| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
1 | AN ACT concerning regulation.
| ||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||
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, 8, | ||||||||||||||||||||||||
6 | 10.1, 11, 12, 13, 13.1, 14, 15, 15.1, 15.1a, 15.1b, 15.1d, | ||||||||||||||||||||||||
7 | 15.2, 16, 17, 19, 19.3, 19.4, 20, 21, 22.01, 22.03, and 25 and | ||||||||||||||||||||||||
8 | by adding Sections 4.1a, 4.1b, and 29.5 as follows:
| ||||||||||||||||||||||||
9 | (205 ILCS 405/1) (from Ch. 17, par. 4802)
| ||||||||||||||||||||||||
10 | Sec. 1. Definitions; application of Act. For the purposes | ||||||||||||||||||||||||
11 | of this Act:
| ||||||||||||||||||||||||
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" means the Secretary of Financial and | ||||||
18 | Professional Regulation. | ||||||
19 | "Director" means the Director of Financial Institutions.
| ||||||
20 | Nothing in this Act shall be held to apply to any person, | ||||||
21 | firm,
association, partnership, limited liability company, or | ||||||
22 | corporation who is
engaged primarily in the
business of | ||||||
23 | transporting for hire, bullion, currency, securities,
| ||||||
24 | negotiable or non-negotiable documents, jewels or other | ||||||
25 | property of great
monetary value and who in the course of such | ||||||
26 | business and only as an
incident thereto, cashes checks, |
| |||||||
| |||||||
1 | drafts, money orders or other evidences of
money directly for, | ||||||
2 | or for the employees of and with the funds of and at a
cost only | ||||||
3 | to, the person, firm, association, partnership, limited | ||||||
4 | liability
company, or corporation for
whom he or it is then | ||||||
5 | actually transporting such bullion, currency,
securities, | ||||||
6 | negotiable or non-negotiable documents, jewels, or other
| ||||||
7 | property of great monetary value, pursuant to a written | ||||||
8 | contract for such
transportation and all incidents thereof, nor | ||||||
9 | shall it apply to any merchant as that term is defined under | ||||||
10 | the Check Cashing Act unless specifically provided for in the | ||||||
11 | Act person,
firm, association, partnership, limited liability | ||||||
12 | company, or corporation
engaged in the business of
selling | ||||||
13 | tangible personal property at retail who, in the course of such
| ||||||
14 | business and only as an incident thereto, cashes checks, | ||||||
15 | drafts, money
orders or other evidences of money .
| ||||||
16 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
17 | (205 ILCS 405/2) (from Ch. 17, par. 4803)
| ||||||
18 | Sec. 2. License required; violation; injunction. No | ||||||
19 | person, firm,
association, partnership, limited liability
| ||||||
20 | company,
or corporation shall
engage in the business of a | ||||||
21 | community currency exchange or in the business
of an ambulatory | ||||||
22 | currency exchange without first securing a license to do
so | ||||||
23 | from the Secretary Director .
| ||||||
24 | Any person, firm, association, partnership, limited | ||||||
25 | liability company, or corporation issued a
license to do so by |
| |||||||
| |||||||
1 | the Secretary Director shall have authority to operate a
| ||||||
2 | community currency exchange or an ambulatory currency | ||||||
3 | exchange, as defined
in Section 1 hereof.
| ||||||
4 | Any person, firm, association, partnership, limited | ||||||
5 | liability company, or
corporation licensed as and engaged in | ||||||
6 | the business of a community currency
exchange shall at a | ||||||
7 | minimum offer the service of cashing checks, or drafts,
or | ||||||
8 | money orders, or any other evidences of money acceptable to | ||||||
9 | such currency exchange.
| ||||||
10 | No ambulatory currency exchange and no community currency | ||||||
11 | exchange shall
be conducted on any street, sidewalk or highway | ||||||
12 | used by the public, and no
license shall be issued therefor. An | ||||||
13 | ambulatory currency exchange shall be
required to and shall | ||||||
14 | secure a license or licenses for the conduct of its
business at | ||||||
15 | each and every location served by it, as provided in Section 4
| ||||||
16 | hereof, whether the services at any such location are rendered | ||||||
17 | for or
without a fee, service charge or other consideration. | ||||||
18 | Each plant or
establishment is deemed a separate location. No | ||||||
19 | license issued for the
conduct of its business at one location | ||||||
20 | shall authorize the conduct of its
business at any other | ||||||
21 | location, nor shall any license authorize the
rendering of | ||||||
22 | services by an ambulatory currency exchange to persons other
| ||||||
23 | than the employees of the employer named therein. If the | ||||||
24 | employer named in
such license shall move his business from the | ||||||
25 | address therein set forth,
such license shall thereupon expire, | ||||||
26 | unless the Secretary Director has approved a
change of address |
| |||||||
| |||||||
1 | for such location, as provided in Section 13.
| ||||||
2 | Any person, firm, association, partnership, limited | ||||||
3 | liability company, or
corporation that violates
this Section | ||||||
4 | shall be guilty of a Class A misdemeanor, and the Attorney
| ||||||
5 | General or the State's Attorney of the county in which the | ||||||
6 | violation occurs
shall file a complaint in the Circuit Court of | ||||||
7 | the county to restrain the
violation.
| ||||||
8 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
9 | (205 ILCS 405/3) (from Ch. 17, par. 4804)
| ||||||
10 | Sec. 3. Powers of community currency exchanges. | ||||||
11 | (a) No community or
ambulatory currency exchange shall be
| ||||||
12 | permitted to accept money or evidences of money as a deposit to | ||||||
13 | be
returned to the depositor or upon the depositor's order . No ; | ||||||
14 | and no
community or ambulatory currency exchange shall be | ||||||
15 | permitted to act as
bailee or agent for persons, firms, | ||||||
16 | partnerships, limited liability
companies, associations or
| ||||||
17 | corporations to hold money or evidences thereof or the proceeds
| ||||||
18 | therefrom for the use and benefit of the owners thereof, and | ||||||
19 | deliver
such money or proceeds of evidence of money upon | ||||||
20 | request and direction
of such owner or owners . Nothing in this | ||||||
21 | Act shall prevent a currency exchange from accepting a post | ||||||
22 | dated check so long as such check is immediately cashed and | ||||||
23 | deposited in the ordinary course of business. ; provided, that | ||||||
24 | nothing contained herein shall
prevent a community or an | ||||||
25 | ambulatory currency exchange from obtaining
state automobile |
| |||||||
| |||||||
1 | and city vehicle licenses for a fee or service charge,
or from | ||||||
2 | rendering a photostat service, or from rendering a notary
| ||||||
3 | service either by the proprietor of the currency exchange or | ||||||
4 | any one of
its employees, authorized by the State of Illinois | ||||||
5 | to act as a notary
public, or from selling travelers cheques | ||||||
6 | obtained by the currency
exchange from a banking institution | ||||||
7 | under a trust receipt, or from
issuing money orders or from | ||||||
8 | accepting for payment utility bills. | ||||||
9 | (b) A community or ambulatory currency exchange is | ||||||
10 | permitted to engage in, and charge a fee for, the following | ||||||
11 | activities, either directly or as a third party agent: (i) | ||||||
12 | cashing of checks, drafts, money orders, or any other evidences | ||||||
13 | of money acceptable to the currency exchange, (ii) selling or | ||||||
14 | issuing money orders, (iii) obtaining reports, certificates, | ||||||
15 | governmental permits licenses, and vital statistics and the | ||||||
16 | preparation of necessary applications to obtain the same, (iv) | ||||||
17 | the sale and distribution of bond cards, (v) obtaining, | ||||||
18 | distributing, providing or selling: State vehicle registration | ||||||
19 | renewals, title transfers and tax remittance forms, city | ||||||
20 | vehicle licenses, and other governmental services, (vi) | ||||||
21 | photostat and telefacsimile service, (vii) notary service | ||||||
22 | either by the proprietor of the currency exchange or any one of | ||||||
23 | its employees, authorized by the State to act as a notary | ||||||
24 | public, (viii) issuance of travelers checks obtained by the | ||||||
25 | currency exchange from a banking institution under a trust | ||||||
26 | receipt, (ix) accepting for payment utility and other |
| |||||||
| |||||||
1 | companies' bills, (x) issuance and acceptance of any third | ||||||
2 | party debit, credit or stored value card and loading or | ||||||
3 | unloading and redemption of funds therefrom, (xi) on-premises | ||||||
4 | automated teller machines, (xii) sale of rolled coin and paper | ||||||
5 | money, (xiii) exchange of foreign currency through a third | ||||||
6 | party, (xiv) sale of cards, passes, or tokens for public | ||||||
7 | transit, (xv) providing mail box service, (xvi) sale of phones, | ||||||
8 | phone cards, wireless, Internet, and telecommunication | ||||||
9 | services, (xvii) on-premises public telephone, (xviii) sale of | ||||||
10 | U.S. postage, (xix) money transmission through a licensed | ||||||
11 | third-party money transmitter, (xx) sale of candy, gum, other | ||||||
12 | packaged foods, soft drinks, and other products and services by | ||||||
13 | means of vending machines and kiosks on its premises, (xxi) | ||||||
14 | acquisition and purchase from consumers gold and precious | ||||||
15 | metals, (xxii) advertising on and about the premises for any | ||||||
16 | legal product or service that is not misleading to the public, | ||||||
17 | (xxiii) sale of tangible personal property at retail in the | ||||||
18 | course of such business and only as an incident thereto, (xxiv) | ||||||
19 | participating and facilitating the distribution of funds and | ||||||
20 | benefits through third-party or banking programs, and (xxv) | ||||||
21 | sale of third-party insurance and other financial products and | ||||||
22 | services.
| ||||||
23 | (c) Any community or ambulatory currency exchange may enter | ||||||
24 | into agreements an
agreement with any utility and other | ||||||
25 | companies to act as the companies' its
agent for the acceptance | ||||||
26 | of payment of utility and other
companies' bills without charge
|
| |||||||
| |||||||
1 | to the utility customer and,
acting under such agreement, may | ||||||
2 | receipt for payments in the
names of the utility and other | ||||||
3 | companies. Any community or
ambulatory currency exchange may | ||||||
4 | also receive payment of
utility and other companies' bills for | ||||||
5 | remittance to companies
with which it has no such agency | ||||||
6 | agreement and may charge a fee
for such service but may not, in | ||||||
7 | such cases, issue a receipt for such
payment in the names of | ||||||
8 | the utility and other companies.
However, funds received by | ||||||
9 | currency exchanges for remittance
to utility and other | ||||||
10 | companies with which the currency exchange
has no agency | ||||||
11 | agreement shall be forwarded to the appropriate
utility and | ||||||
12 | other companies by the currency exchange before the
end of the | ||||||
13 | next business day.
| ||||||
14 | For the purposes of this Section "utility and other | ||||||
15 | companies" means any utility company and other company that the | ||||||
16 | currency exchange may or may not have a contractual agreement | ||||||
17 | and for which the currency exchange accepts payments from | ||||||
18 | consumers for remittance to the utility or other company for | ||||||
19 | the payment of bills and financial products. | ||||||
20 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
21 | (205 ILCS 405/3.1) (from Ch. 17, par. 4805)
| ||||||
22 | Sec. 3.1.
Nothing in this Act shall prevent a currency | ||||||
23 | exchange from
rendering State or Federal income tax services | ||||||
24 | service ; nor shall the rendering of
such services service be | ||||||
25 | considered a violation of this Act if such services are service |
| |||||||
| |||||||
1 | be
rendered either by the proprietor , or any of his or her | ||||||
2 | employees , or a third-party . | ||||||
3 | For the purposes of this Section, "tax service" does not | ||||||
4 | include making or offering to make a refund anticipation loan | ||||||
5 | as defined by the Tax Refund Anticipation Loan Disclosure Act. | ||||||
6 | Nothing in this Act, however, shall prevent a currency exchange | ||||||
7 | from permitting or contracting with, nor shall it prohibit, a | ||||||
8 | third party tax preparer licensed by the Internal Revenue | ||||||
9 | Service from occupying a portion of a currency exchange's | ||||||
10 | unsecured premises from where it may, and shall be permitted | ||||||
11 | to, render all federally approved income tax services.
| ||||||
12 | (Source: Laws 1949, p. 336.)
| ||||||
13 | (205 ILCS 405/3.2) (from Ch. 17, par. 4806)
| ||||||
14 | Sec. 3.2.
Community currency exchanges and ambulatory | ||||||
15 | currency
exchanges may engage in the distribution of | ||||||
16 | Supplemental Nutrition Assistance Program (SNAP) benefits or | ||||||
17 | their equivalent food stamps in
accordance with such | ||||||
18 | regulations as are made by the Secretary Director .
| ||||||
19 | (Source: P.A. 80-439.)
| ||||||
20 | (205 ILCS 405/3.3) (from Ch. 17, par. 4807)
| ||||||
21 | Sec. 3.3. Additional public services.
| ||||||
22 | (a) Nothing in this Act shall prevent the Director from | ||||||
23 | authorizing
currency exchanges from engaging in additional | ||||||
24 | activities or rendering to render additional products and |
| |||||||
| |||||||
1 | services to the public . In such case, a currency exchange, a | ||||||
2 | group currency exchanges, or an association of currency | ||||||
3 | exchanges shall notify the Secretary in writing of the | ||||||
4 | additional activity, product, or service intended to be | ||||||
5 | offered. The Secretary may charge an investigation fee of $500, | ||||||
6 | and the investigation shall not exceed 45 days after it is | ||||||
7 | discovered whether such additional activity, product, or | ||||||
8 | service is consistent with the provisions of this Act. At the | ||||||
9 | conclusion of the investigation, the Secretary shall promptly | ||||||
10 | notify the requesting party in writing of his or her decision. | ||||||
11 | Any approval under this Section shall be deemed an approval for | ||||||
12 | all currency exchanges. In the event the Secretary finds | ||||||
13 | against allowing any such additional activity, product, or | ||||||
14 | service, the written notice shall be in accordance with | ||||||
15 | subsection (b) of this Section. In the event the Secretary | ||||||
16 | finds any activity, product, or service previously authorized | ||||||
17 | under this Section to no longer be consistent with the | ||||||
18 | provisions of this Act, the Secretary may move to revoke such | ||||||
19 | authorization under this Section on 45 days' written notice to | ||||||
20 | the currency exchanges, such notice to be in accordance with | ||||||
21 | subsection (b) of this Section. If a currency exchange objects | ||||||
22 | to the Secretary's finding against, or revocation of, the | ||||||
23 | activity, product, or service, then the currency exchange may | ||||||
24 | bring the matter to hearing as set forth in Section 10.1 of | ||||||
25 | this Act and in the case of a revocation, the Secretary's | ||||||
26 | revocation shall be stayed. if the services
are consistent with |
| |||||||
| |||||||
1 | the provisions of this Act, are within its meaning,
are in the | ||||||
2 | best interest of the public, and benefit the general welfare.
| ||||||
3 | (b) Any notice of denial or revocation under this Section | ||||||
4 | shall contain: (i) a clear and concise description of the | ||||||
5 | activity denied or revoked, (ii) the Secretary's opinion and | ||||||
6 | reasoning as to why the activity should not be permitted, | ||||||
7 | indicating with specificity how the activity is not consistent | ||||||
8 | with the provisions of this Act, (iii) in the case of a | ||||||
9 | revocation, a directive to cease the activity by a date | ||||||
10 | certain, but in no case earlier than 45 days after the date of | ||||||
11 | the notice, and (iv) in the case of a revocation, a statement | ||||||
12 | that the Secretary's directive shall be stayed on receipt of an | ||||||
13 | objection within 30 days after the date of the notice and then | ||||||
14 | until a hearing may be held and the matter adjudicated under | ||||||
15 | Section 10.1 of this Act. Nothing in this Act shall prevent a | ||||||
16 | community currency exchange
from selling candy, gum, other | ||||||
17 | packaged foods, and soft drinks by means
of vending machines on | ||||||
18 | its premises.
| ||||||
19 | (c) For the purposes of this Section, "consistent with the | ||||||
20 | provisions of this Act" shall mean to have value to the public | ||||||
21 | and demand by the community. | ||||||
22 | (Source: P.A. 87-258; 88-583, eff. 8-12-94.)
| ||||||
23 | (205 ILCS 405/4) (from Ch. 17, par. 4808)
| ||||||
24 | Sec. 4. License application; contents; fees. Application | ||||||
25 | for such
license shall be in writing under oath and in
the form |
| |||||||
| |||||||
1 | prescribed and furnished by the Secretary Director . Each | ||||||
2 | application shall
contain the following:
| ||||||
3 | (a) The full name and address (both of residence and place | ||||||
4 | of business)
of the applicant, and if the applicant is a | ||||||
5 | partnership, limited liability
company, or association, of
| ||||||
6 | every member thereof, and the name and business address if the | ||||||
7 | applicant is
a corporation;
| ||||||
8 | (b) The county and municipality, with street and number, if | ||||||
9 | any, where
the community currency exchange is to be conducted, | ||||||
10 | if the application is
for a community currency exchange | ||||||
11 | license;
| ||||||
12 | (c) If the application is for an ambulatory currency | ||||||
13 | exchange license,
the name and address of the employer at each | ||||||
14 | location to be served by it;
and
| ||||||
15 | (d) The applicant's occupation or profession; a detailed | ||||||
16 | statement of
his business experience for the 10 years | ||||||
17 | immediately preceding his
application; a detailed statement of | ||||||
18 | his finances; his present or previous
connection with any other | ||||||
19 | currency exchange; whether he has ever been
involved in any | ||||||
20 | civil or criminal litigation, and the material facts
pertaining | ||||||
21 | thereto; whether he has ever been committed to any penal
| ||||||
22 | institution or admitted to an institution for the care and | ||||||
23 | treatment of
mentally ill persons; and the nature of | ||||||
24 | applicant's occupancy of the
premises to be licensed where the | ||||||
25 | application is for a community currency
exchange license. If | ||||||
26 | the applicant is a partnership, the information
specified |
| |||||||
| |||||||
1 | herein shall be required of each partner. If the applicant is a
| ||||||
2 | corporation, the said information shall be required of each | ||||||
3 | officer,
director and stockholder thereof along with | ||||||
4 | disclosure of their ownership
interests.
If the applicant is a | ||||||
5 | limited liability company, the information required by
this | ||||||
6 | Section shall be provided with respect to each member and | ||||||
7 | manager along
with disclosure of their ownership interests.
| ||||||
8 | A community currency exchange license application shall be
| ||||||
9 | accompanied by a fee of $1,500 $500 for the cost of | ||||||
10 | investigating the applicant. If the ownership of a
licensee | ||||||
11 | changes, in whole or in part, a new application must be filed | ||||||
12 | pursuant
to this Section along with a $500 fee if the | ||||||
13 | licensee's ownership interests
have been transferred
or sold to | ||||||
14 | a new person or entity or a fee of $300 if the licensee's
| ||||||
15 | ownership interests have been transferred or sold to a current | ||||||
16 | holder or
holders of the licensee's ownership interests.
When | ||||||
17 | the application for a
community currency exchange license has | ||||||
18 | been approved by the Secretary Director and
the applicant so | ||||||
19 | advised, an additional sum of $500
$200 as an annual license
| ||||||
20 | fee for a period terminating on the last day of the current | ||||||
21 | calendar year
shall be paid to the Secretary Director by the | ||||||
22 | applicant; provided, that the license
fee for an applicant | ||||||
23 | applying for such a license after July 1st of any year
shall be | ||||||
24 | $250 $100 for the balance of such year.
| ||||||
25 | An application for an ambulatory currency exchange license | ||||||
26 | shall be
accompanied by a fee of $100, which fee shall be for |
| |||||||
| |||||||
1 | the cost of
investigating the applicant. An approved applicant | ||||||
2 | shall not be required
to pay the initial investigation fee of | ||||||
3 | $100 more than once.
When the application for an ambulatory | ||||||
4 | currency exchange license has
been approved by the Secretary | ||||||
5 | Director , and such applicant so advised, such
applicant shall | ||||||
6 | pay an annual license fee of $25 for each and every
location to | ||||||
7 | be served by such applicant; provided that such license fee for
| ||||||
8 | an approved applicant applying for such a license after July | ||||||
9 | 1st of any
year shall be $12 for the balance of such year for | ||||||
10 | each and every location
to be served by such applicant. Such an
| ||||||
11 | approved applicant for an ambulatory currency exchange | ||||||
12 | license, when
applying for a license with respect to a | ||||||
13 | particular location, shall file
with the Secretary Director , at | ||||||
14 | the time of filing an application, a letter of
memorandum, | ||||||
15 | which shall be in writing and under oath, signed by the owner
| ||||||
16 | or authorized representative of the business whose employees | ||||||
17 | are to be
served; such letter or memorandum shall contain a | ||||||
18 | statement that such
service is desired, and that the person | ||||||
19 | signing the same is authorized so
to do. The Secretary Director | ||||||
20 | shall thereupon verify the authenticity of the letter
or | ||||||
21 | memorandum and the authority of the person who executed it, to | ||||||
22 | do
so.
| ||||||
23 | (Source: P.A. 92-398, eff. 1-1-02.)
| ||||||
24 | (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
| ||||||
25 | Sec. 4.1. Application; investigation; community need. |
| |||||||
| |||||||
1 | (a) The General Assembly finds and declares that community | ||||||
2 | currency
exchanges provide important and vital services to | ||||||
3 | Illinois citizens, that
the number of community currency | ||||||
4 | exchanges should be limited in accordance
with the needs of the | ||||||
5 | communities they are to serve, and that it is in the
public | ||||||
6 | interest to promote and foster the community currency exchange | ||||||
7 | business
and to insure the financial stability thereof. | ||||||
8 | (b) Upon receipt of an application
for a license for a | ||||||
9 | community
currency exchange, the Secretary Director shall | ||||||
10 | cause an investigation to determine:
| ||||||
11 | (1) of the need of the community
for the establishment | ||||||
12 | of a community currency exchange at the location
specified | ||||||
13 | in the application ; and | ||||||
14 | (2) the effect that granting the license
will have on | ||||||
15 | the financial stability of other community currency | ||||||
16 | exchanges within a radius from the proposed location of 2 | ||||||
17 | miles if within the City of Chicago or 4 miles if outside | ||||||
18 | the City of Chicago or any affected currency exchange
that | ||||||
19 | may be serving the community in which the business of the | ||||||
20 | applicant
is proposed to be conducted.
| ||||||
21 | (c) The investigation shall be completed within 60 days | ||||||
22 | after receipt of a completed application. Within 10 business | ||||||
23 | days after receipt of the application, the Secretary shall | ||||||
24 | notify applicant of any deficiency in the application, and | ||||||
25 | request any corrections to be made and submitted within 10 | ||||||
26 | business days or the application may be denied. Unless material |
| |||||||
| |||||||
1 | to the investigation, no deficiency shall delay the | ||||||
2 | investigation and in the event of a delay, the applicant shall | ||||||
3 | be so notified. Once the investigation is completed, it is | ||||||
4 | final and the Secretary shall notify the applicant within 10 | ||||||
5 | business days. If the application is approved, the applicant | ||||||
6 | may so rely and the license shall be immediately issue upon the | ||||||
7 | submission of any remaining ministerial items required by the | ||||||
8 | Secretary, but by nature could not be available until after the | ||||||
9 | investigation and the application approved. | ||||||
10 | (d) "Community", as used in this Act, means a locality | ||||||
11 | where there may or
can be available to the people thereof the | ||||||
12 | services of a community currency
exchange reasonably | ||||||
13 | accessible to them. | ||||||
14 | (e) "Needs and the convenience and advantage", as used in | ||||||
15 | this Act, means the benefits that a community currency exchange | ||||||
16 | may provide the community. | ||||||
17 | (f) If the issuance of a license to
engage in the community | ||||||
18 | currency exchange business at the location
specified will not | ||||||
19 | promote the needs and the convenience and advantage
of the | ||||||
20 | community in which the business of the applicant is proposed to | ||||||
21 | be
conducted or would have a material and negative effect upon | ||||||
22 | the financial stability of an affected currency exchange as | ||||||
23 | described in item (2) of subsection (b) of this Section , then | ||||||
24 | the application shall be denied.
| ||||||
25 | (g) As a part of the investigation, the Secretary shall, | ||||||
26 | within 10 business days after receipt of an application, notify |
| |||||||
| |||||||
1 | in writing all affected currency exchanges as described in item | ||||||
2 | (2) of subsection (b) of this Section of the application and | ||||||
3 | the proposed location. Within 10 business days after said | ||||||
4 | notice, any affected currency exchange may notify the Secretary | ||||||
5 | it intends to protest the application and in which case must, | ||||||
6 | within 30 days, provide the Secretary with any information to | ||||||
7 | substantiate that granting the license would have a material | ||||||
8 | and negative effect upon the financial stability of the | ||||||
9 | affected currency exchange. Once the investigation is | ||||||
10 | completed, the Secretary shall, within 10 business days, notify | ||||||
11 | any affected currency exchange of his or her decision, and if | ||||||
12 | approved, along with detail as to how he or she concluded that | ||||||
13 | by granting the license, no affected currency exchange shall | ||||||
14 | sustain a material and negative impact to its financial | ||||||
15 | stability. Any affected currency exchange to have protested an | ||||||
16 | application that the Secretary subsequently approves shall | ||||||
17 | have standing to bring this matter to hearing under Section | ||||||
18 | 10.1 of this Act, during which the granting and issuance of the | ||||||
19 | contested license shall be stayed. | ||||||
20 | (Source: P.A. 83-652.)
| ||||||
21 | (205 ILCS 405/4.1a new) | ||||||
22 | Sec. 4.1a. Qualifications of applicant; denial of license; | ||||||
23 | review. The applicant, and its officers, directors, and | ||||||
24 | stockholders, if a corporation, and its managers and members, | ||||||
25 | if a liability company, shall be vouched for by 2 reputable |
| |||||||
| |||||||
1 | citizens of this State setting forth that the individual | ||||||
2 | mentioned (i) is personally known to them to be trustworthy and | ||||||
3 | reputable, (ii) has business experience qualifying him or her | ||||||
4 | to competently conduct, operate, own, or become associated with | ||||||
5 | a currency exchange, and (iii) has a good business reputation | ||||||
6 | and is worthy of a license. The Secretary shall, on approval of | ||||||
7 | the application filed with him or her, issue to the applicant, | ||||||
8 | qualifying under this Act, a license to operate a currency | ||||||
9 | exchange. If it is a license for a community currency exchange, | ||||||
10 | the same shall be valid only at the place of business specified | ||||||
11 | in the application. If it is a license for an ambulatory | ||||||
12 | currency exchange, it shall entitle the applicant to operate | ||||||
13 | only at the location or locations specified in the application, | ||||||
14 | provided the applicant shall secure separate and additional | ||||||
15 | licenses for each of the locations. The licenses shall remain | ||||||
16 | in full force and effect until they are surrendered by the | ||||||
17 | licensee, or revoked or expire as provided in this Act. If the | ||||||
18 | Secretary shall not so approve, he or she shall not issue such | ||||||
19 | license or licenses and shall notify the applicant of such | ||||||
20 | denial, retaining the full investigation fee to cover the cost | ||||||
21 | of investigating the community currency exchange applicant. | ||||||
22 | The Secretary shall approve or deny every application within 60 | ||||||
23 | days after the filing of the application; except that in | ||||||
24 | respect to an application by an approved ambulatory currency | ||||||
25 | exchange for a license with regard to a particular location to | ||||||
26 | be served by it, the same shall be approved or denied within 20 |
| |||||||
| |||||||
1 | days after the filing the application. If the application is | ||||||
2 | denied, the Secretary shall send by United States mail notice | ||||||
3 | of such denial to the applicant at the address set forth in the | ||||||
4 | application. | ||||||
5 | If an application is denied, the applicant may, within 10 | ||||||
6 | days after the date of the notice of denial, make written | ||||||
7 | request to the Secretary for a hearing on the application, and | ||||||
8 | the Secretary shall set a time and place for the hearing. The | ||||||
9 | hearing shall be set for a date after the receipt by the | ||||||
10 | Secretary of the request for hearing, and written notice of the | ||||||
11 | time and place of the hearing shall be mailed to the applicant | ||||||
12 | at least 15 days before the date of the hearing. The applicant | ||||||
13 | shall pay the actual cost of making the transcript of the | ||||||
14 | hearing prior to the Secretary's issuing his or her decision | ||||||
15 | following the hearing. If, following the hearing, the | ||||||
16 | application is denied, the Secretary shall, within 20 days | ||||||
17 | prepare and keep on file in his or her office a written order | ||||||
18 | of denial of the application, which shall contain his or her | ||||||
19 | findings with respect to the application and the reasons | ||||||
20 | supporting the denial, and shall send by United States mail a | ||||||
21 | copy to the applicant at the address set forth in the | ||||||
22 | application, within 5 days after the filing of such order. A | ||||||
23 | review of any such decision may be had as provided in Section | ||||||
24 | 22.01 of this Act. | ||||||
25 | (205 ILCS 405/4.1b new) |
| |||||||
| |||||||
1 | Sec. 4.1b. Licensee address. The applicant for a community | ||||||
2 | currency exchange license shall have a permanent address as | ||||||
3 | evidenced by a lease of at least 6 months duration or other | ||||||
4 | suitable evidence of permanency, and the license issued, | ||||||
5 | pursuant to the application shall be valid only at that address | ||||||
6 | or any new address approved by the Secretary. A letter of | ||||||
7 | intent for a lease shall suffice for inclusion with the | ||||||
8 | application and evidence of an executed lease shall be | ||||||
9 | considered ministerial in nature, to be furnished once the | ||||||
10 | investigation is completed, the approval final, and prior to | ||||||
11 | the issuance of the license.
| ||||||
12 | (205 ILCS 405/4.2) (from Ch. 17, par. 4810)
| ||||||
13 | Sec. 4.2.
Whensoever the ownership of any Currency | ||||||
14 | Exchange, theretofore
licensed under the provisions of this | ||||||
15 | Act, shall be held or contained in
any estate subject to the | ||||||
16 | control and supervision of any Administrator,
Executor or | ||||||
17 | Guardian appointed, approved or qualified by any
Court of the | ||||||
18 | State of Illinois, having jurisdiction so to do, such
| ||||||
19 | Administrator, Executor or Guardian may, upon the entry of
an | ||||||
20 | order by such Court granting leave to continue the operation of | ||||||
21 | such
Currency Exchange, apply to the Secretary Director of | ||||||
22 | Financial Institutions for a
license under the provisions of | ||||||
23 | this Act. When any such Administrator,
Executor or Guardian | ||||||
24 | shall apply for a Currency Exchange
License pursuant to the | ||||||
25 | provisions of this Section, and shall otherwise
fully comply |
| |||||||
| |||||||
1 | with all of the provisions of this Act relating to the
| ||||||
2 | application for a Currency Exchange license, the Secretary | ||||||
3 | Director may issue to such
applicant a Currency Exchange | ||||||
4 | license. Any Currency Exchange license
theretofore issued to a | ||||||
5 | Currency Exchange, for which an application for a
license shall | ||||||
6 | be sought under the provisions of this Section, if not
| ||||||
7 | previously surrendered, lapsed, or revoked, shall be | ||||||
8 | surrendered, revoked
or otherwise terminated before a license | ||||||
9 | shall be issued pursuant to
application made therefor under | ||||||
10 | this Section.
| ||||||
11 | (Source: P.A. 92-16, eff. 6-28-01.)
| ||||||
12 | (205 ILCS 405/4.3) (from Ch. 17, par. 4811)
| ||||||
13 | Sec. 4.3.
Upon receipt of an application from an ambulatory | ||||||
14 | currency
exchange for the conduct of its business at a location | ||||||
15 | to be served by
it, the Secretary Director of Financial | ||||||
16 | Institutions shall
cause an investigation to be made to | ||||||
17 | determine whether to issue
said license. No fee shall be | ||||||
18 | charged for the investigation of an
application for a location | ||||||
19 | license. The
Secretary Director shall employ the following | ||||||
20 | criteria
in making his determination:
| ||||||
21 | (1) the economic benefit and convenience to the persons to | ||||||
22 | be
served at the location for which a license has been | ||||||
23 | requested;
| ||||||
24 | (2) the effect that granting a license will have on the
| ||||||
25 | financial stability of community currency exchanges;
|
| |||||||
| |||||||
1 | (3) safety benefits, if any, which may accrue from the | ||||||
2 | granting of the
location license;
| ||||||
3 | (4) the effects, if any, which granting of a license will
| ||||||
4 | have on traffic, and traffic congestion in the immediate area
| ||||||
5 | of the location to be served;
| ||||||
6 | (5) such other factors as the Secretary Director shall deem | ||||||
7 | proper and relevant.
| ||||||
8 | (Source: P.A. 85-1356.)
| ||||||
9 | (205 ILCS 405/5) (from Ch. 17, par. 4812)
| ||||||
10 | Sec. 5. Bond; condition; amount.
| ||||||
11 | (a) Before any license shall be issued
to a community
| ||||||
12 | currency exchange the applicant shall file annually with and
| ||||||
13 | have approved by the Secretary Director a surety bond, issued | ||||||
14 | by a bonding
company authorized to do business in this State in | ||||||
15 | the principal sum
of $50,000 $10,000 . Such bond shall run to | ||||||
16 | the Secretary Director and shall
be for the benefit of any | ||||||
17 | creditors of such currency exchange
for any liability incurred | ||||||
18 | by the currency exchange on any
money orders , including any | ||||||
19 | fees and penalties not to exceed $25 per money order, incurred | ||||||
20 | by the remitter should the money order be returned unpaid, | ||||||
21 | issued , or sold by the currency exchange and for
any liability | ||||||
22 | incurred by the currency exchange for any sum or
sums due to | ||||||
23 | any payee or endorsee of any check, draft or money
order left | ||||||
24 | with the currency exchange for collection, and for
any | ||||||
25 | liability incurred by the currency exchange in connection
with |
| |||||||
| |||||||
1 | the rendering of any of the services referred to in
Section 3 | ||||||
2 | of this Act.
| ||||||
3 | From time to time the Secretary Director may determine the | ||||||
4 | amount of liabilities
as described herein and shall require the | ||||||
5 | licensee to file a bond in an
additional sum if the same is | ||||||
6 | determined to be necessary in accordance with
the requirements | ||||||
7 | of this Section. In no case shall the bond be less than
the | ||||||
8 | initial $50,000 $10,000 , nor more than the outstanding | ||||||
9 | liabilities.
| ||||||
10 | (b) In lieu of the surety bond requirements of subsection | ||||||
11 | (a), a community
currency exchange licensee may submit evidence | ||||||
12 | satisfactory to the Secretary Director
that the community | ||||||
13 | currency exchange licensee is covered by a blanket bond that
| ||||||
14 | covers multiple licensees who are members of a statewide | ||||||
15 | association of
community currency exchanges. Such a blanket | ||||||
16 | bond must be issued by a bonding
company authorized to do | ||||||
17 | business in this State and in a principal aggregate
sum of not | ||||||
18 | less than $2,000,000.
| ||||||
19 | (c) An ambulatory currency exchange may sell or issue money | ||||||
20 | orders
at any location with regard to which it
is issued a | ||||||
21 | license pursuant to this Act, including existing
licensed | ||||||
22 | locations, without the necessity of a further
application or | ||||||
23 | hearing and without regard to any exceptions
contained in | ||||||
24 | existing licenses, upon the filing with
the Secretary Director | ||||||
25 | of a surety bond approved by the Secretary Director and issued | ||||||
26 | by a bonding
company
or insurance company authorized to do |
| |||||||
| |||||||
1 | business in Illinois,
in the principal sum of $100,000. Such | ||||||
2 | bond may be a blanket
bond covering all locations at which the | ||||||
3 | ambulatory currency
exchange may sell or issue money orders,
| ||||||
4 | and shall run to the Secretary Director for the
use and benefit | ||||||
5 | of any creditors of such ambulatory currency
exchange for any | ||||||
6 | liability incurred by the ambulatory currency
exchange on any | ||||||
7 | money orders issued or sold by it.
Such bond shall be renewed | ||||||
8 | annually. If after
the expiration of one year from the date of | ||||||
9 | approval of such
bond by the Secretary Director , it shall | ||||||
10 | appear that the average amount
of such liability during the | ||||||
11 | year has exceeded $100,000,
the Secretary Director shall | ||||||
12 | require the licensee to furnish a bond for
the ensuing year, to | ||||||
13 | be approved by the Secretary Director ,
for an additional | ||||||
14 | principal sum of $1,000 for each $1,000 of
such liability or | ||||||
15 | fraction thereof in excess of the original
$100,000, except | ||||||
16 | that the maximum amount of such bond shall not be required to
| ||||||
17 | exceed $250,000.
| ||||||
18 | (Source: P.A. 93-614, eff. 11-18-03.)
| ||||||
19 | (205 ILCS 405/6) (from Ch. 17, par. 4813)
| ||||||
20 | Sec. 6. Insurance against loss. | ||||||
21 | (a) Every applicant for a license hereunder
shall, after | ||||||
22 | his
application for a license has been approved, file with and | ||||||
23 | have approved
by the Secretary of Financial and Professional | ||||||
24 | Regulation , a policy or policies of insurance issued by an
| ||||||
25 | insurance company or indemnity company authorized to do |
| |||||||
| |||||||
1 | business under
the law of this State, which shall insure the | ||||||
2 | applicant against loss by
theft, burglary, robbery or forgery | ||||||
3 | in a principal sum as hereinafter
provided; if the average | ||||||
4 | amount of cash and liquid funds to be kept on
hand in the | ||||||
5 | office of the community currency exchange during the year
will | ||||||
6 | not be in excess of $10,000 the policy or policies shall be in | ||||||
7 | the
principal sum of $10,000. If such average amount will be in | ||||||
8 | excess of
$10,000, the policy or policies shall be for an | ||||||
9 | additional principal sum
of $500 for each $1,000 or fraction | ||||||
10 | thereof of such excess over the
original $10,000. From time to
| ||||||
11 | time, the Secretary may determine the amount of cash and liquid | ||||||
12 | funds on
hand in the office of any community currency exchange | ||||||
13 | and shall require
the licensee to submit additional policies if | ||||||
14 | the same are determined to
be necessary in accordance with the | ||||||
15 | requirements of this Section. | ||||||
16 | However, any community currency exchange licensed under | ||||||
17 | this Act may meet the insurance bonding requirements of this | ||||||
18 | subsection (a) by submitting evidence satisfactory to the | ||||||
19 | Secretary that the licensee is covered by a blanket insurance | ||||||
20 | policy bond that covers multiple licensees. The blanket | ||||||
21 | insurance policy bond : (i) shall insure the licensee against | ||||||
22 | loss by theft, robbery, or forgery; (ii) shall be issued by an | ||||||
23 | insurance a bonding company authorized to do business in this | ||||||
24 | State; and (iii) shall be in the principal sum of an amount | ||||||
25 | equal to the maximum amount required under this Section for any | ||||||
26 | one licensee covered by the insurance policy bond .
|
| |||||||
| |||||||
1 | Any such policy or policies, with respect to forgery, may | ||||||
2 | carry a
condition that the community currency exchange assumes | ||||||
3 | the first $1,000 of
each claim thereunder.
| ||||||
4 | (b) Before an ambulatory currency exchange shall sell or
| ||||||
5 | issue money orders,
it shall file with and
have approved by the | ||||||
6 | Secretary, a policy or policies of
insurance issued by an | ||||||
7 | insurance company or indemnity company
authorized to do | ||||||
8 | business under the laws of this State, which
shall insure such | ||||||
9 | ambulatory currency exchange against loss
by theft, burglary, | ||||||
10 | robbery, forgery or embezzlement in the
principal sum of not | ||||||
11 | less than $500,000. If the average amount
of cash and liquid | ||||||
12 | funds to be kept on hand during the year
will exceed $500,000, | ||||||
13 | the policy or policies shall be for an
additional principal sum | ||||||
14 | of $500 for each $1,000 or fraction
thereof in excess of | ||||||
15 | $500,000. From time to time the Secretary may determine
the | ||||||
16 | amount of cash and liquid funds kept on hand by an ambulatory
| ||||||
17 | currency exchange and shall require it to submit such | ||||||
18 | additional
policies as are determined to be required within the | ||||||
19 | limits of
this Section. No ambulatory currency exchange subject | ||||||
20 | to
this Section shall be required to furnish more than one | ||||||
21 | policy
of insurance if the policy furnished insures it against | ||||||
22 | the
foregoing losses at all locations served by it.
| ||||||
23 | Any such policy may contain a condition that the insured
| ||||||
24 | assumes a portion of the loss, provided the insured shall file
| ||||||
25 | with such policy a sworn financial statement indicating its
| ||||||
26 | ability to act as self-insurer in the amount of such deductible
|
| |||||||
| |||||||
1 | portion of the policy without prejudice to the safety of any
| ||||||
2 | funds belonging to its customers. If the Secretary is not
| ||||||
3 | satisfied as to the financial ability of the ambulatory | ||||||
4 | currency
exchange, he may require it to deposit cash or United | ||||||
5 | States Government
Bonds in the amount of part or
all of the | ||||||
6 | deductible portion of the policy.
| ||||||
7 | (Source: P.A. 94-538, eff. 1-1-06.)
| ||||||
8 | (205 ILCS 405/7) (from Ch. 17, par. 4814)
| ||||||
9 | Sec. 7. Available funds; minimum amount. Each community | ||||||
10 | currency
exchange shall have, at all times, a
minimum of | ||||||
11 | $10,000 sum of its own cash funds available for the uses and
| ||||||
12 | purposes of its business and said minimum sum shall be | ||||||
13 | exclusive of and
in addition to funds received for exchange or | ||||||
14 | transfer; and in addition
thereto each such licensee shall at | ||||||
15 | all times have on hand an amount of
liquid funds sufficient to | ||||||
16 | pay on demand all outstanding money orders
issued by it. Prior | ||||||
17 | to January 1, 1979, this minimum sum shall be $4,000.
After | ||||||
18 | January 1, 1979, this minimum sum shall be $5,000.
| ||||||
19 | In the event a receiver is appointed in accordance with | ||||||
20 | Section 15.1
of this Act, and the Secretary Director determines | ||||||
21 | that the business of the
currency exchange should be | ||||||
22 | liquidated, and if it shall appear that the
said minimum sum | ||||||
23 | was not on hand or available at the time of the
appointment of | ||||||
24 | the receiver, then the receiver shall have the right to
recover | ||||||
25 | in any court of competent jurisdiction from the owner or owners
|
| |||||||
| |||||||
1 | of such currency exchange, or from the stockholders and | ||||||
2 | directors
thereof if such currency exchange was operated by a | ||||||
3 | corporation, or from the
members if the currency exchange was | ||||||
4 | operated as a limited liability company,
said
sum or that part | ||||||
5 | thereof which was not on hand or available at the time
of the | ||||||
6 | appointment of such receiver. Nothing contained in this Section
| ||||||
7 | shall limit or impair the liability of any bonding or insurance | ||||||
8 | company
on any bond or insurance policy relating to such | ||||||
9 | community currency
exchange issued pursuant to the | ||||||
10 | requirements of this Act, nor shall
anything contained herein | ||||||
11 | limit or impair such other rights or remedies
as the receiver | ||||||
12 | may otherwise have.
| ||||||
13 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
14 | (205 ILCS 405/8) (from Ch. 17, par. 4815)
| ||||||
15 | Sec. 8.
A community or an ambulatory currency exchange | ||||||
16 | shall not be
conducted as a department of another business. It | ||||||
17 | must be an entity,
financed and conducted as a separate | ||||||
18 | business unit. This shall not prevent
a community or an | ||||||
19 | ambulatory currency exchange from leasing a part of the
| ||||||
20 | premises of another business , or a portion of a building, for | ||||||
21 | the conduct of this business on the same
premises so long as | ||||||
22 | the secure portion of the currency exchange is inaccessible to | ||||||
23 | the public and employees of another business ; provided, that no | ||||||
24 | community currency exchange shall be conducted
on the same | ||||||
25 | premises with a business whose chief source of revenue is
|
| |||||||
| |||||||
1 | derived from the sale of alcoholic liquor for consumption on | ||||||
2 | the premises . Nothing in this Act shall prevent a currency | ||||||
3 | exchange from permitting or contracting with, nor shall it | ||||||
4 | prohibit, a third-party from occupying a portion of a currency | ||||||
5 | exchange's unsecured premises from where the third-party may, | ||||||
6 | and shall be permitted to, render financial and related | ||||||
7 | products and services ;
provided, further, that no community | ||||||
8 | currency exchange hereafter licensed
for the first time shall | ||||||
9 | share any room with any other business, trade or
profession nor | ||||||
10 | shall it occupy any room from which there is direct access
to a | ||||||
11 | room occupied by any other business, trade or profession .
| ||||||
12 | (Source: Laws 1951, p. 562.)
| ||||||
13 | (205 ILCS 405/10.1) (from Ch. 17, par. 4818)
| ||||||
14 | Sec. 10.1.
For the purposes of this Act, the Secretary | ||||||
15 | Director , and the arbitrator hearing
officer , as hereinafter | ||||||
16 | provided, shall have power to require by subpoena
the | ||||||
17 | attendance and testimony of witnesses, and the production of | ||||||
18 | all
documentary evidence relating to any matter under hearing | ||||||
19 | pursuant to this
Act, and shall issue such subpoenas at the | ||||||
20 | request of any interested party.
The arbitrator hearing officer | ||||||
21 | may sign subpoenas in the name of the Secretary Director .
| ||||||
22 | Any The Director may, in his discretion, direct that any | ||||||
23 | hearing pursuant to
this Act , shall be administered through | ||||||
24 | binding arbitration by an arbitrator mutually agreed to by the | ||||||
25 | parties, or failing agreement within 30 days, by an arbitrator |
| |||||||
| |||||||
1 | chosen in accordance with the rules of the American Arbitration | ||||||
2 | Association. The cost of the hearing shall be paid by the | ||||||
3 | applicant, licensee, or party other than the Secretary, | ||||||
4 | provided, however, that should the applicant, licensee, or | ||||||
5 | other party prevail, he or she shall be entitled to recover | ||||||
6 | from the Secretary the costs of the arbitration held before a | ||||||
7 | competent and qualified agent of the
Director, whom the | ||||||
8 | Director shall designate as the hearing officer in such
matter . | ||||||
9 | The Secretary Director , and the arbitrator hearing officer , are | ||||||
10 | hereby empowered to, and
shall, administer oaths and | ||||||
11 | affirmations to all witnesses appearing before
them. The | ||||||
12 | arbitrator hearing officer , upon the conclusion of the hearing | ||||||
13 | before him or her ,
shall certify the evidence to the Secretary | ||||||
14 | Director . The decision by the arbitrator shall be binding upon | ||||||
15 | the parties. | ||||||
16 | All arbitrations shall be scheduled within 30 days after | ||||||
17 | the request for a arbitration unless otherwise agreed to by the | ||||||
18 | parties. The arbitration shall be held at the time and place | ||||||
19 | designated by the Secretary.
| ||||||
20 | Any Circuit Court of this State, within the jurisdiction of | ||||||
21 | which such
hearing is carried on, may, in case of contumacy, or | ||||||
22 | refusal of a witness
to obey a subpoena, issue an order | ||||||
23 | requiring such witness to appear before
the Secretary Director , | ||||||
24 | or the hearing officer, or to produce documentary evidence,
or | ||||||
25 | to give testimony touching the matter in question; and any | ||||||
26 | failure to
obey such order of the court may be punished by such |
| |||||||
| |||||||
1 | court as a contempt
thereof.
| ||||||
2 | (Source: Laws 1957, p. 320.)
| ||||||
3 | (205 ILCS 405/11) (from Ch. 17, par. 4819)
| ||||||
4 | Sec. 11.
Such license, if issued for a community currency | ||||||
5 | exchange, shall
state the name of the licensee and the address | ||||||
6 | at which the business is to
be conducted. Such license , or its | ||||||
7 | annual renewal, shall be kept conspicuously posted in the place
| ||||||
8 | of business of the licensee and shall not be transferable or | ||||||
9 | assignable. If
issued for an ambulatory currency exchange, it | ||||||
10 | shall so state, and shall
state the name and office address of | ||||||
11 | the licensee, and the name and address
of the location or | ||||||
12 | locations to be served by the licensee, and shall not be
| ||||||
13 | transferable and assignable.
| ||||||
14 | (Source: Laws 1951, p. 562.)
| ||||||
15 | (205 ILCS 405/12) (from Ch. 17, par. 4820)
| ||||||
16 | Sec. 12.
If the Secretary Director shall find at any time | ||||||
17 | that the bond required in Section 5 is insecure
or exhausted or | ||||||
18 | otherwise doubtful, an additional bond in like amount to be
| ||||||
19 | approved by the Secretary Director shall be filed by the | ||||||
20 | licensee within 30 days
after written demand therefore therefor | ||||||
21 | upon the licensee by the Secretary Director .
| ||||||
22 | (Source: Laws 1957, p. 320.)
| ||||||
23 | (205 ILCS 405/13) (from Ch. 17, par. 4821)
|
| |||||||
| |||||||
1 | Sec. 13.
No more than one place of business shall be | ||||||
2 | maintained under
the same community currency exchange license, | ||||||
3 | but the Secretary Director may issue
more than one license to | ||||||
4 | the same licensee upon compliance with the
provisions of this | ||||||
5 | Act governing an original issuance of a license, for
each new | ||||||
6 | license.
| ||||||
7 | Whenever a community currency exchange or an ambulatory | ||||||
8 | currency
exchange shall wish to change its name in its license, | ||||||
9 | it shall file an
application for approval thereof with the | ||||||
10 | Secretary Director , and if the change is
approved by the | ||||||
11 | Secretary Director he or she shall attach to the license, in | ||||||
12 | writing, a
rider stating the licensee's new name.
| ||||||
13 | If an ambulatory currency exchange has serviced a licensed | ||||||
14 | location for
2 years or longer and the employer whose employees | ||||||
15 | are served at that location
has moved his or her place of | ||||||
16 | business, the currency exchange may continue its
service to the | ||||||
17 | employees of that employer at the new address of that | ||||||
18 | employer's
place of business by filing a notice of the change | ||||||
19 | of address with the Secretary Director
and by relinquishing its | ||||||
20 | license to conduct its business at the employer's
old address | ||||||
21 | upon receipt of a license to conduct its business at the | ||||||
22 | employer's
new address. Nothing in this Act shall preclude or | ||||||
23 | prevent an ambulatory
currency exchange from filing an | ||||||
24 | application to conduct its business at
the old address of an | ||||||
25 | employer who moved his place of business after the
ambulatory | ||||||
26 | currency exchange receives a license to conduct its business
at |
| |||||||
| |||||||
1 | the employer's new address through the filing of a notice of | ||||||
2 | its change
of address with the Secretary Director and the | ||||||
3 | relinquishing of its license to conduct
its business at the | ||||||
4 | employer's old address.
| ||||||
5 | Whenever a currency exchange wishes to make any other | ||||||
6 | change in the address
set forth in any of its licenses, it | ||||||
7 | shall apply to the Secretary Director for approval
of such | ||||||
8 | change of address.
Every application for approval of a change | ||||||
9 | of address shall be treated by
the Secretary Director in the | ||||||
10 | same manner as is otherwise provided in this Act for
the | ||||||
11 | treatment of proposed places of business or locations as | ||||||
12 | contained in
new applications for licenses; and if any fact or | ||||||
13 | condition then exists
with respect to the application for | ||||||
14 | change of address, which fact or condition
would otherwise | ||||||
15 | authorize denial of a new application for a license because
of | ||||||
16 | the address of the proposed location or place of business, then | ||||||
17 | such
application for change of address shall not be approved. | ||||||
18 | Whenever a
community currency exchange wishes to sell its | ||||||
19 | physical assets, it may do
so, however, if the assets are sold | ||||||
20 | with the intention of continuing the
operation of a community | ||||||
21 | currency exchange, the purchaser or purchasers
must first make | ||||||
22 | application to the Secretary Director for licensure in | ||||||
23 | accordance
with Section Sections 4 and 10 of this Act. If the | ||||||
24 | Secretary Director shall not so approve,
he or she shall not | ||||||
25 | issue such license and shall notify the applicant or
applicants | ||||||
26 | of such denial. The investigation fee for a change of location |
| |||||||
| |||||||
1 | is $500
shall be $75 on September 22, 1987 and until July 1, | ||||||
2 | 1988, and $125 on July
1, 1988 and until July 1, 1989, and $150 | ||||||
3 | on and after July 1, 1989 .
| ||||||
4 | The provisions of Sections 4 and Section 10 with reference | ||||||
5 | to notice, hearing and review
apply to applications filed | ||||||
6 | pursuant to this Section.
| ||||||
7 | (Source: P.A. 85-1209.)
| ||||||
8 | (205 ILCS 405/13.1) (from Ch. 17, par. 4822)
| ||||||
9 | Sec. 13.1. Consolidation of business locations. Whenever 2 | ||||||
10 | or more
licensees desire to consolidate their places
of | ||||||
11 | business, they shall make application for such consolidation to | ||||||
12 | the
Secretary Director upon a form provided by him or her . This | ||||||
13 | application shall state: (a) the
name to be adopted and the | ||||||
14 | location at which the business is to be located,
which name and | ||||||
15 | location shall be the same as one of the consolidating
| ||||||
16 | licensees; (b) that the owners or all partners or all | ||||||
17 | stockholders or all
members, as the
case may be, of the | ||||||
18 | licensees involved in the contemplated consolidation,
have | ||||||
19 | approved the application; (c) a certification by the secretary, | ||||||
20 | if any
of the licensees be corporations, that the contemplated | ||||||
21 | consolidation has
been approved by all of the stockholders at a | ||||||
22 | properly convened
stockholders meeting; (d) other relevant | ||||||
23 | information the Secretary Director may
require. Simultaneously | ||||||
24 | with the approval of the application by the Secretary
Director , | ||||||
25 | the licensee or licensees who will cease doing business shall:
|
| |||||||
| |||||||
1 | (a) surrender their license or licenses to the Secretary | ||||||
2 | Director ; (b) transfer all
of their assets and liabilities to | ||||||
3 | the licensee continuing to operate by
virtue of the | ||||||
4 | application; (c) apply to the Secretary of State, if they be
| ||||||
5 | corporations, for surrender of their corporate charter in | ||||||
6 | accordance with
the provisions of the Business Corporation Act | ||||||
7 | of 1983.
| ||||||
8 | An application for consolidation shall be approved or | ||||||
9 | rejected by the Secretary
Director within 30 days after receipt | ||||||
10 | by him of such application and
supporting documents required | ||||||
11 | thereunder. The Secretary may impose a consolidation fee of | ||||||
12 | $100 per application.
| ||||||
13 | Such consolidation shall not affect suits pending in which | ||||||
14 | the
surrendering licensees are parties; nor shall such | ||||||
15 | consolidation affect
causes of action nor the rights of persons | ||||||
16 | in particular; nor shall suits
brought against such licensees | ||||||
17 | in their former names be abated for that
cause.
| ||||||
18 | Nothing contained herein shall limit or prohibit any action | ||||||
19 | or remedy
available to a licensee or to the Secretary Director | ||||||
20 | under Sections 15, 15.1 to 15.1e
or 15.2 of this Act.
| ||||||
21 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
22 | (205 ILCS 405/14) (from Ch. 17, par. 4823)
| ||||||
23 | Sec. 14.
Every licensee, shall, on or before November 15, | ||||||
24 | pay to the Secretary
Director the annual license fee or fees | ||||||
25 | for the next succeeding calendar
year and shall at the same |
| |||||||
| |||||||
1 | time file with the Secretary Director the annual report
| ||||||
2 | required by Section 16 of this Act, and the annual bond or | ||||||
3 | bonds, and the
insurance policy or policies as and if required | ||||||
4 | by this Act. The annual
license fee for each community currency | ||||||
5 | exchange is $300 shall be
$150 on the effective date of this | ||||||
6 | amendatory Act of 1987 and
until January 1, 1989, and $180 on | ||||||
7 | January 1, 1989 and until January 1,
1990, and $200 on and | ||||||
8 | after January 1, 1990 . The annual
license fee for each location | ||||||
9 | served by an ambulatory currency exchange
shall be $25.
| ||||||
10 | (Source: P.A. 85-708.)
| ||||||
11 | (205 ILCS 405/15) (from Ch. 17, par. 4824)
| ||||||
12 | Sec. 15. Fines; suspension; revocation. | ||||||
13 | (a) The Secretary Director may , upon 10 days notice to the | ||||||
14 | licensee
by United States mail directed to the licensee at the | ||||||
15 | address set forth
in the license, stating the contemplated | ||||||
16 | action and in general the
grounds therefor, and upon reasonable | ||||||
17 | opportunity to be heard prior to
such action, fine, suspend or | ||||||
18 | revoke any license issued hereunder if he or she finds shall | ||||||
19 | find that:
| ||||||
20 | (1) the (a) The licensee has failed to pay the annual | ||||||
21 | license fee or to
maintain in effect the required bond or | ||||||
22 | bonds or insurance policy or
policies or to comply with any | ||||||
23 | order, decision, or finding of the
Director made pursuant | ||||||
24 | to this Act ; or that
| ||||||
25 | (2) the (b) The licensee has failed to comply with any |
| |||||||
| |||||||
1 | order, decision, finding, rule, regulation, or direction | ||||||
2 | of the Secretary lawfully made under the authority of this | ||||||
3 | Act; | ||||||
4 | (3) the licensee has violated any provision of this Act | ||||||
5 | or any
regulation or direction made by the Secretary | ||||||
6 | Director under this Act; or that
| ||||||
7 | (4) any (c) Any fact or condition exists which, if it | ||||||
8 | had existed at the
time of the original application for | ||||||
9 | such license, would have warranted
the Secretary Director | ||||||
10 | in refusing the issuance of the license; or that
| ||||||
11 | (5) the (d) The licensee has not operated the currency | ||||||
12 | exchange or at the
location licensed, for a period of 60 | ||||||
13 | sixty consecutive days, unless the
licensee was prevented | ||||||
14 | from operating during such period by reason of
events or | ||||||
15 | acts beyond the licensee's control.
| ||||||
16 | (b) The Secretary's authority to fine, suspend, or revoke | ||||||
17 | under this Section is subject to the following: | ||||||
18 | (1) no less than 15 business days prior to any fine, | ||||||
19 | suspension, or revocation, the Secretary shall send to the | ||||||
20 | licensee a notice in writing, by registered mail at the | ||||||
21 | address set forth in the license or to such other address | ||||||
22 | or by method as previously designated by the licensee, of | ||||||
23 | any contemplated action; | ||||||
24 | (2) the notice shall state (i) the specific nature and | ||||||
25 | a clear and concise description of the violation, (ii) the | ||||||
26 | Sections or rules that have been violated, (iii) the |
| |||||||
| |||||||
1 | contemplated fine or action thereof, (iv) that the licensee | ||||||
2 | may, within 15 business days after the date of the notice, | ||||||
3 | request a hearing under Section 10.1 of this Act, (v) that | ||||||
4 | the licensee may, within 15 business days after receiving | ||||||
5 | the notice take corrective action to mitigate any fine or | ||||||
6 | contemplated action, and (vi) the specific corrective | ||||||
7 | action to be taken; | ||||||
8 | (3) in the event the licensee requests, in writing to | ||||||
9 | the Secretary and within 15 business days after receiving | ||||||
10 | the notice, a hearing on the fine or contemplated action, | ||||||
11 | the matter shall be heard under Section 10.1 of this Act, | ||||||
12 | any fines or contemplated action shall be stayed and no | ||||||
13 | fines shall accrue during the pendency of the hearing; and | ||||||
14 | (4) in the event the licensee takes the corrective | ||||||
15 | action set forth in the notice within the time specified, | ||||||
16 | the licensee shall so certify in writing to the Secretary | ||||||
17 | that may then confirm the corrective action by conducting a | ||||||
18 | follow-up investigation within 30 days after the date of | ||||||
19 | the certification and if the Secretary confirms the | ||||||
20 | corrective action is complete, the maximum fine assessed | ||||||
21 | shall not exceed $200, provided, however that corrective | ||||||
22 | action taken by a licensee shall not serve to mitigate any | ||||||
23 | contemplated fine or action if such violation is | ||||||
24 | substantially similar to a violation committed by the | ||||||
25 | licensee within the previous 36 months. | ||||||
26 | (c) Consistent with the provisions of this Act, the Prior |
| |||||||
| |||||||
1 | to suspension or revocation of the licenses issued hereunder, | ||||||
2 | the Secretary
Director may but is not required to fine a | ||||||
3 | licensee up to a maximum of $100 a day.
| ||||||
4 | (d) The Secretary Director may fine, suspend or revoke only | ||||||
5 | the particular license or licenses for
particular places of | ||||||
6 | business or locations with respect to which grounds
for | ||||||
7 | revocation may occur or exist; except that if he shall find | ||||||
8 | that
such grounds for revocation are of general application to | ||||||
9 | all places of
business or locations, or that such grounds for | ||||||
10 | fines, suspension or revocation
have occurred
or exist with | ||||||
11 | respect to a substantial number of places of business or
| ||||||
12 | locations, he may fine, suspend or revoke all of the licenses | ||||||
13 | issued to such licensee.
| ||||||
14 | (e) A licensee may surrender any license by delivering to | ||||||
15 | the Secretary Director
written notice that he, they or it | ||||||
16 | thereby surrenders such license, but
such surrender shall not | ||||||
17 | affect such licensee's civil or criminal
liability for acts | ||||||
18 | committed prior to such surrender, or affect the
liability on | ||||||
19 | his, their or its bond or bonds, or his, their or its
policy or | ||||||
20 | policies of insurance, required by this Act, or entitle such
| ||||||
21 | licensee to a return of any part of the annual license fee or | ||||||
22 | fees.
| ||||||
23 | (f) Every license issued hereunder shall remain in force | ||||||
24 | until the same
shall expire, or shall have been surrendered, | ||||||
25 | suspended or revoked in accordance
with this Act, but the | ||||||
26 | Secretary Director may on his own motion, issue new
licenses to |
| |||||||
| |||||||
1 | a licensee whose license or licenses shall have been revoked
if | ||||||
2 | no fact or condition then exists which clearly would have | ||||||
3 | warranted
the Secretary Director in refusing originally the | ||||||
4 | issuance of such license under
this Act.
| ||||||
5 | (g) No license shall be revoked until the licensee has had | ||||||
6 | notice of a
hearing thereon and an opportunity to be heard. | ||||||
7 | When any license is so
revoked, the Secretary Director shall | ||||||
8 | within twenty (20) days thereafter, prepare
and keep on file in | ||||||
9 | his office, a written order or decision of
revocation which | ||||||
10 | shall contain his findings with respect thereto and the
reasons | ||||||
11 | supporting the revocation and shall send by United States mail | ||||||
12 | a
copy thereof to the licensee at the address set forth in the | ||||||
13 | license
within five (5) days after the filing in his office of | ||||||
14 | such order,
finding or decision. A review of any such order, | ||||||
15 | finding or decision may
be had as provided in Section 22.01 of | ||||||
16 | this Act.
| ||||||
17 | (Source: P.A. 80-1101.)
| ||||||
18 | (205 ILCS 405/15.1) (from Ch. 17, par. 4825)
| ||||||
19 | Sec. 15.1.
If the Secretary Director determines that any | ||||||
20 | licensee is insolvent and or is violating this Act, or if the | ||||||
21 | owner, executor, or successor in interest of a currency | ||||||
22 | exchange abandons the currency exchange, time becomes of the | ||||||
23 | essence and he or she shall immediately, and in no case more | ||||||
24 | than 3 business days later, appoint a receiver, who shall, | ||||||
25 | under his or her
direction, for the purpose of receivership, |
| |||||||
| |||||||
1 | take possession of and title to
the books, records and assets | ||||||
2 | of every description of the community
currency exchange. The | ||||||
3 | Secretary may Director shall require of the receiver such | ||||||
4 | security
as he or she deems proper and, upon appointment of the | ||||||
5 | receiver, shall have
published, once each week for 4 | ||||||
6 | consecutive weeks in a newspaper having a
general circulation | ||||||
7 | in the community, a notice calling on all persons who
have | ||||||
8 | claims against the community currency exchange, to present them | ||||||
9 | to the
receiver.
| ||||||
10 | Within 10 days after the receiver takes possession of the | ||||||
11 | property, the
licensee may apply to the Circuit Court of the | ||||||
12 | county where the community currency exchange is located | ||||||
13 | Sangamon County to enjoin
further proceedings in the premises.
| ||||||
14 | The receiver may operate the community currency exchange | ||||||
15 | until the Secretary
Director determines that possession should | ||||||
16 | be restored to the licensee or
that the business should be | ||||||
17 | liquidated.
| ||||||
18 | (Source: Laws 1961, p. 3522.)
| ||||||
19 | (205 ILCS 405/15.1a) (from Ch. 17, par. 4826)
| ||||||
20 | Sec. 15.1a.
If the Secretary Director determines that a | ||||||
21 | business in
receivership should be liquidated, he shall direct | ||||||
22 | the Attorney General
to file a complaint in the Circuit Court | ||||||
23 | of the county in which such
community currency exchange is | ||||||
24 | located, in the name of the People of the
State of Illinois, | ||||||
25 | for the orderly liquidation and dissolution of the
community |
| |||||||
| |||||||
1 | currency exchange and for an injunction restraining the
| ||||||
2 | licensee or the officers and directors thereof from continuing | ||||||
3 | the
operation of the community currency exchange.
| ||||||
4 | The receiver shall, 30 days from the day the Secretary | ||||||
5 | Director determines that
the business should be liquidated, | ||||||
6 | file with the Secretary Director and with the
clerk of such | ||||||
7 | court as has charge of the liquidation, a correct list of
all | ||||||
8 | creditors who have not presented their claims. The list shall | ||||||
9 | show
the amount of the claim after allowing all just credits, | ||||||
10 | deductions and
set-offs as shown by the books of the currency | ||||||
11 | exchange. These claims
shall be deemed proven unless objections | ||||||
12 | are filed by some interested
party within the time fixed by the | ||||||
13 | Secretary Director or court that has charge of
the liquidation.
| ||||||
14 | (Source: P.A. 79-1361.)
| ||||||
15 | (205 ILCS 405/15.1b) (from Ch. 17, par. 4827)
| ||||||
16 | Sec. 15.1b. Liquidation; distribution; priority. The | ||||||
17 | General Assembly
finds and declares that community currency
| ||||||
18 | exchanges provide important and vital services to Illinois | ||||||
19 | citizens. The
General Assembly also finds that in providing | ||||||
20 | such services, community currency
exchanges transact extensive | ||||||
21 | business involving check cashing and the writing
of money | ||||||
22 | orders in communities in which banking services are generally
| ||||||
23 | unavailable . It is therefore declared to be the policy of this | ||||||
24 | State that customers who
receive these services must be | ||||||
25 | protected from insolvencies of currency
exchanges and |
| |||||||
| |||||||
1 | interruptions of services. To carry out this policy and to | ||||||
2 | insure that
customers of community currency exchanges are | ||||||
3 | protected in the event it
is determined that a community | ||||||
4 | currency exchange in receivership should
be liquidated in | ||||||
5 | accordance with Section 15.1a of this Act, the Secretary | ||||||
6 | Director
shall make a distribution of moneys collected by the | ||||||
7 | receiver in the following
order of priority: First, allowed | ||||||
8 | claims for the actual necessary expenses
of the receivership of | ||||||
9 | the community currency exchange being liquidated,
including | ||||||
10 | (a) reasonable receiver fees and receiver's attorney's fees | ||||||
11 | approved
by the Secretary Director, (b) all expenses of any | ||||||
12 | preliminary or other examinations
into the condition of the | ||||||
13 | community currency exchange or receivership,
(c) all expenses | ||||||
14 | incurred by the Director which are incident to possession
and | ||||||
15 | control of any property or records of the community currency | ||||||
16 | exchange, and
(d) reasonable expenses incurred by the Director | ||||||
17 | as the result of business
agreements or contractual | ||||||
18 | arrangements necessary to insure that the services
of the | ||||||
19 | community currency exchanges are delivered to the community | ||||||
20 | without
interruption. Said business agreements or contractual | ||||||
21 | arrangements may
include, but are not limited to, agreements | ||||||
22 | made by the Director, or by
the Receiver with the approval of | ||||||
23 | the Director, with banks, money order
companies, bonding | ||||||
24 | companies and other types of financial institutions ;
Second, | ||||||
25 | allowed claims by a purchaser of money orders issued on demand | ||||||
26 | of
the community currency exchange being liquidated; Third, |
| |||||||
| |||||||
1 | allowed claims
arising by virtue of and to the extent of the | ||||||
2 | amount a utility customer
deposits with the community currency | ||||||
3 | exchange being liquidated which are
not remitted to the utility | ||||||
4 | company; Fourth,
allowed claims arising by virtue of and to the | ||||||
5 | extent of the amount paid
by a purchaser of Illinois license | ||||||
6 | plates, vehicle stickers sold for
State and municipal | ||||||
7 | governments in Illinois, and temporary
Illinois registration | ||||||
8 | permits purchased at the currency exchange being
liquidated; | ||||||
9 | Fifth, allowed unsecured claims for
wages or salaries, | ||||||
10 | excluding vacation, severance and sick leave pay earned
by | ||||||
11 | employee earned within 90 days prior to the appointment of a | ||||||
12 | Receiver;
Sixth, secured claims; Seventh, allowed unsecured | ||||||
13 | claims of any tax, and interest and penalty on
the tax; Eighth | ||||||
14 | Seventh , allowed unsecured claims other than a kind specified | ||||||
15 | in
paragraph one, two and three of this Section, filed with the | ||||||
16 | Secretary Director within
the time the Secretary Director fixes | ||||||
17 | for filing claims; Ninth Eighth , allowed unsecured
claims, | ||||||
18 | other than a kind specified in paragraphs one, two and three of | ||||||
19 | this
Section filed with the Secretary Director after the time | ||||||
20 | fixed for filing claims
by the Secretary Director ; Tenth Ninth , | ||||||
21 | allowed creditor
claims asserted by an owner, member, or | ||||||
22 | stockholder of the community
currency exchange
in liquidation; | ||||||
23 | Eleventh, (i) all expenses of any preliminary or other | ||||||
24 | examinations into the condition of the community currency | ||||||
25 | exchange or receivership, (ii) all expenses incurred by the | ||||||
26 | Secretary that are incident to possession and control of any |
| |||||||
| |||||||
1 | property or records of the community currency exchange, and | ||||||
2 | (iii) reasonable expenses incurred by the Secretary as the | ||||||
3 | result of business agreements or contractual arrangements | ||||||
4 | necessary to insure that the services of the community currency | ||||||
5 | exchanges are delivered to the community without interruption. | ||||||
6 | Said business agreements or contractual arrangements may | ||||||
7 | include, but are not limited to, agreements made by the | ||||||
8 | Secretary, or by the receiver with the approval of the | ||||||
9 | Secretary, with banks, money order companies, bonding | ||||||
10 | companies, and other types of financial institutions; Twelfth | ||||||
11 | Tenth , after one year from the final dissolution of the
| ||||||
12 | currency exchange, all assets not used to satisfy allowed | ||||||
13 | claims shall be
distributed pro rata to the owner, owners, | ||||||
14 | members, or stockholders of the
currency exchange.
| ||||||
15 | The Secretary Director shall pay all claims of equal | ||||||
16 | priority according to the schedule
set out above, and shall not | ||||||
17 | pay claims of lower priority until all higher
priority claims | ||||||
18 | are satisfied. If insufficient assets are available to
meet all | ||||||
19 | claims of equal priority, those assets shall be distributed pro
| ||||||
20 | rata among those claims. All unclaimed assets of a currency | ||||||
21 | exchange shall
be deposited with the Secretary Director to be | ||||||
22 | paid out by him or her when proper claims therefor are | ||||||
23 | presented to the Secretary Director . If there are funds | ||||||
24 | remaining after the conclusion of a receivership of an | ||||||
25 | abandoned currency exchange, the remaining funds shall be | ||||||
26 | considered unclaimed property and remitted to the State |
| |||||||
| |||||||
1 | Treasurer under the Uniform Disposition of Unclaimed Property | ||||||
2 | Act.
| ||||||
3 | (Source: P.A. 90-545, eff. 1-1-98.)
| ||||||
4 | (205 ILCS 405/15.1d) (from Ch. 17, par. 4829)
| ||||||
5 | Sec. 15.1d.
At the close of a receivership, the receiver | ||||||
6 | shall turn over to
the Secretary Director all books of account | ||||||
7 | and ledgers of such currency exchange for
preservation. All | ||||||
8 | records of such receiverships heretofore and hereafter
| ||||||
9 | received by the Secretary Director shall be held by him or her | ||||||
10 | for a period of 2 years after
the close of the receivership and | ||||||
11 | at the termination of the 2 year period
may then be destroyed.
| ||||||
12 | All expenses of the receivership, including reasonable | ||||||
13 | receiver's and attorney's
fees approved by the Secretary | ||||||
14 | Director , and all expenses
of any preliminary or other | ||||||
15 | examinations into the condition of the
community currency | ||||||
16 | exchange or receivership, and all expenses incident to
the | ||||||
17 | possession and control of any property or records of the | ||||||
18 | community
currency exchange incurred by the Secretary Director | ||||||
19 | shall be paid out of the assets
of the community currency | ||||||
20 | exchange. The foregoing expenses shall be paid
prior to and | ||||||
21 | ahead of all claims.
| ||||||
22 | (Source: P.A. 83-345.)
| ||||||
23 | (205 ILCS 405/15.2) (from Ch. 17, par. 4831)
| ||||||
24 | Sec. 15.2.
No community currency exchange shall determine |
| |||||||
| |||||||
1 | its affairs and
close up its business unless it shall first | ||||||
2 | deposit with the Secretary Director an
amount of money equal to | ||||||
3 | the whole of its debts, liabilities and lawful
demands against | ||||||
4 | it including the costs and expenses of this proceeding, and
| ||||||
5 | shall surrender to the Secretary Director its community | ||||||
6 | currency exchange license,
and shall file with the Secretary | ||||||
7 | Director a statement of termination signed by the
licensee of | ||||||
8 | such community currency exchange, containing a pronouncement | ||||||
9 | of
intent to close up its business and liquidate its | ||||||
10 | liabilities, and also
containing a sworn list itemizing in full | ||||||
11 | all such debts, liabilities and
lawful demands against it. | ||||||
12 | Corporate licensees shall attach to, and make a
part of such | ||||||
13 | statement of termination, a copy of a resolution providing for
| ||||||
14 | the determination and closing up of the licensee's affairs, | ||||||
15 | certified by
the secretary of such licensee and duly adopted at | ||||||
16 | a shareholders' meeting
by the holders of at least two-thirds | ||||||
17 | of the outstanding shares entitled to
vote at such meeting. | ||||||
18 | Upon the filing with the Secretary Director of a statement of
| ||||||
19 | termination the Secretary Director shall cause notice thereof | ||||||
20 | to be published once
each week for three consecutive weeks in a | ||||||
21 | public newspaper of general
circulation published in the city | ||||||
22 | or village where such community currency
exchange is located, | ||||||
23 | and if no newspaper shall be there published, then in
a public | ||||||
24 | newspaper of general circulation nearest to said city or | ||||||
25 | village;
and such publication shall give notice that the debts, | ||||||
26 | liabilities and
lawful demands against such community currency |
| |||||||
| |||||||
1 | exchange will be redeemed by
the Secretary Director on demand | ||||||
2 | in writing made by the owner thereof, at any time
within three | ||||||
3 | years from the date of first publication. After the expiration
| ||||||
4 | of such three year period, the Secretary Director shall return | ||||||
5 | to the person or
persons designated in the statement of | ||||||
6 | termination to receive such
repayment and in the proportion | ||||||
7 | therein specified, any balance of money
then remaining in his | ||||||
8 | possession, if any there be, after first deducting
therefrom | ||||||
9 | all unpaid costs and expenses incurred in connection with this
| ||||||
10 | proceeding. The Secretary Director shall receive for his | ||||||
11 | services, exclusive of costs
and expenses, two per cent of any | ||||||
12 | amount up to $5,000.00, and one per cent
of any amount in | ||||||
13 | excess of $5,000.00, deposited with him hereunder by any
one | ||||||
14 | community currency exchange. Nothing contained herein shall | ||||||
15 | affect or
impair the liability of any bonding or insurance | ||||||
16 | company on any bond or
insurance policy issued under this Act | ||||||
17 | relating to such community currency
exchange.
| ||||||
18 | (Source: Laws 1957, p. 320.)
| ||||||
19 | (205 ILCS 405/16) (from Ch. 17, par. 4832)
| ||||||
20 | Sec. 16. Annual report; investigation; costs. | ||||||
21 | (a) Each licensee shall
annually, on or before the 1st day | ||||||
22 | of
March, file a report with the Secretary Director for the
| ||||||
23 | calendar year period
from January 1st through December 31st, | ||||||
24 | except that the
report filed on or before March 15, 1990 shall | ||||||
25 | cover the period from
October 1, 1988 through December 31, |
| |||||||
| |||||||
1 | 1989, (which
shall be used only for
the official purposes of | ||||||
2 | the Director) giving such relevant information
as the Secretary | ||||||
3 | Director may reasonably require concerning, and for the purpose
| ||||||
4 | of examining, the business and operations during the preceding | ||||||
5 | fiscal
year period of each licensed currency exchange conducted | ||||||
6 | by such
licensee within the State. Such report shall be made | ||||||
7 | under oath and
shall be in the form prescribed by the | ||||||
8 | Secretary. The Secretary Director and the Director may at
any | ||||||
9 | time , and shall at least once in each year , investigate the | ||||||
10 | currency
exchange business of any licensee and of every person, | ||||||
11 | partnership,
association, limited liability company, and | ||||||
12 | corporation who or which shall
be engaged in the
business of | ||||||
13 | operating a currency exchange. For that purpose, the Secretary
| ||||||
14 | Director shall have free access to the offices and places of | ||||||
15 | business
and to such records of all such persons, firms, | ||||||
16 | partnerships,
associations, limited liability companies and | ||||||
17 | members thereof, and
corporations and to the officers and | ||||||
18 | directors thereof
that shall relate to such currency exchange | ||||||
19 | business.
The investigation may be conducted in conjunction | ||||||
20 | with representatives of
other State agencies or agencies of | ||||||
21 | another state or of the United States as
determined by the | ||||||
22 | Secretary Director .
The Secretary Director may
at any time | ||||||
23 | inspect the locations
served by an ambulatory currency | ||||||
24 | exchange, for the purpose of
determining whether such currency | ||||||
25 | exchange is complying with the
provisions of this Act at each | ||||||
26 | location served. The Secretary Director may require
by subpoena |
| |||||||
| |||||||
1 | the attendance of and examine under oath all persons whose
| ||||||
2 | testimony he may require relative to such business, and in such | ||||||
3 | cases
the Secretary Director , or any qualified representative | ||||||
4 | of the Secretary Director whom the Secretary
Director may | ||||||
5 | designate, may administer oaths to all such persons called
as | ||||||
6 | witnesses, and the Secretary Director , or any such qualified | ||||||
7 | representative of
the Secretary Director , may conduct such | ||||||
8 | examinations, and there shall be paid to
the Secretary Director | ||||||
9 | for each such examination a fee of $250 $225 for each day
or | ||||||
10 | part
thereof for each qualified representative designated and | ||||||
11 | required to
conduct the examination; provided, however, that in | ||||||
12 | the case of an
ambulatory currency exchange, such fee shall be | ||||||
13 | $150 $75 for each day or part
thereof and shall not be | ||||||
14 | increased by reason
of the number of locations served by it .
| ||||||
15 | (b) All information collected by the Department under an | ||||||
16 | examination or investigation of an ambulatory or community | ||||||
17 | currency exchange, including, but not limited to, information | ||||||
18 | collected to investigate any complaint against an ambulatory or | ||||||
19 | community currency exchange filed with the Department, shall be | ||||||
20 | maintained for the confidential use of the Department and shall | ||||||
21 | not be disclosed. The Department may not disclose such | ||||||
22 | information to anyone other than the licensee, law enforcement | ||||||
23 | officials, or other regulatory agencies that have an | ||||||
24 | appropriate regulatory interest as determined by the Secretary | ||||||
25 | or to a party presenting a lawful subpoena to the Department. | ||||||
26 | Information and documents disclosed to a federal, State, |
| |||||||
| |||||||
1 | county, or local law enforcement agency shall not be disclosed | ||||||
2 | by the agency for any purpose to any other agency or person. An | ||||||
3 | order issued by the Department against an ambulatory or | ||||||
4 | community currency exchange shall be a public record and any | ||||||
5 | documents produced in discovery, filed with the arbitrator, or | ||||||
6 | introduced at a hearing shall be a public record, except as | ||||||
7 | otherwise prohibited by law. | ||||||
8 | (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
| ||||||
9 | (205 ILCS 405/17) (from Ch. 17, par. 4833)
| ||||||
10 | Sec. 17. A. (a) Every licensee shall keep and use in his or | ||||||
11 | her business such books,
accounts and records as will enable | ||||||
12 | the Secretary Director to determine whether such
licensee is | ||||||
13 | complying with the provisions of this Act and with the rules,
| ||||||
14 | regulations and directions made by the Secretary Director | ||||||
15 | hereunder.
| ||||||
16 | (b) B. Each licensee shall record , electronically or | ||||||
17 | otherwise, or cause to be recorded the following
information | ||||||
18 | with respect to each money order it sells or issues: (1) The
| ||||||
19 | amount; (2) the month and year of sale or issuance; and (3) the | ||||||
20 | serial
number.
| ||||||
21 | Each licensee shall preserve the record required by this | ||||||
22 | subsection for
at least 5 17 years or until the money order to | ||||||
23 | which it pertains is returned
to the licensee. Each money order | ||||||
24 | returned to the licensee shall be
preserved for not less than 3 | ||||||
25 | years from the month and year of sale or
issuance by the |
| |||||||
| |||||||
1 | licensee. The licensee shall keep the record, or an
authentic | ||||||
2 | microfilm copy thereof, required to be preserved by this
| ||||||
3 | subsection within this State state at a place readily | ||||||
4 | accessible to the Secretary Director
and his or her | ||||||
5 | representatives. If a licensee sells or transfers his or her | ||||||
6 | business at a
location or an address, his or her obligations | ||||||
7 | under this paragraph devolve upon
the successor licensee and | ||||||
8 | subsequent successor licensees, if any, at such
location or | ||||||
9 | address. If a licensee ceases to do business in this state, he
| ||||||
10 | or she shall deposit the records and money orders he or she is | ||||||
11 | required to preserve, with
the Secretary Director .
| ||||||
12 | (Source: Laws 1963, p. 1634.)
| ||||||
13 | (205 ILCS 405/19) (from Ch. 17, par. 4835)
| ||||||
14 | Sec. 19.
The Secretary Director may make and enforce such | ||||||
15 | reasonable rules , relevant
regulations, directions, orders, | ||||||
16 | decisions , and findings as the execution and enforcement of the | ||||||
17 | provisions of this Act require and as are not inconsistent | ||||||
18 | within this Act may be necessary
for the execution and | ||||||
19 | enforcement of this Act and the purposes sought to be
attained | ||||||
20 | herein . All such rules regulations , directions, orders, | ||||||
21 | decisions and
findings shall be filed and entered by the | ||||||
22 | Secretary Director in an indexed permanent
book or record, or | ||||||
23 | electronic record, with the effective date thereof suitably | ||||||
24 | indicated, and
such book or record shall be a public document. | ||||||
25 | All rules regulations and
directions, which are of a general |
| |||||||
| |||||||
1 | character, shall be made available in electronic form to all | ||||||
2 | licensees within 10 days after filing and all licenses shall | ||||||
3 | receive by mail notice of any changes printed and copies
| ||||||
4 | thereof mailed to all licensees within 10 days after filing as | ||||||
5 | aforesaid .
Copies of all findings, orders and decisions shall | ||||||
6 | be mailed to the parties
affected thereby by United States mail | ||||||
7 | within 5 days of such filing.
| ||||||
8 | (Source: Laws 1957, p. 320.)
| ||||||
9 | (205 ILCS 405/19.3) (from Ch. 17, par. 4838)
| ||||||
10 | Sec. 19.3. (A) The General Assembly hereby finds and | ||||||
11 | declares that : community
currency exchanges and ambulatory | ||||||
12 | currency exchanges provide important and
vital services to | ||||||
13 | Illinois citizens. In so doing, they transact extensive
| ||||||
14 | business involving check cashing and the writing of money | ||||||
15 | orders in Illinois communities
in which banking services are | ||||||
16 | generally unavailable. Customers of currency
exchanges who | ||||||
17 | receive these services must be protected from being charged
| ||||||
18 | unreasonable and unconscionable rates for cashing checks and | ||||||
19 | purchasing
money orders . The Illinois Department of Financial | ||||||
20 | and Professional Regulation Institutions has the
| ||||||
21 | responsibility for regulating the operations of currency | ||||||
22 | exchanges and has
the expertise to determine reasonable maximum | ||||||
23 | rates to be charged for check
cashing and money order | ||||||
24 | purchases. Therefore, it is in the public interest,
| ||||||
25 | convenience, welfare and good to have the Department establish |
| |||||||
| |||||||
1 | reasonable
maximum rate schedules for check cashing and the | ||||||
2 | issuance of money orders
and to require community and | ||||||
3 | ambulatory currency exchanges to prominently
display to the | ||||||
4 | public the fees charged for all services.
The Secretary | ||||||
5 | Director shall review, each year, the cost of operation of the | ||||||
6 | Currency
Exchange Section Division and the revenue generated | ||||||
7 | from currency exchange
examinations and report to the General | ||||||
8 | Assembly if the need exists for an
increase in the fees | ||||||
9 | mandated by this Act to maintain the Currency Exchange Section
| ||||||
10 | Division at a fiscally self-sufficient level. The Secretary | ||||||
11 | Director shall include
in such report the total amount of funds | ||||||
12 | remitted to the State and delivered
to the State Treasurer by | ||||||
13 | currency exchanges pursuant to the Uniform
Disposition of | ||||||
14 | Unclaimed Property Act.
| ||||||
15 | (B) The Secretary Director shall, by rules adopted in | ||||||
16 | accordance with the Illinois
Administrative Procedure Act, | ||||||
17 | expeditiously formulate and issue schedules of
reasonable | ||||||
18 | maximum rates which can be charged for check cashing and | ||||||
19 | writing of
money orders by community currency exchanges and | ||||||
20 | ambulatory currency exchanges.
| ||||||
21 | (1) In determining the maximum rate schedules for the | ||||||
22 | purposes of this
Section the Secretary Director shall take | ||||||
23 | into account:
| ||||||
24 | (a) Rates charged in the past for the cashing of | ||||||
25 | checks and the issuance
of money orders by community | ||||||
26 | and ambulatory currency exchanges.
|
| |||||||
| |||||||
1 | (b) Rates charged by banks or other business | ||||||
2 | entities for rendering the
same or similar services and | ||||||
3 | the factors upon which those rates are based.
| ||||||
4 | (c) The income, cost and expense of the operation | ||||||
5 | of currency exchanges.
| ||||||
6 | (d) Rates charged by currency exchanges or other | ||||||
7 | similar entities
located in other states for the same | ||||||
8 | or similar services and the factors upon
which those | ||||||
9 | rates are based.
| ||||||
10 | (e) Rates charged by the United States Postal | ||||||
11 | Service for the issuing
of money orders and the factors | ||||||
12 | upon which those rates are based.
| ||||||
13 | (f) A reasonable profit for a currency exchange | ||||||
14 | operation.
| ||||||
15 | (2) (a) The schedule of reasonable maximum rates | ||||||
16 | established pursuant
to this Section may be modified by the | ||||||
17 | Secretary Director from time to time pursuant
to rules | ||||||
18 | adopted in accordance with the Illinois Administrative | ||||||
19 | Procedure Act.
| ||||||
20 | (b) Upon the filing of a verified petition setting | ||||||
21 | forth allegations
demonstrating reasonable cause to | ||||||
22 | believe that the schedule of maximum rates
previously | ||||||
23 | issued and promulgated should be adjusted, the Secretary | ||||||
24 | Director shall
expeditiously:
| ||||||
25 | (i) reject the petition if it fails to demonstrate | ||||||
26 | reasonable cause to
believe that an adjustment is |
| |||||||
| |||||||
1 | necessary; or
| ||||||
2 | (ii) conduct such hearings, in accordance with | ||||||
3 | this Section, as may be
necessary to determine whether | ||||||
4 | the petition should be granted in whole or in
part.
| ||||||
5 | (c) No petition may be filed pursuant to subparagraph | ||||||
6 | (a) of paragraph
(2) of subsection (B) unless:
| ||||||
7 | (i) at least nine months have expired since the | ||||||
8 | last promulgation of
schedules of maximum rates; and
| ||||||
9 | (ii) at least one-fourth of all community currency | ||||||
10 | exchange licensees
join in a petition or, in the case | ||||||
11 | of ambulatory currency exchanges, a licensee
or | ||||||
12 | licensees authorized to serve at least 100 locations | ||||||
13 | join in a petition.
| ||||||
14 | (3) Any currency exchange may charge lower fees than those | ||||||
15 | of the
applicable maximum fee schedule after filing with the | ||||||
16 | Secretary Director a schedule of
fees it proposes to use.
| ||||||
17 | (Source: P.A. 91-16, eff. 7-1-99.)
| ||||||
18 | (205 ILCS 405/19.4) (from Ch. 17, par. 4839)
| ||||||
19 | Sec. 19.4.
The fees charged by community and ambulatory | ||||||
20 | currency exchanges
for rendering any service authorized by this | ||||||
21 | Act shall be prominently displayed
on the premises of the | ||||||
22 | community currency exchange or at the location served
by the | ||||||
23 | ambulatory currency exchange in such fashion as shall be | ||||||
24 | required
by the Secretary Director .
| ||||||
25 | (Source: P.A. 81-964.)
|
| |||||||
| |||||||
1 | (205 ILCS 405/20) (from Ch. 17, par. 4840)
| ||||||
2 | Sec. 20.
Every person having taken an oath in any | ||||||
3 | proceeding or matter
wherein an oath is required by this Act, | ||||||
4 | who shall swear willfully wilfully ,
corruptly or falsely in a | ||||||
5 | matter material to the issue or point in
question, or shall | ||||||
6 | suborn any other person to swear as aforesaid, shall be
guilty | ||||||
7 | of perjury or subornation of perjury, as the case may be.
| ||||||
8 | (Source: Laws 1943, vol. 1, p. 233 .)
| ||||||
9 | (205 ILCS 405/21) (from Ch. 17, par. 4841)
| ||||||
10 | Sec. 21.
Except as otherwise provided for in this Act, | ||||||
11 | whenever the Secretary
Director is required to give notice to | ||||||
12 | any applicant or licensee, such
requirement shall be complied | ||||||
13 | with if, within the time fixed herein, such
notice shall be | ||||||
14 | sent via telefacsimile or enclosed in an envelope plainly | ||||||
15 | addressed to such applicant
or licensee, as the case may be, at | ||||||
16 | the telephone number or address set forth in the
application or | ||||||
17 | license or as otherwise designated by the licensee , as the case | ||||||
18 | may be, United States postage fully
prepaid, and deposited, | ||||||
19 | registered, in the United States mail.
| ||||||
20 | (Source: Laws 1957, p. 320.)
| ||||||
21 | (205 ILCS 405/22.01) (from Ch. 17, par. 4843)
| ||||||
22 | Sec. 22.01.
All final administrative decisions of the | ||||||
23 | Secretary Director hereunder
shall be subject to judicial |
| |||||||
| |||||||
1 | review pursuant to the provisions of the Administrative
Review | ||||||
2 | Law, and all amendments and
modifications thereof, and the | ||||||
3 | rules adopted pursuant thereto. The term
"administrative | ||||||
4 | decision" is defined as in Section 3-101 of the Code of
Civil | ||||||
5 | Procedure. The person seeking judicial review shall pay to the | ||||||
6 | Secretary Director
the costs of preparing and certifying the | ||||||
7 | record of proceedings before the Secretary
Director .
| ||||||
8 | (Source: P.A. 82-783.)
| ||||||
9 | (205 ILCS 405/22.03) (from Ch. 17, par. 4845)
| ||||||
10 | Sec. 22.03.
There shall be a Board of Currency Exchange | ||||||
11 | Advisers
composed of 7 members, no more than 4 of whom may be | ||||||
12 | members of the same
political party, to be appointed by the | ||||||
13 | Governor as follows: 3 persons who are
familiar with and | ||||||
14 | associated in the field of currency exchanges, 2
of whom shall | ||||||
15 | have been actively engaged in the management of currency
| ||||||
16 | exchanges for at least 5 years prior to the date of | ||||||
17 | appointment; one
person who is a public aid recipient at the | ||||||
18 | time of appointment; and 3 persons
who shall represent the | ||||||
19 | public. In making the appointments of the members
to represent | ||||||
20 | the public, the Governor shall consider the needs of those
| ||||||
21 | people served by currency exchanges. A chairman of the Advisory | ||||||
22 | Board
shall be chosen bi-annually from the membership of the | ||||||
23 | Advisory Board by a
majority of the members of the Board at the | ||||||
24 | first meeting of the Board in
each odd numbered year. Initial | ||||||
25 | members shall be appointed to the Board as
follows:
|
| |||||||
| |||||||
1 | The Governor shall appoint a public aid recipient to the | ||||||
2 | first vacancy
among members representing the public that occurs | ||||||
3 | or exists after the
effective date of this amendatory Act of | ||||||
4 | 1991.
| ||||||
5 | Two members to serve until the third Monday in January, | ||||||
6 | 1959;
| ||||||
7 | Three members to serve until the third Monday in January, | ||||||
8 | 1961.
| ||||||
9 | As soon as may be practicable after the effective date of | ||||||
10 | this amendatory
Act of 1977, 2 persons shall be appointed as | ||||||
11 | members representing the public,
one for a term expiring on the | ||||||
12 | third Monday in January, 1979 and one for
a term expiring on | ||||||
13 | the third Monday in January, 1981. When the terms of
the | ||||||
14 | members serving on the effective date of this amendatory Act | ||||||
15 | expire
in 1979 and 1981, one of those appointed as a successor | ||||||
16 | member in each of
those years shall be a member representing | ||||||
17 | the public.
| ||||||
18 | As terms of members so appointed expire, their successors | ||||||
19 | shall be
appointed for terms to expire the third Monday in | ||||||
20 | January 4 years
thereafter. All members shall serve until their | ||||||
21 | respective successors
are appointed and qualified.
| ||||||
22 | Meetings of the Advisory Board created in this Act shall be | ||||||
23 | held on
the call of the Chairman thereof or upon call signed by | ||||||
24 | any 5 members
thereof, or upon call by the Secretary Director . | ||||||
25 | A majority of the members of the
Board shall constitute a | ||||||
26 | quorum.
|
| |||||||
| |||||||
1 | Members of the Advisory Board shall receive no compensation | ||||||
2 | for their
services, but shall be reimbursed for necessary | ||||||
3 | expenses.
| ||||||
4 | In addition to the powers and duties created elsewhere in | ||||||
5 | this Act,
the Advisory Board shall have the following powers | ||||||
6 | and duties:
| ||||||
7 | (1) To obtain from the Secretary Director such reports | ||||||
8 | concerning the
supervision and regulation of currency | ||||||
9 | exchanges as they consider
desirable.
| ||||||
10 | (2) To advise the Governor and the Secretary Director | ||||||
11 | on problems concerning
currency exchanges.
| ||||||
12 | (3) To foster the interest and cooperation of currency | ||||||
13 | exchanges in
improvement of their services to the people of | ||||||
14 | the State of Illinois.
| ||||||
15 | (4) To advise the Governor and the Secretary Director | ||||||
16 | upon appointments and
employment of personnel in | ||||||
17 | connection with the supervision and
regulation of currency | ||||||
18 | exchanges.
| ||||||
19 | (Source: P.A. 87-258.)
| ||||||
20 | (205 ILCS 405/25) (from Ch. 17, par. 4848)
| ||||||
21 | Sec. 25.
Any community currency exchange in existence upon | ||||||
22 | the date of the
passage of this Act shall be approved by the | ||||||
23 | Secretary Director as to location, if
all other requirements | ||||||
24 | set forth in this Act shall have been complied with.
| ||||||
25 | (Source: Laws 1957, p. 320.)
|
| |||||||
| |||||||
1 | (205 ILCS 405/29.5 new) | ||||||
2 | Sec. 29.5. Cease and desist against unlicensed activity. | ||||||
3 | The Secretary may issue a cease and desist order to any person | ||||||
4 | doing business without the required license when, in the | ||||||
5 | opinion of the Secretary, the person is violating or is about | ||||||
6 | to violate any provision of this Act or any rule or requirement | ||||||
7 | imposed in writing by the Department. | ||||||
8 | The cease and desist order permitted by this Section may be | ||||||
9 | prior to a hearing. | ||||||
10 | The Secretary shall serve notice of his or her action, | ||||||
11 | including, but not limited to, a statement of reasons for the | ||||||
12 | action, either personally or by certified mail, return receipt | ||||||
13 | requested. Service by certified mail shall be deemed completed | ||||||
14 | when notice is deposited in the U.S. mail. | ||||||
15 | Within 10 days after service of a cease and desist order | ||||||
16 | under this Section, the person may request, in writing, a | ||||||
17 | hearing under Section 10.1 of this Act.
If it is determined | ||||||
18 | that the Secretary has the authority to issue the cease and | ||||||
19 | desist order under this Section, he or she may issue such | ||||||
20 | orders as reasonably necessary to correct, eliminate, or remedy | ||||||
21 | such conduct. | ||||||
22 | The powers vested in the Secretary by this Section are | ||||||
23 | additional to any and all other powers and remedies vested in | ||||||
24 | the Secretary by law, and nothing in this Section shall be | ||||||
25 | construed as requiring that the Secretary shall employ the |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | power conferred in this Section instead of or as a condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | precedent to the exercise of any other power or remedy vested | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | in the Secretary. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Any person doing business without the required license | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | shall pay the actual costs of the hearing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | (205 ILCS 405/9 rep.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | (205 ILCS 405/10 rep.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | (205 ILCS 405/18 rep.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | Section 10. The Currency Exchange Act is amended by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | repealing Sections 9, 10, and 18.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||