, allowed unsecured claims of any | ||||||
6 | tax, and interest and penalty on
the tax; Eighth Seventh , | ||||||
7 | allowed unsecured claims other than a kind specified in
| ||||||
8 | paragraph one, two and three of this Section, filed with the | ||||||
9 | Secretary Director within
the time the Secretary Director fixes | ||||||
10 | for filing claims; Ninth Eighth , allowed unsecured
claims, | ||||||
11 | other than a kind specified in paragraphs one, two and three of | ||||||
12 | this
Section filed with the Secretary Director after the time | ||||||
13 | fixed for filing claims
by the Secretary Director ; Tenth Ninth , | ||||||
14 | allowed creditor
claims asserted by an owner, member, or | ||||||
15 | stockholder of the community
currency exchange
in liquidation; | ||||||
16 | Eleventh Tenth , after one year from the final dissolution of | ||||||
17 | the
currency exchange, all assets not used to satisfy allowed | ||||||
18 | claims shall be
distributed pro rata to the owner, owners, | ||||||
19 | members, or stockholders of the
currency exchange.
| ||||||
20 | The Secretary Director shall pay all claims of equal | ||||||
21 | priority according to the schedule
set out above, and shall not | ||||||
22 | pay claims of lower priority until all higher
priority claims | ||||||
23 | are satisfied. If insufficient assets are available to
meet all | ||||||
24 | claims of equal priority, those assets shall be distributed pro
| ||||||
25 | rata among those claims. All unclaimed assets of a currency | ||||||
26 | exchange shall
be deposited with the Secretary Director to be |
| |||||||
| |||||||
1 | paid out by him when proper claims
therefor are presented to | ||||||
2 | the Secretary Director . If there are funds remaining after the | ||||||
3 | conclusion of a receivership of an abandoned currency exchange, | ||||||
4 | the remaining funds shall be considered unclaimed property and | ||||||
5 | remitted to the State Treasurer under the Uniform Disposition | ||||||
6 | of Unclaimed Property Act.
| ||||||
7 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
8 | (205 ILCS 405/15.1d) (from Ch. 17, par. 4829)
| ||||||
9 | Sec. 15.1d.
At the close of a receivership, the receiver | ||||||
10 | shall turn over to
the Secretary Director all books of account | ||||||
11 | and ledgers of such currency exchange for
preservation. All | ||||||
12 | records of such receiverships heretofore and hereafter
| ||||||
13 | received by the Secretary Director shall be held by him or her | ||||||
14 | for a period of 2 years after
the close of the receivership and | ||||||
15 | at the termination of the 2 year period
may then be destroyed.
| ||||||
16 | All expenses of the receivership, including reasonable | ||||||
17 | receiver's and attorney's
fees approved by the Secretary | ||||||
18 | Director , and all expenses
of any preliminary or other | ||||||
19 | examinations into the condition of the
community currency | ||||||
20 | exchange or receivership, and all expenses incident to
the | ||||||
21 | possession and control of any property or records of the | ||||||
22 | community
currency exchange incurred by the Secretary Director | ||||||
23 | shall be paid out of the assets
of the community currency | ||||||
24 | exchange. The foregoing expenses shall be paid
prior to and | ||||||
25 | ahead of all claims.
|
| |||||||
| |||||||
1 | (Source: P.A. 83-345.)
| ||||||
2 | (205 ILCS 405/15.2) (from Ch. 17, par. 4831)
| ||||||
3 | Sec. 15.2.
No community currency exchange shall determine | ||||||
4 | its affairs and
close up its business unless it shall first | ||||||
5 | deposit with the Secretary Director an
amount of money equal to | ||||||
6 | the whole of its debts, liabilities and lawful
demands against | ||||||
7 | it including the costs and expenses of this proceeding, and
| ||||||
8 | shall surrender to the Secretary Director its community | ||||||
9 | currency exchange license,
and shall file with the Secretary | ||||||
10 | Director a statement of termination signed by the
licensee of | ||||||
11 | such community currency exchange, containing a pronouncement | ||||||
12 | of
intent to close up its business and liquidate its | ||||||
13 | liabilities, and also
containing a sworn list itemizing in full | ||||||
14 | all such debts, liabilities and
lawful demands against it. | ||||||
15 | Corporate licensees shall attach to, and make a
part of such | ||||||
16 | statement of termination, a copy of a resolution providing for
| ||||||
17 | the determination and closing up of the licensee's affairs, | ||||||
18 | certified by
the secretary of such licensee and duly adopted at | ||||||
19 | a shareholders' meeting
by the holders of at least two-thirds | ||||||
20 | of the outstanding shares entitled to
vote at such meeting. | ||||||
21 | Upon the filing with the Secretary Director of a statement of
| ||||||
22 | termination the Secretary Director shall cause notice thereof | ||||||
23 | to be published once
each week for three consecutive weeks in a | ||||||
24 | public newspaper of general
circulation published in the city | ||||||
25 | or village where such community currency
exchange is located, |
| |||||||
| |||||||
1 | and if no newspaper shall be there published, then in
a public | ||||||
2 | newspaper of general circulation nearest to said city or | ||||||
3 | village;
and such publication shall give notice that the debts, | ||||||
4 | liabilities and
lawful demands against such community currency | ||||||
5 | exchange will be redeemed by
the Secretary Director on demand | ||||||
6 | in writing made by the owner thereof, at any time
within three | ||||||
7 | years from the date of first publication. After the expiration
| ||||||
8 | of such three year period, the Secretary Director shall return | ||||||
9 | to the person or
persons designated in the statement of | ||||||
10 | termination to receive such
repayment and in the proportion | ||||||
11 | therein specified, any balance of money
then remaining in his | ||||||
12 | possession, if any there be, after first deducting
therefrom | ||||||
13 | all unpaid costs and expenses incurred in connection with this
| ||||||
14 | proceeding. The Secretary Director shall receive for his | ||||||
15 | services, exclusive of costs
and expenses, two per cent of any | ||||||
16 | amount up to $5,000.00, and one per cent
of any amount in | ||||||
17 | excess of $5,000.00, deposited with him hereunder by any
one | ||||||
18 | community currency exchange. Nothing contained herein shall | ||||||
19 | affect or
impair the liability of any bonding or insurance | ||||||
20 | company on any bond or
insurance policy issued under this Act | ||||||
21 | relating to such community currency
exchange.
| ||||||
22 | (Source: Laws 1957, p. 320.)
| ||||||
23 | (205 ILCS 405/16) (from Ch. 17, par. 4832)
| ||||||
24 | Sec. 16. Annual report; investigation; costs. | ||||||
25 | (a) Each licensee shall
annually, on or before the 1st day |
| |||||||
| |||||||
1 | of
March, file a report with the Secretary Director for the
| ||||||
2 | calendar year period
from January 1st through December 31st, | ||||||
3 | except that the
report filed on or before March 15, 1990 shall | ||||||
4 | cover the period from
October 1, 1988 through December 31, | ||||||
5 | 1989, (which
shall be used only for
the official purposes of | ||||||
6 | the Director) giving such relevant information
as the Secretary | ||||||
7 | Director may reasonably require concerning, and for the purpose
| ||||||
8 | of examining, the business and operations during the preceding | ||||||
9 | fiscal
year period of each licensed currency exchange conducted | ||||||
10 | by such
licensee within the State. Such report shall be made | ||||||
11 | under oath and
shall be in the form prescribed by the | ||||||
12 | Secretary. The Secretary Director and the Director may at
any | ||||||
13 | time , and shall at least once in each year , investigate the | ||||||
14 | currency
exchange business of any licensee and of every person, | ||||||
15 | partnership,
association, limited liability company, and | ||||||
16 | corporation who or which shall
be engaged in the
business of | ||||||
17 | operating a currency exchange. For that purpose, the
Secretary | ||||||
18 | Director shall have free access to the offices and places of | ||||||
19 | business
and to such records of all such persons, firms, | ||||||
20 | partnerships,
associations, limited liability companies and | ||||||
21 | members thereof, and
corporations and to the officers and | ||||||
22 | directors thereof
that shall relate to such currency exchange | ||||||
23 | business.
The investigation may be conducted in conjunction | ||||||
24 | with representatives of
other State agencies or agencies of | ||||||
25 | another state or of the United States as
determined by the | ||||||
26 | Secretary Director .
The Secretary Director may
at any time |
| |||||||
| |||||||
1 | inspect the locations
served by an ambulatory currency | ||||||
2 | exchange, for the purpose of
determining whether such currency | ||||||
3 | exchange is complying with the
provisions of this Act at each | ||||||
4 | location served. The Secretary Director may require
by subpoena | ||||||
5 | the attendance of and examine under oath all persons whose
| ||||||
6 | testimony he may require relative to such business, and in such | ||||||
7 | cases
the Secretary Director , or any qualified representative | ||||||
8 | of the Secretary Director whom the
Secretary Director may | ||||||
9 | designate, may administer oaths to all such persons called
as | ||||||
10 | witnesses, and the Secretary Director , or any such qualified | ||||||
11 | representative of
the Secretary Director , may conduct such | ||||||
12 | examinations, and there shall be paid to
the Secretary Director | ||||||
13 | for each such examination a fee of $250 $225 for each day
or | ||||||
14 | part
thereof for each qualified representative designated and | ||||||
15 | required to
conduct the examination; provided, however, that in | ||||||
16 | the case of an
ambulatory currency exchange, such fee shall be | ||||||
17 | $150 $75 for each day or part
thereof and shall not be | ||||||
18 | increased by reason
of the number of locations served by it . | ||||||
19 | (b) All information collected by the Department under an | ||||||
20 | examination or investigation of an ambulatory or community | ||||||
21 | currency exchange, including, but not limited to, information | ||||||
22 | collected to investigate any complaint against an ambulatory or | ||||||
23 | community currency exchange filed with the Department, shall be | ||||||
24 | maintained for the confidential use of the Department and shall | ||||||
25 | not be disclosed. The Department may not disclose such | ||||||
26 | information to anyone other than the licensee, law enforcement |
| |||||||
| |||||||
1 | officials, other regulatory agencies that have an appropriate | ||||||
2 | regulatory interest as determined by the Secretary, or to a | ||||||
3 | party presenting a lawful subpoena to the Department. | ||||||
4 | Information and documents disclosed to a federal, State, | ||||||
5 | county, or local law enforcement agency shall not be disclosed | ||||||
6 | by the agency for any purpose to any other agency or person. An | ||||||
7 | order issued by the Department against an ambulatory or | ||||||
8 | community currency exchange shall be a public record and any | ||||||
9 | documents produced in discovery, filed with the administrative | ||||||
10 | law judge, or introduced at a hearing shall be a public record, | ||||||
11 | except as otherwise prohibited by law.
| ||||||
12 | (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
| ||||||
13 | (205 ILCS 405/17) (from Ch. 17, par. 4833)
| ||||||
14 | Sec. 17. A. Every licensee shall keep and use in his | ||||||
15 | business such books,
accounts and records as will enable the | ||||||
16 | Secretary Director to determine whether such
licensee is | ||||||
17 | complying with the provisions of this Act and with the rules,
| ||||||
18 | regulations and directions made by the Secretary Director | ||||||
19 | hereunder.
| ||||||
20 | B. Each licensee shall record or cause to be recorded the | ||||||
21 | following
information with respect to each money order it sells | ||||||
22 | or issues: (1) The
amount; (2) the month and year of sale or | ||||||
23 | issuance; and (3) the serial
number.
| ||||||
24 | Each licensee shall preserve the record required by this | ||||||
25 | subsection for
at least 17 years or until the money order to |
| |||||||
| |||||||
1 | which it pertains is returned
to the licensee. Each money order | ||||||
2 | returned to the licensee shall be
preserved for not less than 3 | ||||||
3 | years from the month and year of sale or
issuance by the | ||||||
4 | licensee. The licensee shall keep the record, or an
authentic | ||||||
5 | microfilm copy thereof, required to be preserved by this
| ||||||
6 | subsection within this state at a place readily accessible to | ||||||
7 | the Secretary Director
and his representatives. If a licensee | ||||||
8 | sells or transfers his business at a
location or an address, | ||||||
9 | his obligations under this paragraph devolve upon
the successor | ||||||
10 | licensee and subsequent successor licensees, if any, at such
| ||||||
11 | location or address. If a licensee ceases to do business in | ||||||
12 | this state, he
shall deposit the records and money orders he is | ||||||
13 | required to preserve, with
the Secretary Director .
| ||||||
14 | (Source: Laws 1963, p. 1634.)
| ||||||
15 | (205 ILCS 405/18) (from Ch. 17, par. 4834)
| ||||||
16 | Sec. 18.
The applicant for a community currency exchange | ||||||
17 | license shall have
a permanent address as evidenced by a lease | ||||||
18 | of at least six months duration
or other suitable evidence of | ||||||
19 | permanency, and the license issued, pursuant
to the application | ||||||
20 | shall be valid only at that address or any new address
approved | ||||||
21 | by the Secretary Director .
| ||||||
22 | (Source: Laws 1957, p. 320.)
| ||||||
23 | (205 ILCS 405/19) (from Ch. 17, par. 4835)
| ||||||
24 | Sec. 19.
The Department Director may make and enforce such |
| |||||||
| |||||||
1 | reasonable rules , relevant
regulations , directions, orders, | ||||||
2 | decisions and findings as the execution and enforcement of the | ||||||
3 | provisions of this Act require, and as are not inconsistent | ||||||
4 | within this Act. may be necessary
for the execution and | ||||||
5 | enforcement of this Act and the purposes sought to be
attained | ||||||
6 | herein. All such rules regulations , directions, orders, | ||||||
7 | decisions and
findings shall be filed and entered by the | ||||||
8 | Secretary Director in an indexed permanent
book or record, or | ||||||
9 | electronic record, with the effective date thereof suitably | ||||||
10 | indicated, and
such book or record shall be a public document. | ||||||
11 | All rules regulations and
directions, which are of a general | ||||||
12 | character, shall be made available in electronic form to all | ||||||
13 | licensees within 10 days after filing and all licenses shall | ||||||
14 | receive by mail notice of any changes. printed and copies
| ||||||
15 | thereof mailed to all licensees within 10 days after filing as | ||||||
16 | aforesaid.
Copies of all findings, orders and decisions shall | ||||||
17 | be mailed to the parties
affected thereby by United States mail | ||||||
18 | within 5 days of such filing.
| ||||||
19 | (Source: Laws 1957, p. 320.)
| ||||||
20 | (205 ILCS 405/19.3) (from Ch. 17, par. 4838)
| ||||||
21 | Sec. 19.3. (A) The General Assembly hereby finds and | ||||||
22 | declares: community
currency exchanges and ambulatory currency | ||||||
23 | exchanges provide important and
vital services to Illinois | ||||||
24 | citizens. In so doing, they transact extensive
business | ||||||
25 | involving check cashing and the writing of money orders in |
| |||||||
| |||||||
1 | communities
in which banking services are generally | ||||||
2 | unavailable. Customers of currency
exchanges who receive these | ||||||
3 | services must be protected from being charged
unreasonable and | ||||||
4 | unconscionable rates for cashing checks and purchasing
money | ||||||
5 | orders. The Illinois Department of Financial and Professional | ||||||
6 | Regulation Institutions has the
responsibility for regulating | ||||||
7 | the operations of currency exchanges and has
the expertise to | ||||||
8 | determine reasonable maximum rates to be charged for check
| ||||||
9 | cashing and money order purchases. Therefore, it is in the | ||||||
10 | public interest,
convenience, welfare and good to have the | ||||||
11 | Department establish reasonable
maximum rate schedules for | ||||||
12 | check cashing and the issuance of money orders
and to require | ||||||
13 | community and ambulatory currency exchanges to prominently
| ||||||
14 | display to the public the fees charged for all services.
The | ||||||
15 | Secretary Director shall review, each year, the cost of | ||||||
16 | operation of the Currency
Exchange Section Division and the | ||||||
17 | revenue generated from currency exchange
examinations and | ||||||
18 | report to the General Assembly if the need exists for an
| ||||||
19 | increase in the fees mandated by this Act to maintain the | ||||||
20 | Currency Exchange Section
Division at a fiscally | ||||||
21 | self-sufficient level. The Secretary Director shall include
in | ||||||
22 | such report the total amount of funds remitted to the State and | ||||||
23 | delivered
to the State Treasurer by currency exchanges pursuant | ||||||
24 | to the Uniform
Disposition of Unclaimed Property Act.
| ||||||
25 | (B) The Secretary Director shall, by rules adopted in | ||||||
26 | accordance with the Illinois
Administrative Procedure Act, |
| |||||||
| |||||||
1 | expeditiously formulate and issue schedules of
reasonable | ||||||
2 | maximum rates which can be charged for check cashing and | ||||||
3 | writing of
money orders by community currency exchanges and | ||||||
4 | ambulatory currency exchanges.
| ||||||
5 | (1) In determining the maximum rate schedules for the | ||||||
6 | purposes of this
Section the Secretary Director shall take | ||||||
7 | into account:
| ||||||
8 | (a) Rates charged in the past for the cashing of | ||||||
9 | checks and the issuance
of money orders by community | ||||||
10 | and ambulatory currency exchanges.
| ||||||
11 | (b) Rates charged by banks or other business | ||||||
12 | entities for rendering the
same or similar services and | ||||||
13 | the factors upon which those rates are based.
| ||||||
14 | (c) The income, cost and expense of the operation | ||||||
15 | of currency exchanges.
| ||||||
16 | (d) Rates charged by currency exchanges or other | ||||||
17 | similar entities
located in other states for the same | ||||||
18 | or similar services and the factors upon
which those | ||||||
19 | rates are based.
| ||||||
20 | (e) Rates charged by the United States Postal | ||||||
21 | Service for the issuing
of money orders and the factors | ||||||
22 | upon which those rates are based.
| ||||||
23 | (f) A reasonable profit for a currency exchange | ||||||
24 | operation.
| ||||||
25 | (2) (a) The schedule of reasonable maximum rates | ||||||
26 | established pursuant
to this Section may be modified by the |
| |||||||
| |||||||
1 | Secretary Director from time to time pursuant
to rules | ||||||
2 | adopted in accordance with the Illinois Administrative | ||||||
3 | Procedure Act.
| ||||||
4 | (b) Upon the filing of a verified petition setting | ||||||
5 | forth allegations
demonstrating reasonable cause to | ||||||
6 | believe that the schedule of maximum rates
previously | ||||||
7 | issued and promulgated should be adjusted, the Secretary | ||||||
8 | Director shall
expeditiously:
| ||||||
9 | (i) reject the petition if it fails to demonstrate | ||||||
10 | reasonable cause to
believe that an adjustment is | ||||||
11 | necessary; or
| ||||||
12 | (ii) conduct such hearings, in accordance with | ||||||
13 | this Section, as may be
necessary to determine whether | ||||||
14 | the petition should be granted in whole or in
part.
| ||||||
15 | (c) No petition may be filed pursuant to subparagraph | ||||||
16 | (a) of paragraph
(2) of subsection (B) unless:
| ||||||
17 | (i) at least nine months have expired since the | ||||||
18 | last promulgation of
schedules of maximum rates; and
| ||||||
19 | (ii) at least one-fourth of all community currency | ||||||
20 | exchange licensees
join in a petition or, in the case | ||||||
21 | of ambulatory currency exchanges, a licensee
or | ||||||
22 | licensees authorized to serve at least 100 locations | ||||||
23 | join in a petition.
| ||||||
24 | (3) Any currency exchange may charge lower fees than those | ||||||
25 | of the
applicable maximum fee schedule after filing with the | ||||||
26 | Secretary Director a schedule of
fees it proposes to use.
|
| |||||||
| |||||||
1 | (Source: P.A. 91-16, eff. 7-1-99.)
| ||||||
2 | (205 ILCS 405/19.4) (from Ch. 17, par. 4839)
| ||||||
3 | Sec. 19.4.
The fees charged by community and ambulatory | ||||||
4 | currency exchanges
for rendering any service authorized by this | ||||||
5 | Act shall be prominently displayed
on the premises of the | ||||||
6 | community currency exchange or at the location served
by the | ||||||
7 | ambulatory currency exchange in such fashion as shall be | ||||||
8 | required
by the Secretary Director .
| ||||||
9 | (Source: P.A. 81-964.)
| ||||||
10 | (205 ILCS 405/20) (from Ch. 17, par. 4840)
| ||||||
11 | Sec. 20.
Every person having taken an oath in any | ||||||
12 | proceeding or matter
wherein an oath is required by this Act, | ||||||
13 | who shall swear willfully wilfully ,
corruptly or falsely in a | ||||||
14 | matter material to the issue or point in
question, or shall | ||||||
15 | suborn any other person to swear as aforesaid, shall be
guilty | ||||||
16 | of perjury or subornation of perjury, as the case may be.
| ||||||
17 | (Source: Laws 1943, vol. 1, p. 233 .)
| ||||||
18 | (205 ILCS 405/21) (from Ch. 17, par. 4841)
| ||||||
19 | Sec. 21.
Except as otherwise provided for in this Act, | ||||||
20 | whenever the
Secretary Director is required to give notice to | ||||||
21 | any applicant or licensee, such
requirement shall be complied | ||||||
22 | with if, within the time fixed herein, such
notice shall be | ||||||
23 | enclosed in an envelope plainly addressed to such applicant
or |
| |||||||
| |||||||
1 | licensee, as the case may be, at the address set forth in the
| ||||||
2 | application or license, as the case may be, United States | ||||||
3 | postage fully
prepaid, and deposited, registered, in the United | ||||||
4 | States mail.
| ||||||
5 | (Source: Laws 1957, p. 320.)
| ||||||
6 | (205 ILCS 405/22.01) (from Ch. 17, par. 4843)
| ||||||
7 | Sec. 22.01.
All final administrative decisions of the | ||||||
8 | Secretary Director hereunder
shall be subject to judicial | ||||||
9 | review pursuant to the provisions of the Administrative
Review | ||||||
10 | Law, and all amendments and
modifications thereof, and the | ||||||
11 | rules adopted pursuant thereto. The term
"administrative | ||||||
12 | decision" is defined as in Section 3-101 of the Code of
Civil | ||||||
13 | Procedure. The person seeking judicial review shall pay to the | ||||||
14 | Secretary Director
the costs of preparing and certifying the | ||||||
15 | record of proceedings before the
Secretary Director .
| ||||||
16 | (Source: P.A. 82-783.)
| ||||||
17 | (205 ILCS 405/29.5 new) | ||||||
18 | Sec. 29.5. Cease and desist. The Secretary may issue a | ||||||
19 | cease and desist order to any currency exchange or other person | ||||||
20 | doing business without the require license, when in the opinion | ||||||
21 | of the Secretary, the currency exchange or other person is | ||||||
22 | violating or is about to violate any provision of this Act or | ||||||
23 | any rule or requirement imposed in writing by the Department. | ||||||
24 | The cease and desist order permitted by this Section may be |
| |||||||
| |||||||
1 | issued prior to a hearing. | ||||||
2 | The Secretary shall serve notice of his or her action, | ||||||
3 | including, but not limited to, a statement of reasons for the | ||||||
4 | action, either personally or by certified mail, return receipt | ||||||
5 | requested. Service by certified mail shall be deemed completed | ||||||
6 | when the notice is deposited in the U.S. mail. | ||||||
7 | Within 10 days after service of a cease and desist order, | ||||||
8 | the licensee or other person may request, in writing, a | ||||||
9 | hearing. The Secretary shall schedule a hearing within 30 days | ||||||
10 | after the request for a hearing unless otherwise agreed to by | ||||||
11 | the parties. | ||||||
12 | If it is determined that the Secretary has the authority to | ||||||
13 | issue the cease and desist order, he or she may issue such | ||||||
14 | orders as reasonably necessary to correct, eliminate, or remedy | ||||||
15 | such conduct. | ||||||
16 | The powers vested in the Secretary by this Section are | ||||||
17 | additional to any and all other powers and remedies vested in | ||||||
18 | the Secretary by law, and nothing in this Section shall be | ||||||
19 | construed as requiring that the Secretary shall employ the | ||||||
20 | power conferred in this Section instead of or as a condition | ||||||
21 | precedent to the exercise of any other power or remedy vested | ||||||
22 | in the Secretary. | ||||||
23 | The currency exchange, or other person doing business | ||||||
24 | without the required license, shall pay the actual costs of the | ||||||
25 | hearing. |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1 | (205 ILCS 405/10.1 rep.)
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2 | (205 ILCS 405/22.03 rep.)
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3 | (205 ILCS 405/25 rep.)
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4 | Section 10. The Currency Exchange Act is amended by | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | repealing Sections 10.1, 22.03, and 25.
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6 | Section 99. Effective date. This Act takes effect January | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 1, 2012.
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