97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5033

 

Introduced 2/7/2012, by Rep. Angelo Saviano

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 405/3.3  from Ch. 17, par. 4807

    Amends the Currency Exchange Act. Provides that, upon receipt of an application by a currency exchange to provide additional services to the public, the Secretary of Financial and Professional Regulation shall approve or deny the application within 45 days after the filing of a complete application. Provides that, if the application is denied, the applicant may, within 10 days after the date of the notice of denial, request a hearing. Provides that a public hearing must be held before the Secretary may revoke any authorization for a currency exchange to provide additional services to the public.


LRB097 18780 PJG 64016 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5033LRB097 18780 PJG 64016 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Currency Exchange Act is amended by changing
5Section 3.3 as follows:
 
6    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
7    Sec. 3.3. Additional public services.
8    (a) Nothing in this Act shall prevent the Secretary from
9authorizing a currency exchange, group of currency exchanges,
10or association of currency exchanges to render additional
11services to the public if the services are consistent with the
12provisions of this Act, are within its meaning, are in the best
13interest of the public, and benefit the general welfare. A
14currency exchange, group of currency exchanges, or association
15of currency exchanges must request, in writing, the Secretary's
16approval of the additional service prior to rendering such
17additional service to the public. Any approval under this
18Section shall be deemed an approval for all currency exchanges.
19Any currency exchange wishing to provide an additional service
20as approved by the Secretary must provide notice to the
21Secretary 30 days prior to offering the approved additional
22service to the public. The Secretary may charge an additional
23service investigation fee of $500 per application. Upon receipt

 

 

HB5033- 2 -LRB097 18780 PJG 64016 b

1of an application, the Secretary shall examine the application
2for completeness and notify the applicant of any deficiency
3within 10 days after receipt. The Secretary shall approve or
4deny every application within 45 days after the filing of a
5complete application. If the application is denied, the
6Secretary shall send by United States mail notice of the denial
7to the applicant at the address set forth in the application.
8If an application is denied, the applicant may, within 10 days
9after the date of the notice of denial, make a written request
10to the Secretary for a hearing on the application, and the
11Secretary shall set a time and place for the hearing. The
12hearing shall be set for a date after the receipt by the
13Secretary of the request for hearing, and written notice of the
14time and place of the hearing shall be mailed to the applicant
15at least 15 days before the date of the hearing. The applicant
16shall pay the actual cost of making the transcript of the
17hearing prior to the Secretary's issuing his decision following
18the hearing. If, following the hearing, the application is
19denied, the Secretary shall, within 20 days thereafter, prepare
20and keep on file in his or her office a written order of the
21denial, which shall contain his or her findings and the reasons
22supporting the denial, and shall send by United States mail a
23copy of the written order of denial to the applicant at the
24address set forth in the application, within 5 days after the
25filing of the order. The Secretary's decision may be subject to
26review as provided in Section 22.01 of this Act. The Secretary

 

 

HB5033- 3 -LRB097 18780 PJG 64016 b

1may, at his or her discretion, after a public hearing held at
2least 30 days after the giving of written notice to the
3affected currency exchange, revoke any authorization under
4this Section after giving on 60 days' days written notice to
5the affected currency exchange. If a previously granted
6application is revoked after a public hearing, the Secretary
7shall, within 20 days thereafter, prepare and keep on file in
8his or her office a written order of revocation, which shall
9contain his or her findings and the reasons supporting the
10revocation, and shall send by United States mail a copy of the
11written order of revocation to the applicant at the address set
12forth in the application, within 5 days after the filing of the
13order. The Secretary's decision may be subject to review as
14provided in Section 22.01 of this Act.
15    (b) (Blank).
16(Source: P.A. 97-315, eff. 1-1-12.)