Full Text of SB1882 99th General Assembly
SB1882enr 99TH GENERAL ASSEMBLY |
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| 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, 3.3, 4, 4.1, 5, 6, 7, 9, 10, 11, 13, 14, 15, | 6 | | 17, 18, 19, 21, and 29.5 and by adding Section 4.1B as follows:
| 7 | | (205 ILCS 405/1) (from Ch. 17, par. 4802)
| 8 | | Sec. 1. Definitions; application of Act. | 9 | | (a) For the purposes of this Act:
| 10 | | "Community currency exchange" means
any person, firm, | 11 | | association, partnership, limited liability company, or
| 12 | | corporation, except an
ambulatory currency exchange as | 13 | | hereinafter defined, banks incorporated
under the laws of this | 14 | | State and National Banks organized pursuant to the
laws of the | 15 | | United States, engaged in the business or service of, and
| 16 | | providing facilities for, cashing checks, drafts, money orders | 17 | | or any other
evidences of money acceptable to such community | 18 | | currency exchange, for a
fee or service charge or other | 19 | | consideration, or engaged in the business of
selling or issuing | 20 | | money orders under his or their or its name, or any
other money | 21 | | orders (other than United States Post Office money orders,
| 22 | | Postal Telegraph Company money orders, or Western Union | 23 | | Telegraph Company
money orders), or engaged in both such |
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| 1 | | businesses, or engaged in performing
any one or more of the | 2 | | foregoing services.
| 3 | | "Controlling person" means an officer, director, or person | 4 | | owning or holding power to vote 10% or more of the outstanding | 5 | | voting securities of a licensee or the power to vote the | 6 | | securities of another controlling person of the licensee. For | 7 | | the purposes of determining the percentage of a licensee | 8 | | controlled by a controlling person, the person's interest shall | 9 | | be combined with the interest of any other person controlled, | 10 | | directly or indirectly, by that person or by a spouse, parent, | 11 | | or child of that person. | 12 | | "Department" means the Department of Financial and | 13 | | Professional Regulation. | 14 | | "Director" means the Director of the Division of Financial | 15 | | Institutions of the Department of Financial and Professional | 16 | | Regulation. | 17 | | "Division of Financial Institutions" means the Division of | 18 | | Financial Institutions of the Department of Financial and | 19 | | Professional Regulation. | 20 | | "Ambulatory Currency Exchange" means any person, firm, | 21 | | association,
partnership, limited liability company, or | 22 | | corporation, except banks organized under the laws of this
| 23 | | State and National Banks organized pursuant to the laws of the | 24 | | United
States, engaged in one or both of the foregoing | 25 | | businesses, or engaged in
performing any one or more of the | 26 | | foregoing services, solely on the
premises of the employer |
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| 1 | | whose employees are being served.
| 2 | | "Licensee" means any person, firm, association, | 3 | | partnership, limited liability company, or corporation issued | 4 | | one or more licenses by the Secretary under this Act. | 5 | | "Licensed location" means the premises at which a licensee | 6 | | is authorized to operate a community currency exchange to offer | 7 | | to the public services, products, or activities under this Act. | 8 | | "Location" when used with reference to an ambulatory | 9 | | currency exchange
means the premises of the employer whose | 10 | | employees are or are to be served
by an ambulatory currency | 11 | | exchange.
| 12 | | "Principal office" means the physical business address, | 13 | | which shall not be a post office box, of a licensee at which | 14 | | the (i) Department may contact the licensee and (ii) records | 15 | | required under this Act are maintained. | 16 | | "Secretary" means the Secretary of Financial and | 17 | | Professional Regulation or a person authorized by the Secretary | 18 | | or this Act to act in the Secretary's stead. All references in | 19 | | this Act to the Secretary shall be deemed to include the | 20 | | Director, as a person authorized by the Secretary or this Act | 21 | | to assume responsibility for the oversight of the functions of | 22 | | the Department relative to the regulatory supervision of | 23 | | community currency exchanges and ambulatory currency exchanges | 24 | | under this Act.
| 25 | | (b) Nothing in this Act shall be held to apply to any | 26 | | person, firm,
association, partnership, limited liability |
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| 1 | | company, or corporation who is
engaged primarily in the
| 2 | | business of transporting for hire, bullion, currency, | 3 | | securities,
negotiable or non-negotiable documents, jewels or | 4 | | other property of great
monetary value and who in the course of | 5 | | such business and only as an
incident thereto, cashes checks, | 6 | | drafts, money orders or other evidences of
money directly for, | 7 | | or for the employees of and with the funds of and at a
cost only | 8 | | to, the person, firm, association, partnership, limited | 9 | | liability
company, or corporation for
whom he or it is then | 10 | | actually transporting such bullion, currency,
securities, | 11 | | negotiable or non-negotiable documents, jewels, or other
| 12 | | property of great monetary value, pursuant to a written | 13 | | contract for such
transportation and all incidents thereof, nor | 14 | | shall it apply to any person,
firm, association, partnership, | 15 | | limited liability company, or corporation
engaged in the | 16 | | business of
selling tangible personal property at retail who, | 17 | | in the course of such
business and only as an incident thereto, | 18 | | cashes checks, drafts, money
orders or other evidences of | 19 | | money.
| 20 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 21 | | (205 ILCS 405/2) (from Ch. 17, par. 4803)
| 22 | | Sec. 2. License required; violation; injunction. No | 23 | | person, firm,
association, partnership, limited liability
| 24 | | company,
or corporation shall
engage in the business of a | 25 | | community currency exchange or in the business
of an ambulatory |
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| 1 | | currency exchange without first securing a license to do
so | 2 | | from the Secretary.
| 3 | | Any licensee person, firm, association, partnership, | 4 | | limited liability company, or corporation issued a
license to | 5 | | do so by the Secretary shall have authority to operate one or | 6 | | more a
community currency exchanges exchange or an ambulatory | 7 | | currency exchanges exchange , as defined
in Section 1 of this | 8 | | Act hereof .
| 9 | | Any licensee person, firm, association, partnership, | 10 | | limited liability company, or
corporation licensed as and | 11 | | engaged in the business of a community currency
exchange shall | 12 | | at a minimum offer the service of cashing checks, or drafts,
or | 13 | | money orders, or any other evidences of money acceptable to | 14 | | such currency exchange.
| 15 | | No ambulatory currency exchange and no community currency | 16 | | exchange shall
be conducted on any street, sidewalk or highway | 17 | | used by the public, and no
license shall be issued therefor. An | 18 | | ambulatory currency exchange shall be
required to and shall | 19 | | secure a license or licenses for the conduct of its
business at | 20 | | each and every location served by it, as provided in Section 4
| 21 | | hereof, whether the services at any such location are rendered | 22 | | for or
without a fee, service charge or other consideration. | 23 | | Each plant or
establishment is deemed a separate location. No | 24 | | license issued for the
conduct of its business at one location | 25 | | shall authorize the conduct of its
business at any other | 26 | | location, nor shall any license authorize the
rendering of |
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| 1 | | services by an ambulatory currency exchange to persons other
| 2 | | than the employees of the employer named therein. If the | 3 | | employer named in
such license shall move his business from the | 4 | | address therein set forth,
such license shall thereupon expire, | 5 | | unless the Secretary has approved a
change of address for such | 6 | | location, as provided in Section 13.
| 7 | | Any person, firm, association, partnership, limited | 8 | | liability company, or
corporation that violates
this Section | 9 | | shall be guilty of a Class A misdemeanor, and the Attorney
| 10 | | General or the State's Attorney of the county in which the | 11 | | violation occurs
shall file a complaint in the Circuit Court of | 12 | | the county to restrain the
violation.
| 13 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 14 | | (205 ILCS 405/3) (from Ch. 17, par. 4804)
| 15 | | Sec. 3. Powers of community currency exchanges. No | 16 | | community or
ambulatory currency exchange shall be
permitted to | 17 | | accept money or evidences of money as a deposit to be
returned | 18 | | to the depositor or upon the depositor's order. No
community or | 19 | | ambulatory currency exchange shall be permitted to act as
| 20 | | bailee or agent for persons, firms, partnerships, limited | 21 | | liability
companies, associations or
corporations to hold | 22 | | money or evidences thereof or the proceeds
therefrom for the | 23 | | use and benefit of the owners thereof, and deliver
such money | 24 | | or proceeds of evidence of money upon request and direction
of | 25 | | such owner or owners. Nothing in this Act shall prevent a |
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| 1 | | currency exchange from accepting any check without regard to | 2 | | the date imprinted on the check, subject to Section 4-404 of | 3 | | the Uniform Commercial Code, as long as the check is | 4 | | immediately cashed, deposited, and processed in the ordinary | 5 | | course of business. A community or ambulatory currency exchange | 6 | | is permitted to engage in, and charge a fee for, the following | 7 | | activities, either directly or as a third-party agent: (i) | 8 | | cashing of checks, drafts, money orders, or any other evidences | 9 | | of money acceptable to the currency exchange, (ii) selling or | 10 | | issuing money orders, (iii) obtaining reports, certificates, | 11 | | governmental permits, licenses, and vital statistics and the | 12 | | preparation of necessary applications to obtain the same, (iv) | 13 | | the sale and distribution of bond cards, (v) obtaining, | 14 | | distributing, providing, or selling: State vehicle | 15 | | registration renewals, title transfers and tax remittance | 16 | | forms, city vehicle licenses, and other governmental services, | 17 | | (vi) photocopying and sending and receiving facsimile | 18 | | transmissions, (vii) notary service either by the proprietor of | 19 | | the currency exchange or any currency exchange employee, | 20 | | authorized by the State to act as a notary public, (viii) | 21 | | issuance of travelers checks obtained by the currency exchange | 22 | | from a banking institution under a trust receipt, (ix) | 23 | | accepting for payment utility and other companies' bills, (x) | 24 | | issuance and acceptance of any third-party debit, credit, gift, | 25 | | or stored value card and loading or unloading, (xi) on-premises | 26 | | automated cash dispensing machines, (xii) sale of rolled coin |
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| 1 | | and paper money, (xiii) exchange of foreign currency through a | 2 | | third-party, (xiv) sale of cards, passes, or tokens for public | 3 | | transit, (xv) providing mail box service, (xvi) sale of phone | 4 | | cards and other pre-paid telecommunication services, (xvii) | 5 | | on-premises public telephone, (xviii) sale of U.S. postage, | 6 | | (xix) money transmission through a licensed third-party money | 7 | | transmitter, (xx) sale of candy, gum, other packaged foods, | 8 | | soft drinks, and other products and services by means of | 9 | | on-premises vending machines and self-service automated | 10 | | terminals , and (xxi) transmittal of documents or information | 11 | | upon the request of a consumer, (xxii) providing access to | 12 | | consumers of third-party travel reservation and ticketing | 13 | | services, and (xxiii) other products and services as may be | 14 | | approved by the Secretary. A currency exchange may offer, for | 15 | | no charge and with no required transaction, advertising upon | 16 | | and about the premises and distribution to consumers of | 17 | | advertising and other materials of any legal product or service | 18 | | that is not misleading to the public.
Any community or | 19 | | ambulatory currency exchange may enter into
agreements with any | 20 | | utility and other companies to act as the companies'
agent for | 21 | | the acceptance of payment of utility and other
companies' bills | 22 | | without charge
to the customer and,
acting under such | 23 | | agreement, may receipt for payments in the
names of the utility | 24 | | and other companies. Any community or
ambulatory currency | 25 | | exchange may also receive payment of
utility and other | 26 | | companies' bills for remittance to companies
with which it has |
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| 1 | | no such agency agreement and may charge a fee
for such service | 2 | | but may not, in such cases, issue a receipt for such
payment in | 3 | | the names of the utility and other companies.
However, funds | 4 | | received by currency exchanges for remittance
to utility and | 5 | | other companies with which the currency exchange
has no agency | 6 | | agreement shall be forwarded to the appropriate
utility and | 7 | | other companies by the currency exchange before the
end of the | 8 | | next business day. | 9 | | For the purpose of this Section, "utility and other | 10 | | companies" means any utility company and other company with | 11 | | which the currency exchange may or may not have a contractual | 12 | | agreement and for which the currency exchange accepts payments | 13 | | from consumers for remittance to the utility or other company | 14 | | for the payment of bills.
| 15 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 16 | | (205 ILCS 405/3.3) (from Ch. 17, par. 4807)
| 17 | | Sec. 3.3. Additional public services.
| 18 | | (a) Nothing in this Act shall prevent the Secretary from | 19 | | authorizing
a currency exchange, group of currency exchanges, | 20 | | or association of currency exchanges to render additional | 21 | | services to the public if the services
are consistent with the | 22 | | provisions of this Act, are within its meaning,
are in the best | 23 | | interest of the public, and benefit the general welfare. A | 24 | | currency exchange, group of currency exchanges, or association | 25 | | of currency exchanges must request, in writing, the Secretary's |
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| 1 | | approval of the additional service prior to rendering such | 2 | | additional service to the public. Any approval under this | 3 | | Section shall be deemed an approval for all currency exchanges. | 4 | | Any currency exchange wishing to provide an additional service | 5 | | previously approved by the Secretary must provide written | 6 | | notice, on a form provided by the Department and available on | 7 | | its website, to the Secretary 30 days prior to offering the | 8 | | approved additional service to the public. The Secretary may | 9 | | charge an additional service investigation fee of $500 per | 10 | | application for a new additional service request. The | 11 | | additional service request shall be on a form provided by the | 12 | | Department and available on the Department's website. Within 15 | 13 | | days after receipt by the Department of an additional service | 14 | | request, the Secretary shall examine the additional service | 15 | | request for completeness and notify the requester of any | 16 | | defect. The requester must remedy the defect within 10 days | 17 | | after the mailing of the notification of the defect by the | 18 | | Secretary. Failure to remedy the defect within such time will | 19 | | void the additional service request.
If the Secretary | 20 | | determines that the additional service request is complete, the | 21 | | Secretary shall have 60 business days to approve or deny the | 22 | | additional service request. If the additional service request | 23 | | is denied, the Secretary shall send by United States mail | 24 | | notice of the denial to the requester at the address set forth | 25 | | in the additional service request , together with the reasons | 26 | | therefor stated with particularity that the additional service |
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| 1 | | is not consistent with the provisions of this Act or in the | 2 | | best interest of the public and does not benefit the general | 3 | | welfare . If an additional service request is denied, the | 4 | | requester may, within 10 days after receipt of the denial, make | 5 | | a written request to the Secretary for a hearing on the | 6 | | additional service request denial. The hearing shall be set for | 7 | | a date after the receipt by the Secretary of the request for a | 8 | | hearing, and written notice of the time and place of the | 9 | | hearing shall be mailed to the requester no later than 15 days | 10 | | before the date of the hearing. The hearing shall be scheduled | 11 | | for a date within 56 days after the date of the receipt of the | 12 | | request for a hearing. The requester shall pay the actual cost | 13 | | of making the transcript of the hearing prior to the | 14 | | Secretary's issuing his or her decision following the hearing. | 15 | | If the Secretary denies the request for a new additional | 16 | | service, a currency exchange shall not offer the new additional | 17 | | service until a final administrative order has been entered | 18 | | permitting a currency exchange to offer the service.
The | 19 | | Secretary's
decision may be subject to review as provided in | 20 | | Section 22.01
of this Act.
If the Secretary revokes a | 21 | | previously approved authorization for an additional service | 22 | | request, the Secretary shall provide written notice to all | 23 | | affected currency exchange licensees , together with the | 24 | | reasons therefor stated with particularity, that the | 25 | | additional service is no longer consistent with the provisions | 26 | | of this Act or in the best interest of the public and does not |
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| 1 | | benefit the general welfare . Upon receipt of the revocation | 2 | | notice, a currency exchange licensee, group of currency | 3 | | exchange licensees, or association of currency exchanges shall | 4 | | have 10 days to make a written request to the Secretary for a | 5 | | hearing, and the Department shall have 30 business days to | 6 | | schedule a future hearing. Written notice of the time and place | 7 | | of the hearing shall be mailed to the licensee no later than 10 | 8 | | business days before the date of the hearing. The licensee | 9 | | shall pay the actual cost of making the transcript prior to the | 10 | | Secretary's issuing his or her decision following the hearing.
| 11 | | The Secretary's decision
is subject to review as provided in | 12 | | Section 22.01 of this
Act.
| 13 | | (b) (Blank). | 14 | | (c) If the Secretary revokes authorization for a previously | 15 | | approved additional service, the currency exchange may | 16 | | continue to offer the additional service until a
final | 17 | | administrative order has been entered revoking the licensee's | 18 | | previously approved authorization.
| 19 | | (Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
| 20 | | (205 ILCS 405/4) (from Ch. 17, par. 4808)
| 21 | | Sec. 4. License application; contents; fees. A licensee | 22 | | shall obtain a separate license for each licensed location. | 23 | | Application for such
license shall be in writing under oath and | 24 | | in
the form prescribed and furnished by the Secretary. Each | 25 | | application shall
contain the following:
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| 1 | | (a) The applicant's full name and address (both of | 2 | | residence and place of business) if the applicant is a | 3 | | natural person,
of the applicant, and if the applicant is a | 4 | | partnership, limited liability
company, or association, of
| 5 | | every member thereof, and the name and principal office | 6 | | business address if the applicant is
a corporation;
| 7 | | (b) The county and municipality, with street and | 8 | | number, if any, where
the community currency exchange is to | 9 | | be conducted, if the application is
for a community | 10 | | currency exchange license;
| 11 | | (c) If the application is for an ambulatory currency | 12 | | exchange license,
the name and address of the employer at | 13 | | each location to be served by it;
and
| 14 | | (d) In the case of a licensee's initial license | 15 | | application, the The applicant's occupation or profession; | 16 | | a detailed statement of the applicant's
business | 17 | | experience for the 10 years immediately preceding the
| 18 | | application; a detailed statement of the applicant's | 19 | | finances; the applicant's present or previous
connection | 20 | | with any other currency exchange; whether the applicant has | 21 | | ever been
involved in any civil or criminal litigation, and | 22 | | the material facts
pertaining thereto; whether the | 23 | | applicant has ever been committed to any penal
institution | 24 | | or admitted to an institution for the care and treatment of
| 25 | | mentally ill persons; and the nature of applicant's | 26 | | occupancy of the
premises to be licensed where the |
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| 1 | | application is for a community currency
exchange license. | 2 | | If the applicant is a partnership, the information
| 3 | | specified herein shall be required of each partner. If the | 4 | | applicant is a
corporation or limited liability company , | 5 | | the said information shall be required of each controlling | 6 | | person officer,
director and stockholder thereof along | 7 | | with disclosure of their ownership
interests.
If the | 8 | | applicant is a limited liability company, the information | 9 | | required by
this Section shall be provided with respect to | 10 | | each member and manager along
with disclosure of their | 11 | | ownership interests.
| 12 | | A licensee's initial community currency exchange license | 13 | | application shall be
accompanied by a fee of $500, prior to | 14 | | January 1, 2012. After January 1, 2012 the fee shall be $750. | 15 | | After January 1, 2014 the fee shall be $1,000 for the cost of | 16 | | investigating the applicant. A licensee's application for | 17 | | licenses for additional licensed locations shall be | 18 | | accompanied by a fee of $1,000 for each additional license. If | 19 | | the ownership of a
licensee or licensed location changes, in | 20 | | whole or in part, a new application must be filed pursuant
to | 21 | | this Section along with a $500 fee if the licensee's ownership | 22 | | interests
have been transferred
or sold to a new person or | 23 | | entity or a fee of $300 if the licensee's
ownership interests | 24 | | have been transferred or sold to a current holder or
holders of | 25 | | the licensee's ownership interests.
When the application for a
| 26 | | community currency exchange license has been approved by the |
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| 1 | | Secretary and
the applicant so advised, an additional sum of
| 2 | | $400 as an annual license
fee for a period terminating on the | 3 | | last day of the current calendar year
shall be paid to the | 4 | | Secretary by the applicant; provided, that the license
fee for | 5 | | an applicant applying for such a license after July 1st of any | 6 | | year
shall be $200 for the balance of such year. Upon receipt
| 7 | | of a community currency exchange license application, the
| 8 | | Secretary shall examine the application for completeness and
| 9 | | notify the applicant in writing of any defect within 20 days | 10 | | after
receipt. The applicant must remedy the defect within 10 | 11 | | days after the mailing of the notification of the defect by the | 12 | | Secretary. Failure to timely remedy the defect will void the | 13 | | application. Once the Secretary determines that the | 14 | | application is complete, the Secretary shall have 90 business | 15 | | days to approve or deny the application.
If
the application is | 16 | | denied, the Secretary shall send by United
States mail notice | 17 | | of the denial to the applicant at the
address set forth in the | 18 | | application. If an application is
denied, the applicant may, | 19 | | within 10 days after the date of the
notice of denial, make a | 20 | | written request to the Secretary for a
hearing on the | 21 | | application. The hearing shall be set for a date after the | 22 | | receipt by the Secretary of the request for a hearing, and | 23 | | written notice of the time and place of the hearing shall be | 24 | | mailed to the applicant no later than 15 days before the date | 25 | | of the hearing. The hearing shall be scheduled for a date | 26 | | within 56 days after the date of the receipt of the request for |
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| 1 | | a hearing. The applicant shall pay the actual cost of
making | 2 | | the transcript of the hearing prior to the Secretary's
issuing | 3 | | his or her decision. The Secretary's decision is subject to | 4 | | review as
provided in Section 22.01 of this Act.
| 5 | | An application for an ambulatory currency exchange license | 6 | | shall be
accompanied by a fee of $100, which fee shall be for | 7 | | the cost of
investigating the applicant. An approved applicant | 8 | | shall not be required
to pay the initial investigation fee of | 9 | | $100 more than once.
When the application for an ambulatory | 10 | | currency exchange license has
been approved by the Secretary, | 11 | | and such applicant so advised, such
applicant shall pay an | 12 | | annual license fee of $25 for each and every
location to be | 13 | | served by such applicant; provided that such license fee for
an | 14 | | approved applicant applying for such a license after July 1st | 15 | | of any
year shall be $12 for the balance of such year for each | 16 | | and every location
to be served by such applicant. Such an
| 17 | | approved applicant for an ambulatory currency exchange | 18 | | license, when
applying for a license with respect to a | 19 | | particular location, shall file
with the Secretary, at the time | 20 | | of filing an application, a letter of
memorandum, which shall | 21 | | be in writing and under oath, signed by the owner
or authorized | 22 | | representative of the business whose employees are to be
| 23 | | served; such letter or memorandum shall contain a statement | 24 | | that such
service is desired, and that the person signing the | 25 | | same is authorized so
to do. The Secretary shall thereupon | 26 | | verify the authenticity of the letter
or memorandum and the |
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| 1 | | authority of the person who executed it, to do
so. | 2 | | The Department shall have 45 business days to approve or | 3 | | deny a currency exchange licensee's request to purchase another | 4 | | currency exchange.
| 5 | | (Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
| 6 | | (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
| 7 | | Sec. 4.1. Application; investigation; community need. | 8 | | (a) The General Assembly finds and declares that community | 9 | | currency
exchanges provide important and vital services to | 10 | | Illinois citizens, that
the number of community currency | 11 | | exchanges should be limited in accordance
with the needs of the | 12 | | communities they are to serve, and that it is in the
public | 13 | | interest to promote and foster the community currency exchange | 14 | | business
and to insure the financial stability thereof. | 15 | | (b) Upon receipt of an application
for a license for a | 16 | | community
currency exchange, the Secretary shall cause an | 17 | | investigation to determine:
of | 18 | | (1) the need of the community
for the establishment of | 19 | | a community currency exchange at the location
specified in | 20 | | the application ; and | 21 | | (2) the effect that granting the license
will have on | 22 | | the financial stability of other community currency | 23 | | exchanges
that may be serving the community in which the | 24 | | business of the applicant
is proposed to be conducted.
| 25 | | (c) "Community", as used in this Act, means a locality |
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| 1 | | where there may or
can be available to the people thereof the | 2 | | services of a community currency
exchange reasonably | 3 | | accessible to them. | 4 | | (d) If the issuance of a license to
engage in the community | 5 | | currency exchange business at the location
specified will not | 6 | | promote the needs and the convenience and advantage
of the | 7 | | community in which the business of the applicant is proposed to | 8 | | be
conducted, then the application shall be denied.
| 9 | | (e) As a part of the investigation, the Secretary shall, | 10 | | within 15 business days after receipt of an application, notify | 11 | | in writing all currency exchanges located within a one-half | 12 | | mile radius of the proposed new currency exchange in any | 13 | | municipality with a population of 500,000 or more or located | 14 | | within a one-mile radius of the proposed new currency exchange | 15 | | outside a municipality with a population of 500,000 or more of | 16 | | the application and the proposed location. Within 15 business | 17 | | days after the notice, any currency exchange as described in | 18 | | paragraph (2) of subsection (b) of this Section may notify the | 19 | | Secretary it intends to protest the application. If the | 20 | | currency exchange intends to protest the application, then the | 21 | | currency exchange shall, within 30 days after notifying the | 22 | | Secretary, provide the Secretary with any information | 23 | | requested to substantiate that granting the license would have | 24 | | a material and negative effect upon the financial stability of | 25 | | the existing currency exchange or would not promote the needs | 26 | | and the convenience and advantage of the community. Once the |
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| 1 | | investigation is completed, the Secretary shall, within 15 | 2 | | business days thereafter, notify any currency exchange as | 3 | | described in paragraph (2) of subsection (b) of this Section of | 4 | | the determination to approve or deny the application. The | 5 | | determination shall sufficiently detail the facts that led to | 6 | | the determination. | 7 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 8 | | (205 ILCS 405/4.1B new) | 9 | | Sec. 4.1B. Anti-money laundering requirements. | 10 | | (a) Every licensee shall comply with all State and federal | 11 | | laws, rules, and regulations relating to the detection and | 12 | | prevention of money laundering, including, as applicable, 31 | 13 | | C.F.R. 103.20, 103.22, 103.23, 103.27, 103.28, 103.29, 103.33, | 14 | | 103.37, and 103.41. | 15 | | (b) Every licensee shall maintain an anti-money laundering | 16 | | program in accordance with 31 C.F.R. 103.125. The program shall | 17 | | be reviewed and updated as necessary to ensure that the program | 18 | | continues to be effective in detecting and deterring money | 19 | | laundering activities. | 20 | | (205 ILCS 405/5) (from Ch. 17, par. 4812)
| 21 | | Sec. 5. Bond; condition; amount.
| 22 | | (a) Before any license shall be issued
to a licensee to | 23 | | operate a community
currency exchange the applicant shall file | 24 | | annually with and
have approved by the Secretary a surety bond, |
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| 1 | | issued by a bonding
company authorized to do business in this | 2 | | State in the principal sum
of $25,000 for each licensed | 3 | | location, up to a maximum aggregate principal sum of $350,000 | 4 | | for each licensee regardless of the number of licenses held . | 5 | | Such bond shall run to the Secretary and shall
be for the | 6 | | benefit of any creditors of such licensee currency exchange
for | 7 | | any liability incurred by the licensee currency exchange on any
| 8 | | money orders, including any fees and penalties incurred by the | 9 | | remitter should the money order be returned unpaid, issued or | 10 | | sold by the licensee in the ordinary course of its business | 11 | | currency exchange and for
any liability incurred by the | 12 | | licensee currency exchange for any sum or
sums due to any payee | 13 | | or endorsee of any check, draft or money
order left with the | 14 | | licensee in the ordinary course of its business currency | 15 | | exchange for collection, and for
any liability to the public | 16 | | incurred by the licensee in the ordinary course of its business | 17 | | currency exchange in connection
with the rendering of any of | 18 | | the services referred to in
Section 3 of this Act.
| 19 | | To protect the public and allow for the effective | 20 | | underwriting of bonds, the surety bond shall not cover money | 21 | | orders issued and other liabilities incurred by a currency | 22 | | exchange for its own account or that of its controlling | 23 | | persons, including money orders issued or liabilities incurred | 24 | | by the currency exchange to obtain cash for its own operations, | 25 | | to pay for the currency exchange's own bills or liabilities or | 26 | | that of its controlling persons, or to obtain things of value |
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| 1 | | for the currency exchange
or its controlling persons, | 2 | | regardless of whether such things of value are used in the | 3 | | currency exchange's operations or sold by the currency | 4 | | exchange. | 5 | | From time to time the Secretary may determine the amount of | 6 | | liabilities
as described herein and shall require the licensee | 7 | | to file a bond in an
additional sum if the same is determined | 8 | | to be necessary in accordance with
the requirements of this | 9 | | Section. In no case shall the bond be less than
the initial | 10 | | $25,000, nor more than the outstanding liabilities.
| 11 | | (b) In lieu of the surety bond requirements of subsection | 12 | | (a), a community
currency exchange licensee may submit evidence | 13 | | satisfactory to the Secretary
that the community currency | 14 | | exchange licensee is covered by a blanket bond that
covers | 15 | | multiple licensees who are members of a statewide association | 16 | | of
community currency exchanges or licensees . Such a blanket | 17 | | bond must be issued by a bonding
company authorized to do | 18 | | business in this State and in a principal aggregate
sum of not | 19 | | less than $3,000,000 as of May 1, 2012, and not less than | 20 | | $4,000,000 as of May 1, 2014.
| 21 | | (c) An ambulatory currency exchange may sell or issue money | 22 | | orders
at any location with regard to which it
is issued a | 23 | | license pursuant to this Act, including existing
licensed | 24 | | locations, without the necessity of a further
application or | 25 | | hearing and without regard to any exceptions
contained in | 26 | | existing licenses, upon the filing with
the Secretary of a |
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| 1 | | surety bond approved by the Secretary and issued by a bonding
| 2 | | company
or insurance company authorized to do business in | 3 | | Illinois,
in the principal sum of $100,000. Such bond may be a | 4 | | blanket
bond covering all locations at which the ambulatory | 5 | | currency
exchange may sell or issue money orders,
and shall run | 6 | | to the Secretary for the
use and benefit of any creditors of | 7 | | such ambulatory currency
exchange for any liability incurred by | 8 | | the ambulatory currency
exchange on any money orders issued or | 9 | | sold by it to the public in the ordinary course of its | 10 | | business .
Such bond shall be renewed annually. If after
the | 11 | | expiration of one year from the date of approval of such
bond | 12 | | by the Secretary, it shall appear that the average amount
of | 13 | | such liability during the year has exceeded $100,000,
the | 14 | | Secretary shall require the licensee to furnish a bond for
the | 15 | | ensuing year, to be approved by the Secretary,
for an | 16 | | additional principal sum of $1,000 for each $1,000 of
such | 17 | | liability or fraction thereof in excess of the original
| 18 | | $100,000, except that the maximum amount of such bond shall not | 19 | | be required to
exceed $250,000.
| 20 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 21 | | (205 ILCS 405/6) (from Ch. 17, par. 4813)
| 22 | | Sec. 6. Insurance against loss. | 23 | | (a) Every applicant for a license hereunder
shall, after | 24 | | his
application for a license has been approved, file with and | 25 | | have approved
by the Secretary, a policy or policies of |
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| 1 | | insurance issued by an
insurance company or indemnity company | 2 | | authorized to do business under
the law of this State, which | 3 | | shall insure the applicant against loss by
theft, burglary, | 4 | | robbery or forgery in a principal sum as hereinafter
provided; | 5 | | if the average amount of cash and liquid funds to be kept on
| 6 | | hand at the licensed location in the office of the community | 7 | | currency exchange during the year
will not be in excess of | 8 | | $10,000 the policy or policies shall be in the
principal sum of | 9 | | $10,000. If such average amount will be in excess of
$10,000, | 10 | | the policy or policies shall be for an additional principal sum
| 11 | | of $500 for each $1,000 or fraction thereof of such excess over | 12 | | the
original $10,000. From time to
time, the Secretary may | 13 | | determine the amount of cash and liquid funds on
hand at the | 14 | | licensed location in the office of any community currency | 15 | | exchange and shall require
the licensee to submit additional | 16 | | policies if the same are determined to
be necessary in | 17 | | accordance with the requirements of this Section. | 18 | | However, any licensee community currency exchange licensed | 19 | | under this Act may meet the insurance requirements of this | 20 | | subsection (a) by submitting evidence satisfactory to the | 21 | | Secretary that the licensee is covered by a blanket insurance | 22 | | policy that covers multiple licensees. The blanket insurance | 23 | | policy: (i) shall insure the licensee against loss by theft, | 24 | | robbery, or forgery; (ii) shall be issued by an insurance | 25 | | company authorized to do business in this State; and (iii) | 26 | | shall be in the principal sum of an amount equal to the maximum |
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| 1 | | amount required under this Section for any one licensee covered | 2 | | by the insurance policy.
| 3 | | Any such policy or policies, with respect to forgery, may | 4 | | carry a
condition that the community currency exchange assumes | 5 | | the first $1,000 of
each claim thereunder.
| 6 | | (b) Before an ambulatory currency exchange shall sell or
| 7 | | issue money orders,
it shall file with and
have approved by the | 8 | | Secretary, a policy or policies of
insurance issued by an | 9 | | insurance company or indemnity company
authorized to do | 10 | | business under the laws of this State, which
shall insure such | 11 | | ambulatory currency exchange against loss
by theft, burglary, | 12 | | robbery, forgery or embezzlement in the
principal sum of not | 13 | | less than $500,000. If the average amount
of cash and liquid | 14 | | funds to be kept on hand during the year
will exceed $500,000, | 15 | | the policy or policies shall be for an
additional principal sum | 16 | | of $500 for each $1,000 or fraction
thereof in excess of | 17 | | $500,000. From time to time the Secretary may determine
the | 18 | | amount of cash and liquid funds kept on hand by an ambulatory
| 19 | | currency exchange and shall require it to submit such | 20 | | additional
policies as are determined to be required within the | 21 | | limits of
this Section. No ambulatory currency exchange subject | 22 | | to
this Section shall be required to furnish more than one | 23 | | policy
of insurance if the policy furnished insures it against | 24 | | the
foregoing losses at all locations served by it.
| 25 | | Any such policy may contain a condition that the insured
| 26 | | assumes a portion of the loss, provided the insured shall file
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| 1 | | with such policy a sworn financial statement indicating its
| 2 | | ability to act as self-insurer in the amount of such deductible
| 3 | | portion of the policy without prejudice to the safety of any
| 4 | | funds belonging to its customers. If the Secretary is not
| 5 | | satisfied as to the financial ability of the ambulatory | 6 | | currency
exchange, he may require it to deposit cash or United | 7 | | States Government
Bonds in the amount of part or
all of the | 8 | | deductible portion of the policy.
| 9 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 10 | | (205 ILCS 405/7) (from Ch. 17, par. 4814)
| 11 | | Sec. 7. Available funds; minimum amount. Each licensee | 12 | | community currency
exchange shall have, at all times, a
minimum | 13 | | of $5,000 for each currency exchange license it holds of its | 14 | | own cash funds available for the uses and
purposes of its | 15 | | currency exchange business and said minimum sum shall be | 16 | | exclusive of and
in addition to funds received for exchange or | 17 | | transfer; and in addition
thereto each such licensee shall at | 18 | | all times have on hand an amount of
liquid funds sufficient to | 19 | | pay on demand all outstanding money orders
issued by it. | 20 | | Whenever a licensee holds more than one community currency | 21 | | exchange license, the aggregate of the minimum liquid funds | 22 | | required under this Section 7 for all of such licensee's | 23 | | licensed locations may be held by the licensee in a single | 24 | | account in the licensee's name, provided that the total liquid | 25 | | funds equals a minimum of $5,000 multiplied by the number of |
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| 1 | | licenses held by that licensee.
| 2 | | In the event a receiver is appointed in accordance with | 3 | | Section 15.1
of this Act, and the Secretary determines that the | 4 | | business of the
currency exchange should be liquidated, and if | 5 | | it shall appear that the
said minimum sum was not on hand or | 6 | | available at the time of the
appointment of the receiver, then | 7 | | the receiver shall have the right to
recover in any court of | 8 | | competent jurisdiction from the owner or owners
of such | 9 | | currency exchange, or from the stockholders and directors
| 10 | | thereof if such currency exchange was operated by a | 11 | | corporation, or from the
members if the currency exchange was | 12 | | operated as a limited liability company,
said
sum or that part | 13 | | thereof which was not on hand or available at the time
of the | 14 | | appointment of such receiver. Nothing contained in this Section
| 15 | | shall limit or impair the liability of any bonding or insurance | 16 | | company
on any bond or insurance policy relating to such | 17 | | community currency
exchange issued pursuant to the | 18 | | requirements of this Act, nor shall
anything contained herein | 19 | | limit or impair such other rights or remedies
as the receiver | 20 | | may otherwise have.
| 21 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 22 | | (205 ILCS 405/9) (from Ch. 17, par. 4816)
| 23 | | Sec. 9.
No community or ambulatory currency exchange shall | 24 | | issue
tokens to be used in lieu of money for the purchase of | 25 | | goods or services
from any enterprise , except that currency |
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| 1 | | exchanges may engage in
the distribution of food stamps as | 2 | | authorized by Section 3.2 .
| 3 | | (Source: P.A. 80-439.)
| 4 | | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| 5 | | Sec. 10. Qualifications of applicant; denial of license; | 6 | | review. The
applicant or , and its controlling persons | 7 | | officers, directors and
stockholders, if a corporation,
and its | 8 | | managers and members, if a liability company, shall be vouched | 9 | | for
by 2 reputable citizens of this State setting forth
that | 10 | | the individual mentioned is (a) personally known to them to be
| 11 | | trustworthy and reputable, (b) that he has business experience | 12 | | qualifying
him to competently conduct, operate, own or become | 13 | | associated with a
currency exchange, (c) that he has a good | 14 | | business reputation and is worthy
of a license. Thereafter, the | 15 | | Secretary shall, upon approval of the
application filed with | 16 | | him, issue to the applicant, qualifying under this
Act, a | 17 | | license to operate a currency exchange. If it is a license for | 18 | | a
community currency exchange, the same shall be valid only at | 19 | | the place of
business specified in the application. If it is a | 20 | | license for an ambulatory
currency exchange, it shall entitle | 21 | | the applicant to operate only at the
location or locations | 22 | | specified in the application, provided the applicant
shall | 23 | | secure separate and additional licenses for each of such | 24 | | locations.
Such licenses shall remain in full force and effect, | 25 | | until they are
surrendered by the licensee, or revoked, or |
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| 1 | | expire, as herein provided. If
the Secretary shall not so | 2 | | approve, he shall not issue such license or
licenses and shall | 3 | | notify the applicant of such denial, retaining the full
| 4 | | investigation fee to cover the cost of investigating the | 5 | | community
currency exchange applicant. The
Secretary shall | 6 | | approve or deny every application hereunder within 90 days
from | 7 | | the filing of a complete application; except that in respect to | 8 | | an application by an
approved ambulatory currency exchange for | 9 | | a license with regard to a
particular location to be served by | 10 | | it, the same shall be approved or
denied within 20 days from | 11 | | the filing thereof. If the application is
denied, the Secretary | 12 | | shall send by United States mail notice of such denial
to the | 13 | | applicant at the address set forth in the application.
| 14 | | If an application is denied, the applicant may, within 10 | 15 | | days from the
date of the notice of denial, make written | 16 | | request to the Secretary for a
hearing on the application, and | 17 | | the Secretary shall set a time and place for
the hearing. The | 18 | | hearing shall be set for a date after the receipt by the
| 19 | | Secretary of the request for hearing, and written notice of the | 20 | | time and
place of the hearing shall be mailed to the applicant | 21 | | at least 15 days
before the date of the hearing. The applicant | 22 | | shall pay the actual cost of
making the transcript of the | 23 | | hearing prior to the Secretary's issuing his
decision following | 24 | | the hearing. If, following the hearing, the application
is | 25 | | denied, the Secretary shall, within 20 days thereafter prepare | 26 | | and keep
on file in his office a written order of denial |
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| 1 | | thereof, which shall
contain his findings with respect thereto | 2 | | and the reasons supporting the
denial, and shall send by United | 3 | | States Mail a copy thereof to the
applicant at the address set | 4 | | forth in the application, within 5 days after
the filing of | 5 | | such order. A review of any such decision may be had as
| 6 | | provided in Section 22.01 of this Act.
| 7 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 8 | | (205 ILCS 405/11) (from Ch. 17, par. 4819)
| 9 | | Sec. 11.
Such license, if issued for a community currency | 10 | | exchange, shall
state the name of the licensee and the address | 11 | | of at which the licensed location business is to
be conducted . | 12 | | Such license, or and its annual renewal, shall be kept | 13 | | conspicuously posted in the licensed location place
of business | 14 | | of the licensee and shall not be transferable or assignable. If
| 15 | | issued for an ambulatory currency exchange, it shall so state, | 16 | | and shall
state the name and principal office office address of | 17 | | the licensee, and the name and address
of the location or | 18 | | locations to be served by the licensee, and shall not be
| 19 | | transferable and assignable.
| 20 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 21 | | (205 ILCS 405/13) (from Ch. 17, par. 4821)
| 22 | | Sec. 13.
No more than one place of business shall be | 23 | | maintained under
the same community currency exchange license, | 24 | | but the Secretary may issue
more than one license to the same |
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| 1 | | licensee upon compliance with the
provisions of this Act | 2 | | governing an original issuance of a license, for
each new | 3 | | license.
| 4 | | Whenever a community currency exchange or an ambulatory | 5 | | currency
exchange shall wish to change its name in its license, | 6 | | it shall file an
application for approval thereof with the | 7 | | Secretary, and if the change is
approved by the Secretary he | 8 | | shall attach to the license, in writing, a
rider stating the | 9 | | licensee's new name.
| 10 | | If an ambulatory currency exchange has serviced a licensed | 11 | | location for
2 years or longer and the employer whose employees | 12 | | are served at that location
has moved his place of business, | 13 | | the currency exchange may continue its
service to the employees | 14 | | of that employer at the new address of that employer's
place of | 15 | | business by filing a notice of the change of address with the | 16 | | Secretary
and by relinquishing its license to conduct its | 17 | | business at the employer's
old address upon receipt of a | 18 | | license to conduct its business at the employer's
new address. | 19 | | Nothing in this Act shall preclude or prevent an ambulatory
| 20 | | currency exchange from filing an application to conduct its | 21 | | business at
the old address of an employer who moved his place | 22 | | of business after the
ambulatory currency exchange receives a | 23 | | license to conduct its business
at the employer's new address | 24 | | through the filing of a notice of its change
of address with | 25 | | the Secretary and the relinquishing of its license to conduct
| 26 | | its business at the employer's old address.
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| 1 | | Whenever a currency exchange wishes to make any other | 2 | | change in the address
set forth in any of its licenses, it | 3 | | shall apply to the Secretary for approval
of such change of | 4 | | address.
Every application for approval of a change of address | 5 | | shall be treated by
the Secretary in the same manner as is | 6 | | otherwise provided in this Act for
the treatment of proposed | 7 | | places of business or locations as contained in
new | 8 | | applications for licenses; and if any fact or condition then | 9 | | exists
with respect to the application for change of address, | 10 | | which fact or condition
would otherwise authorize denial of a | 11 | | new application for a license because
of the address of the | 12 | | proposed location or place of business, then such
application | 13 | | for change of address shall not be approved. Whenever a
| 14 | | community currency exchange wishes to sell its physical assets, | 15 | | it may do
so, however, if the assets are sold with the | 16 | | intention of continuing the
operation of a community currency | 17 | | exchange, the purchaser or purchasers
must first make | 18 | | application to the Secretary for licensure in accordance
with | 19 | | Section Sections 4 and 10 of this Act. If the Secretary shall | 20 | | not so approve,
he shall not issue such license and shall | 21 | | notify the applicant or
applicants of such denial. The | 22 | | investigation fee for a change of location
is $500.
| 23 | | The provisions of Sections 4.1A and Section 10 of this Act | 24 | | with reference to notice, hearing and review
apply to | 25 | | applications filed pursuant to this Section.
| 26 | | (Source: P.A. 97-315, eff. 1-1-12.)
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| 1 | | (205 ILCS 405/14) (from Ch. 17, par. 4823)
| 2 | | Sec. 14.
Every licensee, shall, on or before November 15, | 3 | | pay to the
Secretary the annual license fee or fees for the | 4 | | next succeeding calendar
year and shall at the same time file | 5 | | with the Secretary the annual report
required by Section 16 of | 6 | | this Act, and the annual bond or bonds, and the
insurance | 7 | | policy or policies as and if required by this Act. The annual
| 8 | | license fee for each community currency exchange is $200, prior | 9 | | to January 1, 2012. After January 1, 2012 the fee shall be | 10 | | $300. After January 1, 2014 the fee shall be $400 for each | 11 | | licensee and $400 for each additional licensed location . The | 12 | | annual
license fee for each location served by an ambulatory | 13 | | currency exchange
shall be $25.
| 14 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 15 | | (205 ILCS 405/15) (from Ch. 17, par. 4824)
| 16 | | Sec. 15. Fines; suspension; revocation. The Secretary may, | 17 | | after 15 business days' days notice by registered or certified | 18 | | mail to the licensee at the address set forth in the license , | 19 | | or by email or facsimile transmission if such other method is | 20 | | previously designated by the licensee, stating the | 21 | | contemplated action and in general the grounds therefore, fine | 22 | | the licensee an amount not exceeding $1,000 per violation or | 23 | | revoke or suspend any license issued if he or she finds that:
| 24 | | (a) the licensee has failed to pay the annual license |
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| 1 | | fee or to
maintain in effect the required bond or bonds or | 2 | | insurance policy or
policies; or
| 3 | | (b) the licensee has failed to comply with any | 4 | | provision of this Act or any order, decision, finding, | 5 | | rule, regulation, or direction of the Secretary lawfully | 6 | | made under the authority of this Act; or | 7 | | (c) the licensee has violated any provision of this Act | 8 | | or any
regulation or direction made by the Secretary under | 9 | | this Act; or
| 10 | | (d) any fact or condition exists which, if it had | 11 | | existed at the
time of the original application for such | 12 | | license, would have warranted
the Secretary in refusing the | 13 | | issuance of the license; or
| 14 | | (e) the licensee has not operated the currency exchange | 15 | | or at the
location licensed, for a period of 60 consecutive | 16 | | days, unless the
licensee was prevented from operating | 17 | | during such period by reason of
events or acts beyond the | 18 | | licensee's control.
| 19 | | The notice required to fine a licensee or suspend or revoke | 20 | | a license under this Section shall state (i) the specific | 21 | | nature and a clear and concise description of the violation; | 22 | | (ii) the Sections of this Act or rules that have been violated; | 23 | | (iii) the contemplated fine or action; (iv) that the licensee | 24 | | may, within 15 business days from the date of the notice, | 25 | | request a hearing pursuant to Section 22.01 of this Act; (v) | 26 | | that the licensee may, within 15 business days after the |
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| 1 | | notice, take corrective action to mitigate any fine or | 2 | | contemplated action; and (vi) the specific corrective action to | 3 | | be taken. | 4 | | Consistent with the provisions of this Act, the Secretary | 5 | | may, after weighing any harm to the public, the seriousness of | 6 | | the offense, and the history of the licensee, fine a licensee | 7 | | an amount graduated up to $1,000 per violation. | 8 | | No license shall be revoked until the licensee has had | 9 | | notice of a hearing on the proposed revocation and an | 10 | | opportunity to be heard. The Secretary shall send a copy of the | 11 | | order, finding, or decision of revocation by United States | 12 | | mail, or by email or facsimile transmission, if such other | 13 | | method is previously designated by the licensee, to the | 14 | | licensee at the address set forth in the license or to such | 15 | | other email address or facsimile transmission phone number | 16 | | previously designated by the licensee, within 5 days after the | 17 | | order or decision is entered. A review of any such order, | 18 | | finding, or decision is available under Section 22.01 of this | 19 | | Act. | 20 | | The Secretary may fine, suspend or revoke only the | 21 | | particular license or licenses for
particular places of | 22 | | business or locations with respect to which grounds
for | 23 | | revocation may occur or exist; except that if he shall find | 24 | | that
such grounds for revocation are of general application to | 25 | | all places of
business or locations, or that such grounds for | 26 | | fines, suspension or revocation
have occurred
or exist with |
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| 1 | | respect to a substantial number of places of business or
| 2 | | locations, he may fine, suspend or revoke all of the licenses | 3 | | issued to such licensee. | 4 | | An order assessing a fine, an order revoking or suspending | 5 | | a license, or an order denying renewal of a license shall take | 6 | | effect on service of the order unless the licensee requests a | 7 | | hearing pursuant to this Section , in writing, within 15 days | 8 | | after the date of service. In the event a hearing is requested, | 9 | | the order shall be stayed until a final administrative order is | 10 | | entered . If the licensee requests a hearing, the Secretary | 11 | | shall schedule a hearing within 30 days after the request for a | 12 | | hearing unless otherwise agreed to by the parties. The hearing | 13 | | shall be held at the time and place designated by the | 14 | | Secretary. | 15 | | The Secretary and any administrative law judge designated | 16 | | by him or her shall have the power to administer oaths and | 17 | | affirmations, subpoena witnesses and compel their attendance, | 18 | | take evidence, and require the production of books, papers, | 19 | | correspondence, and other records or information that he or she | 20 | | considers relevant or material to the inquiry. | 21 | | In case of contumacy or refusal of a witness to obey a | 22 | | subpoena, any circuit court of this State whose jurisdiction | 23 | | encompasses where the hearing is located may issue an order | 24 | | requiring such witness to appear before the Secretary or the | 25 | | hearing officer, to produce documentary evidence, or to give | 26 | | testimony touching the matter in question; and the court may |
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| 1 | | punish any failures to obey such orders of the court as | 2 | | contempt.
| 3 | | A licensee may surrender any license by delivering to the | 4 | | Secretary
written notice that he, they or it thereby surrenders | 5 | | such license, but
such surrender shall not affect such | 6 | | licensee's civil or criminal
liability for acts committed prior | 7 | | to such surrender, or affect the
liability on his, their or its | 8 | | bond or bonds, or his, their or its
policy or policies of | 9 | | insurance, required by this Act, or entitle such
licensee to a | 10 | | return of any part of the annual license fee or fees.
| 11 | | Every license issued hereunder shall remain in force until | 12 | | the same
shall expire, or shall have been surrendered, | 13 | | suspended or revoked in accordance
with this Act, but the | 14 | | Secretary may on his own motion, issue new
licenses to a | 15 | | licensee whose license or licenses shall have been revoked
if | 16 | | no fact or condition then exists which clearly would have | 17 | | warranted
the Secretary in refusing originally the issuance of | 18 | | such license under
this Act.
| 19 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 20 | | (205 ILCS 405/17) (from Ch. 17, par. 4833)
| 21 | | Sec. 17. Every licensee shall keep and use in his business | 22 | | such books,
accounts and records as will enable the Secretary | 23 | | to determine whether such
licensee is complying with the | 24 | | provisions of this Act and with the rules,
regulations and | 25 | | directions made by the Secretary hereunder.
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| 1 | | Each licensee shall record or cause to be recorded the | 2 | | following
information with respect to each money order it sells | 3 | | or issues: (1) The
amount; (2) the month and year of sale or | 4 | | issuance; and (3) the serial
number.
| 5 | | Each licensee shall preserve the record required by this | 6 | | subsection for
at least 7 years or until the money order to | 7 | | which it pertains is returned
to the licensee. Each money order | 8 | | returned to the licensee shall be
preserved for not less than 3 | 9 | | years from the month and year of sale or
issuance by the | 10 | | licensee. The licensee shall keep the record, or an
authentic | 11 | | microfilm copy thereof, required to be preserved by this
| 12 | | subsection within this state at its principal office or other a | 13 | | place readily accessible to the Secretary
and his | 14 | | representatives. If a licensee sells or transfers his business | 15 | | at a
location or an address, his obligations under this | 16 | | paragraph devolve upon
the successor licensee and subsequent | 17 | | successor licensees, if any, at such
location or address. If a | 18 | | licensee ceases to do business in this state, he
shall deposit | 19 | | the records and money orders he is required to preserve, with
| 20 | | the Secretary.
| 21 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 22 | | (205 ILCS 405/18) (from Ch. 17, par. 4834)
| 23 | | Sec. 18. Proof of address. The applicant for a community | 24 | | currency exchange license shall have
a permanent address as | 25 | | evidenced by a lease of at least 6 six months duration
or other |
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| 1 | | suitable evidence of permanency, and the license issued, | 2 | | pursuant
to the application shall be valid only at that address | 3 | | in the application or any new address
approved by the | 4 | | Secretary. A letter of intent for a lease shall suffice for | 5 | | inclusion with the application, and evidence of an executed | 6 | | lease shall be considered ministerial in nature, to be | 7 | | furnished once the investigation is completed and the approval | 8 | | is final and prior to the issuance of the license.
| 9 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 10 | | (205 ILCS 405/19) (from Ch. 17, par. 4835)
| 11 | | Sec. 19.
The Department may make and enforce such | 12 | | reasonable rules, directions, orders, decisions and findings | 13 | | as the execution and enforcement of the provisions of this Act | 14 | | require, and as are not inconsistent within this Act. All such | 15 | | rules, directions, orders, decisions and
findings shall be | 16 | | filed and entered by the Secretary in an indexed permanent
book | 17 | | or record, or electronic record, with the effective date | 18 | | thereof suitably indicated, and
such book or record shall be a | 19 | | public document. All rules and
directions, which are of a | 20 | | general character, shall be made available in electronic form | 21 | | to all licensees within 10 days after filing and all licensees | 22 | | shall receive by mail notice of any changes.
Copies of all | 23 | | findings, orders and decisions shall be mailed to the parties
| 24 | | affected thereby by United States mail within 5 days of such | 25 | | filing.
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| 1 | | The Department shall adopt rules concerning classes of | 2 | | violations, which may include continuing violations of this | 3 | | Act, and factors in mitigation of violations. | 4 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 5 | | (205 ILCS 405/21) (from Ch. 17, par. 4841)
| 6 | | Sec. 21.
Except as otherwise provided for in this Act, | 7 | | whenever the
Secretary is required to give notice to any | 8 | | applicant or licensee, such
requirement shall be complied with | 9 | | if, within the time fixed herein, such
notice shall be enclosed | 10 | | in an envelope plainly addressed to such applicant
or licensee, | 11 | | as the case may be, at the address set forth in the
application | 12 | | or licensee's principal office license , as the case may be, | 13 | | United States postage fully
prepaid, and deposited, registered | 14 | | or certified, in the United States mail.
| 15 | | Notice may also be provided to an applicant or licensee by | 16 | | telephone facsimile to the person or electronically via email | 17 | | to the telephone number or email address designated by an | 18 | | applicant or licensee in writing. | 19 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 20 | | (205 ILCS 405/29.5) | 21 | | Sec. 29.5. Cease and desist. The Secretary may issue a | 22 | | cease and desist order to any currency exchange or other person | 23 | | doing business without the required license, when in the | 24 | | opinion of the Secretary, the currency exchange or other person |
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| 1 | | is violating or is about to violate any provision of this Act | 2 | | or any rule or requirement imposed in writing by the | 3 | | Department. The cease and desist order shall specify the | 4 | | activity or activities that the Department is seeking the | 5 | | currency exchange or other person doing business without the | 6 | | required license to cease and desist. | 7 | | The cease and desist order permitted by this Section may be | 8 | | issued prior to a hearing. | 9 | | The Secretary shall serve notice of his or her action, | 10 | | including, but not limited to, a statement of reasons for the | 11 | | action, either personally or by certified mail, return receipt | 12 | | requested. Service by certified mail shall be deemed completed | 13 | | (i) when the notice is deposited in the U.S. mail , received, or | 14 | | delivery is refused, or (ii) one business day after the United | 15 | | States Postal Service has attempted delivery, whichever is | 16 | | earlier . | 17 | | Within 10 days after service of a cease and desist order, | 18 | | the licensee or other person may request, in writing, a | 19 | | hearing. The Secretary shall schedule a hearing within 30 days | 20 | | after the request for a hearing unless otherwise agreed to by | 21 | | the parties. | 22 | | If it is determined that the Secretary has the authority to | 23 | | issue the cease and desist order, he or she may issue such | 24 | | orders as reasonably necessary to correct, eliminate, or remedy | 25 | | such conduct. | 26 | | The powers vested in the Secretary by this Section are |
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| 1 | | additional to any and all other powers and remedies vested in | 2 | | the Secretary by law, and nothing in this Section shall be | 3 | | construed as requiring that the Secretary shall employ the | 4 | | power conferred in this Section instead of or as a condition | 5 | | precedent to the exercise of any other power or remedy vested | 6 | | in the Secretary. | 7 | | The currency exchange, or other person doing business | 8 | | without the required license, shall pay the actual costs of the | 9 | | hearing.
| 10 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 11 | | Section 99. Effective date. This Act takes effect January | 12 | | 1, 2016.
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