Illinois General Assembly - Full Text of HB0159
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Full Text of HB0159  97th General Assembly




State of Illinois
2011 and 2012


Introduced 1/18/2011, by Rep. Monique D. Davis


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    Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.

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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
5Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5, 6, 7, 10,
612, 13, 13.1, 14, 15, 15.1, 15.1a, 15.1b, 15.1d, 15.2, 16, 17,
718, 19, 19.3, 19.4, 20, 21, and 22.01 and by adding Section
829.5 as follows:
9    (205 ILCS 405/1)  (from Ch. 17, par. 4802)
10    Sec. 1. Definitions; application of Act.
11    (a) For the purposes of this Act:
12    "Community currency exchange" means any person, firm,
13association, partnership, limited liability company, or
14corporation, except an ambulatory currency exchange as
15hereinafter defined, banks incorporated under the laws of this
16State and National Banks organized pursuant to the laws of the
17United States, engaged in the business or service of, and
18providing facilities for, cashing checks, drafts, money orders
19or any other evidences of money acceptable to such community
20currency exchange, for a fee or service charge or other
21consideration, or engaged in the business of selling or issuing
22money orders under his or their or its name, or any other money
23orders (other than United States Post Office money orders,



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1Postal Telegraph Company money orders, or Western Union
2Telegraph Company money orders), or engaged in both such
3businesses, or engaged in performing any one or more of the
4foregoing services.
5    "Ambulatory Currency Exchange" means any person, firm,
6association, partnership, limited liability company, or
7corporation, except banks organized under the laws of this
8State and National Banks organized pursuant to the laws of the
9United States, engaged in one or both of the foregoing
10businesses, or engaged in performing any one or more of the
11foregoing services, solely on the premises of the employer
12whose employees are being served.
13    "Location" when used with reference to an ambulatory
14currency exchange means the premises of the employer whose
15employees are or are to be served by an ambulatory currency
17    "Secretary Director" means the Secretary Director of
18Financial and Professional Regulation Financial Institutions.
19    (b) Nothing in this Act shall be held to apply to any
20person, firm, association, partnership, limited liability
21company, or corporation who is engaged primarily in the
22business of transporting for hire, bullion, currency,
23securities, negotiable or non-negotiable documents, jewels or
24other property of great monetary value and who in the course of
25such business and only as an incident thereto, cashes checks,
26drafts, money orders or other evidences of money directly for,



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1or for the employees of and with the funds of and at a cost only
2to, the person, firm, association, partnership, limited
3liability company, or corporation for whom he or it is then
4actually transporting such bullion, currency, securities,
5negotiable or non-negotiable documents, jewels, or other
6property of great monetary value, pursuant to a written
7contract for such transportation and all incidents thereof, nor
8shall it apply to any person, firm, association, partnership,
9limited liability company, or corporation engaged in the
10business of selling tangible personal property at retail who,
11in the course of such business and only as an incident thereto,
12cashes checks, drafts, money orders or other evidences of
14(Source: P.A. 90-545, eff. 1-1-98.)
15    (205 ILCS 405/2)  (from Ch. 17, par. 4803)
16    Sec. 2. License required; violation; injunction. No
17person, firm, association, partnership, limited liability
18company, or corporation shall engage in the business of a
19community currency exchange or in the business of an ambulatory
20currency exchange without first securing a license to do so
21from the Secretary Director.
22    Any person, firm, association, partnership, limited
23liability company, or corporation issued a license to do so by
24the Secretary Director shall have authority to operate a
25community currency exchange or an ambulatory currency



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1exchange, as defined in Section 1 hereof.
2    Any person, firm, association, partnership, limited
3liability company, or corporation licensed as and engaged in
4the business of a community currency exchange shall at a
5minimum offer the service of cashing checks, or drafts, or
6money orders, or any other evidences of money acceptable to
7such currency exchange.
8    No ambulatory currency exchange and no community currency
9exchange shall be conducted on any street, sidewalk or highway
10used by the public, and no license shall be issued therefor. An
11ambulatory currency exchange shall be required to and shall
12secure a license or licenses for the conduct of its business at
13each and every location served by it, as provided in Section 4
14hereof, whether the services at any such location are rendered
15for or without a fee, service charge or other consideration.
16Each plant or establishment is deemed a separate location. No
17license issued for the conduct of its business at one location
18shall authorize the conduct of its business at any other
19location, nor shall any license authorize the rendering of
20services by an ambulatory currency exchange to persons other
21than the employees of the employer named therein. If the
22employer named in such license shall move his business from the
23address therein set forth, such license shall thereupon expire,
24unless the Secretary Director has approved a change of address
25for such location, as provided in Section 13.
26    Any person, firm, association, partnership, limited



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1liability company, or corporation that violates this Section
2shall be guilty of a Class A misdemeanor, and the Attorney
3General or the State's Attorney of the county in which the
4violation occurs shall file a complaint in the Circuit Court of
5the county to restrain the violation.
6(Source: P.A. 90-545, eff. 1-1-98.)
7    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
8    Sec. 3. Powers of community currency exchanges. No
9community or ambulatory currency exchange shall be permitted to
10accept money or evidences of money as a deposit to be returned
11to the depositor or upon the depositor's order. ; and no No
12community or ambulatory currency exchange shall be permitted to
13act as bailee or agent for persons, firms, partnerships,
14limited liability companies, associations or corporations to
15hold money or evidences thereof or the proceeds therefrom for
16the use and benefit of the owners thereof, and deliver such
17money or proceeds of evidence of money upon request and
18direction of such owner or owners. A community or ambulatory
19currency exchange may: obtain State automobile and city vehicle
20licenses for a fee or service charge; render photostat
21services; render a notary service, either by the proprietor of
22the currency exchange or any one of its employees authorized by
23the State of Illinois to act as a notary public; sell travelers
24checks obtained by the currency exchange from a banking
25institution under a trust receipt; issue money orders; and



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1accept payment for utility and other companies' bills. ;
2provided, that nothing contained herein shall prevent a
3community or an ambulatory currency exchange from obtaining
4state automobile and city vehicle licenses for a fee or service
5charge, or from rendering a photostat service, or from
6rendering a notary service either by the proprietor of the
7currency exchange or any one of its employees, authorized by
8the State of Illinois to act as a notary public, or from
9selling travelers cheques obtained by the currency exchange
10from a banking institution under a trust receipt, or from
11issuing money orders or from accepting for payment utility
12bills. Any community or ambulatory currency exchange may enter
13into an agreements with any utility and other companies to act
14as its the companies' agent for the acceptance of payment of
15utility and other companies' bills without charge to the
16utility customer and, acting under such agreement, may receipt
17for payments in the names of the utility and other companies.
18Any community or ambulatory currency exchange may also receive
19payment of utility and other companies' bills for remittance to
20companies with which it has no such agency agreement and may
21charge a fee for such service but may not, in such cases, issue
22a receipt for such payment in the names of the utility and
23other companies. All funds received by currency exchanges for
24remittance to utility and other companies must be deposited no
25later than the next business day into an escrow account in the
26name of the currency exchange. This account can only be used



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1for the payment of utility bills and other bills as defined by
2this Section and any other use of the account as security or
3collateral is not permitted; nor can the account be subject to
4offset by the currency exchange or any bank. The currency
5exchange shall file a copy of the account agreement with the
6Secretary as evidence of compliance with this Section.
7However, funds received by currency exchanges for remittance to
8utility and other companies with which the currency exchange
9has no agency agreement shall be forwarded to the appropriate
10utility and other companies by the currency exchange before the
11end of the next business day.
12    For the purpose of this Section, "utility and other
13companies" means any utility company and other company with
14which the currency exchange may or may not have a contractual
15agreement and for which the currency exchange accepts payments
16from consumers for remittance to the utility or other company
17for the payment of bills.
18(Source: P.A. 90-545, eff. 1-1-98.)
19    (205 ILCS 405/3.1)  (from Ch. 17, par. 4805)
20    Sec. 3.1. Nothing in this Act shall prevent a currency
21exchange from rendering State or Federal income tax service;
22nor shall the rendering of such service be considered a
23violation of this Act if such service be rendered either by the
24proprietor or any of his employees. For the purposes of this
25Section, "tax service" does not include making or offering to



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1make a refund anticipation loan as defined by the Tax Refund
2Anticipation Loan Disclosure Act.
3(Source: Laws 1949, p. 336.)
4    (205 ILCS 405/3.2)  (from Ch. 17, par. 4806)
5    Sec. 3.2. Community currency exchanges and ambulatory
6currency exchanges may engage in the distribution of
7Supplemental Nutrition Assistance Program (SNAP) benefits food
8stamps in accordance with such regulations as are made by the
9Secretary Director.
10(Source: P.A. 80-439.)
11    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
12    Sec. 3.3. Additional public services.
13    (a) Nothing in this Act shall prevent the Secretary
14Director from authorizing currency exchanges to render
15additional services to the public if the services are
16consistent with the provisions of this Act, are within its
17meaning, are in the best interest of the public, and benefit
18the general welfare. The currency exchange must request, in
19writing, the Secretary's approval of the additional service
20prior to rendering such additional service to the public. The
21Secretary may charge an additional service investigation fee of
22$100 per application. The Secretary may, at his or her
23discretion, revoke any authorization under this Section on 30
24days written notice to the currency exchange.



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1    (b) Nothing in this Act shall prevent a community currency
2exchange from selling candy, gum, other packaged foods, and
3soft drinks by means of vending machines on its premises.
4(Source: P.A. 87-258; 88-583, eff. 8-12-94.)
5    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
6    Sec. 4. License application; contents; fees. Application
7for such license shall be in writing under oath and in the form
8prescribed and furnished by the Secretary Director. Each
9application shall contain the following:
10    (a) The full name and address (both of residence and place
11of business) of the applicant, and if the applicant is a
12partnership, limited liability company, or association, of
13every member thereof, and the name and business address if the
14applicant is a corporation;
15    (b) The county and municipality, with street and number, if
16any, where the community currency exchange is to be conducted,
17if the application is for a community currency exchange
19    (c) If the application is for an ambulatory currency
20exchange license, the name and address of the employer at each
21location to be served by it; and
22    (d) The applicant's occupation or profession; a detailed
23statement of his business experience for the 10 years
24immediately preceding his application; a detailed statement of
25his finances; his present or previous connection with any other



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1currency exchange; whether he has ever been involved in any
2civil or criminal litigation, and the material facts pertaining
3thereto; whether he has ever been committed to any penal
4institution or admitted to an institution for the care and
5treatment of mentally ill persons; and the nature of
6applicant's occupancy of the premises to be licensed where the
7application is for a community currency exchange license. If
8the applicant is a partnership, the information specified
9herein shall be required of each partner. If the applicant is a
10corporation, the said information shall be required of each
11officer, director and stockholder thereof along with
12disclosure of their ownership interests. If the applicant is a
13limited liability company, the information required by this
14Section shall be provided with respect to each member and
15manager along with disclosure of their ownership interests.
16    A community currency exchange license application shall be
17accompanied by a fee of $1,500 $500 for the cost of
18investigating the applicant. If the ownership of a licensee
19changes, in whole or in part, a new application must be filed
20pursuant to this Section along with a $500 fee if the
21licensee's ownership interests have been transferred or sold to
22a new person or entity or a fee of $300 if the licensee's
23ownership interests have been transferred or sold to a current
24holder or holders of the licensee's ownership interests. When
25the application for a community currency exchange license has
26been approved by the Secretary Director and the applicant so



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1advised, an additional sum of $500 $200 as an annual license
2fee for a period terminating on the last day of the current
3calendar year shall be paid to the Secretary Director by the
4applicant; provided, that the license fee for an applicant
5applying for such a license after July 1st of any year shall be
6$250 $100 for the balance of such year.
7    An application for an ambulatory currency exchange license
8shall be accompanied by a fee of $100, which fee shall be for
9the cost of investigating the applicant. An approved applicant
10shall not be required to pay the initial investigation fee of
11$100 more than once. When the application for an ambulatory
12currency exchange license has been approved by the Secretary
13Director, and such applicant so advised, such applicant shall
14pay an annual license fee of $25 for each and every location to
15be served by such applicant; provided that such license fee for
16an approved applicant applying for such a license after July
171st of any year shall be $12 for the balance of such year for
18each and every location to be served by such applicant. Such an
19approved applicant for an ambulatory currency exchange
20license, when applying for a license with respect to a
21particular location, shall file with the Secretary Director, at
22the time of filing an application, a letter of memorandum,
23which shall be in writing and under oath, signed by the owner
24or authorized representative of the business whose employees
25are to be served; such letter or memorandum shall contain a
26statement that such service is desired, and that the person



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1signing the same is authorized so to do. The Secretary Director
2shall thereupon verify the authenticity of the letter or
3memorandum and the authority of the person who executed it, to
4do so.
5(Source: P.A. 92-398, eff. 1-1-02.)
6    (205 ILCS 405/4.1)  (from Ch. 17, par. 4809)
7    Sec. 4.1. The General Assembly finds and declares that
8community currency exchanges provide important and vital
9services to Illinois citizens, that the number of community
10currency exchanges should be limited in accordance with the
11needs of the communities they are to serve, and that it is in
12the public interest to promote and foster the community
13currency exchange business and to insure the financial
14stability thereof. Upon receipt of an application for a license
15for a community currency exchange, the Secretary Director shall
16cause an investigation of the need of the community for the
17establishment of a community currency exchange at the location
18specified in the application and the effect that granting the
19license will have on the financial stability of other community
20currency exchanges that may be serving the community in which
21the business of the applicant is proposed to be conducted.
22    "Community", as used in this Act, means a locality where
23there may or can be available to the people thereof the
24services of a community currency exchange reasonably
25accessible to them. If the issuance of a license to engage in



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1the community currency exchange business at the location
2specified will not promote the needs and the convenience and
3advantage of the community in which the business of the
4applicant is proposed to be conducted, then the application
5shall be denied.
6(Source: P.A. 83-652.)
7    (205 ILCS 405/4.2)  (from Ch. 17, par. 4810)
8    Sec. 4.2. Whensoever the ownership of any Currency
9Exchange, theretofore licensed under the provisions of this
10Act, shall be held or contained in any estate subject to the
11control and supervision of any Administrator, Executor or
12Guardian appointed, approved or qualified by any Court of the
13State of Illinois, having jurisdiction so to do, such
14Administrator, Executor or Guardian may, upon the entry of an
15order by such Court granting leave to continue the operation of
16such Currency Exchange, apply to the Secretary Director of
17Financial Institutions for a license under the provisions of
18this Act. When any such Administrator, Executor or Guardian
19shall apply for a Currency Exchange License pursuant to the
20provisions of this Section, and shall otherwise fully comply
21with all of the provisions of this Act relating to the
22application for a Currency Exchange license, the Secretary
23Director may issue to such applicant a Currency Exchange
24license. Any Currency Exchange license theretofore issued to a
25Currency Exchange, for which an application for a license shall



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1be sought under the provisions of this Section, if not
2previously surrendered, lapsed, or revoked, shall be
3surrendered, revoked or otherwise terminated before a license
4shall be issued pursuant to application made therefor under
5this Section.
6(Source: P.A. 92-16, eff. 6-28-01.)
7    (205 ILCS 405/4.3)  (from Ch. 17, par. 4811)
8    Sec. 4.3. Upon receipt of an application from an ambulatory
9currency exchange for the conduct of its business at a location
10to be served by it, the Secretary Director of Financial
11Institutions shall cause an investigation to be made to
12determine whether to issue said license. No fee shall be
13charged for the investigation of an application for a location
14license. The Secretary Director shall employ the following
15criteria in making his determination:
16    (1) the economic benefit and convenience to the persons to
17be served at the location for which a license has been
19    (2) the effect that granting a license will have on the
20financial stability of community currency exchanges;
21    (3) safety benefits, if any, which may accrue from the
22granting of the location license;
23    (4) the effects, if any, which granting of a license will
24have on traffic, and traffic congestion in the immediate area
25of the location to be served;



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1    (5) such other factors as the Secretary Director shall deem
2proper and relevant.
3(Source: P.A. 85-1356.)
4    (205 ILCS 405/5)  (from Ch. 17, par. 4812)
5    Sec. 5. Bond; condition; amount.
6    (a) Before any license shall be issued to a community
7currency exchange the applicant shall file annually with and
8have approved by the Secretary Director a surety bond, issued
9by a bonding company authorized to do business in this State in
10the principal sum of $50,000 $10,000. Such bond shall run to
11the Secretary Director and shall be for the benefit of any
12creditors of such currency exchange for any liability incurred
13by the currency exchange on any money orders, including any
14fees and penalties incurred by the remitter should the money
15order be returned unpaid, issued or sold by the currency
16exchange and for any liability incurred by the currency
17exchange for any sum or sums due to any payee or endorsee of
18any check, draft or money order left with the currency exchange
19for collection, and for any liability incurred by the currency
20exchange in connection with the rendering of any of the
21services referred to in Section 3 of this Act.
22    From time to time the Secretary Director may determine the
23amount of liabilities as described herein and shall require the
24licensee to file a bond in an additional sum if the same is
25determined to be necessary in accordance with the requirements



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1of this Section. In no case shall the bond be less than the
2initial $50,000 $10,000, nor more than the outstanding
4    (b) In lieu of the surety bond requirements of subsection
5(a), a community currency exchange licensee may submit evidence
6satisfactory to the Secretary Director that the community
7currency exchange licensee is covered by a blanket bond that
8covers multiple licensees who are members of a statewide
9association of community currency exchanges. Such a blanket
10bond must be issued by a bonding company authorized to do
11business in this State and in a principal aggregate sum of not
12less than $10,000,000 $2,000,000.
13    (c) An ambulatory currency exchange may sell or issue money
14orders at any location with regard to which it is issued a
15license pursuant to this Act, including existing licensed
16locations, without the necessity of a further application or
17hearing and without regard to any exceptions contained in
18existing licenses, upon the filing with the Secretary Director
19of a surety bond approved by the Secretary Director and issued
20by a bonding company or insurance company authorized to do
21business in Illinois, in the principal sum of $100,000. Such
22bond may be a blanket bond covering all locations at which the
23ambulatory currency exchange may sell or issue money orders,
24and shall run to the Secretary Director for the use and benefit
25of any creditors of such ambulatory currency exchange for any
26liability incurred by the ambulatory currency exchange on any



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1money orders issued or sold by it. Such bond shall be renewed
2annually. If after the expiration of one year from the date of
3approval of such bond by the Secretary Director, it shall
4appear that the average amount of such liability during the
5year has exceeded $100,000, the Secretary Director shall
6require the licensee to furnish a bond for the ensuing year, to
7be approved by the Secretary Director, for an additional
8principal sum of $1,000 for each $1,000 of such liability or
9fraction thereof in excess of the original $100,000, except
10that the maximum amount of such bond shall not be required to
11exceed $250,000.
12(Source: P.A. 93-614, eff. 11-18-03.)
13    (205 ILCS 405/6)  (from Ch. 17, par. 4813)
14    Sec. 6. Insurance against loss.
15    (a) Every applicant for a license hereunder shall, after
16his application for a license has been approved, file with and
17have approved by the Secretary of Financial and Professional
18Regulation, a policy or policies of insurance issued by an
19insurance company or indemnity company authorized to do
20business under the law of this State, which shall insure the
21applicant against loss by theft, burglary, robbery or forgery
22in a principal sum as hereinafter provided; if the average
23amount of cash and liquid funds to be kept on hand in the
24office of the community currency exchange during the year will
25not be in excess of $10,000 the policy or policies shall be in



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1the principal sum of $10,000. If such average amount will be in
2excess of $10,000, the policy or policies shall be for an
3additional principal sum of $500 for each $1,000 or fraction
4thereof of such excess over the original $10,000. From time to
5time, the Secretary may determine the amount of cash and liquid
6funds on hand in the office of any community currency exchange
7and shall require the licensee to submit additional policies if
8the same are determined to be necessary in accordance with the
9requirements of this Section.
10    However, any community currency exchange licensed under
11this Act may meet the insurance bonding requirements of this
12subsection (a) by submitting evidence satisfactory to the
13Secretary that the licensee is covered by a blanket insurance
14policy bond that covers multiple licensees. The blanket
15insurance policy bond: (i) shall insure the licensee against
16loss by theft, robbery, or forgery; (ii) shall be issued by an
17insurance a bonding company authorized to do business in this
18State; and (iii) shall be in the principal sum of an amount
19equal to the maximum amount required under this Section for any
20one licensee covered by the insurance policy bond.
21    Any such policy or policies, with respect to forgery, may
22carry a condition that the community currency exchange assumes
23the first $1,000 of each claim thereunder.
24    (b) Before an ambulatory currency exchange shall sell or
25issue money orders, it shall file with and have approved by the
26Secretary, a policy or policies of insurance issued by an



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1insurance company or indemnity company authorized to do
2business under the laws of this State, which shall insure such
3ambulatory currency exchange against loss by theft, burglary,
4robbery, forgery or embezzlement in the principal sum of not
5less than $500,000. If the average amount of cash and liquid
6funds to be kept on hand during the year will exceed $500,000,
7the policy or policies shall be for an additional principal sum
8of $500 for each $1,000 or fraction thereof in excess of
9$500,000. From time to time the Secretary may determine the
10amount of cash and liquid funds kept on hand by an ambulatory
11currency exchange and shall require it to submit such
12additional policies as are determined to be required within the
13limits of this Section. No ambulatory currency exchange subject
14to this Section shall be required to furnish more than one
15policy of insurance if the policy furnished insures it against
16the foregoing losses at all locations served by it.
17    Any such policy may contain a condition that the insured
18assumes a portion of the loss, provided the insured shall file
19with such policy a sworn financial statement indicating its
20ability to act as self-insurer in the amount of such deductible
21portion of the policy without prejudice to the safety of any
22funds belonging to its customers. If the Secretary is not
23satisfied as to the financial ability of the ambulatory
24currency exchange, he may require it to deposit cash or United
25States Government Bonds in the amount of part or all of the
26deductible portion of the policy.



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1(Source: P.A. 94-538, eff. 1-1-06.)
2    (205 ILCS 405/7)  (from Ch. 17, par. 4814)
3    Sec. 7. Available funds; minimum amount. Each community
4currency exchange shall have, at all times, a minimum of $5,000
5sum of its own cash funds available for the uses and purposes
6of its business and said minimum sum shall be exclusive of and
7in addition to funds received for exchange or transfer; and in
8addition thereto each such licensee shall at all times have on
9hand an amount of liquid funds sufficient to pay on demand all
10outstanding money orders issued by it. Prior to January 1,
111979, this minimum sum shall be $4,000. After January 1, 1979,
12this minimum sum shall be $5,000.
13    Each licensee must deposit funds received as payment for
14money orders into an escrow account in the name of the currency
15exchange no later than the next business day. This account can
16only be used for the payment of money orders. This account
17cannot be used as security or collateral for any transaction,
18nor can the account be subject to offset by the currency
19exchange. The currency exchange shall file a copy of the
20account agreement with the Secretary as evidence of compliance
21with this Section.
22    In the event a receiver is appointed in accordance with
23Section 15.1 of this Act, and the Secretary Director determines
24that the business of the currency exchange should be
25liquidated, and if it shall appear that the said minimum sum



HB0159- 21 -LRB097 05583 CEL 45645 b

1was not on hand or available at the time of the appointment of
2the receiver, then the receiver shall have the right to recover
3in any court of competent jurisdiction from the owner or owners
4of such currency exchange, or from the stockholders and
5directors thereof if such currency exchange was operated by a
6corporation, or from the members if the currency exchange was
7operated as a limited liability company, said sum or that part
8thereof which was not on hand or available at the time of the
9appointment of such receiver. Nothing contained in this Section
10shall limit or impair the liability of any bonding or insurance
11company on any bond or insurance policy relating to such
12community currency exchange issued pursuant to the
13requirements of this Act, nor shall anything contained herein
14limit or impair such other rights or remedies as the receiver
15may otherwise have.
16(Source: P.A. 90-545, eff. 1-1-98.)
17    (205 ILCS 405/10)  (from Ch. 17, par. 4817)
18    Sec. 10. Qualifications of applicant; denial of license;
19review. The applicant, and its officers, directors and
20stockholders, if a corporation, and its managers and members,
21if a liability company, shall be vouched for by 2 reputable
22citizens of this State setting forth that the individual
23mentioned is (a) personally known to them to be trustworthy and
24reputable, (b) that he has business experience qualifying him
25to competently conduct, operate, own or become associated with



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1a currency exchange, (c) that he has a good business reputation
2and is worthy of a license. Thereafter, the Secretary Director
3shall, upon approval of the application filed with him, issue
4to the applicant, qualifying under this Act, a license to
5operate a currency exchange. If it is a license for a community
6currency exchange, the same shall be valid only at the place of
7business specified in the application. If it is a license for
8an ambulatory currency exchange, it shall entitle the applicant
9to operate only at the location or locations specified in the
10application, provided the applicant shall secure separate and
11additional licenses for each of such locations. Such licenses
12shall remain in full force and effect, until they are
13surrendered by the licensee, or revoked, or expire, as herein
14provided. If the Secretary Director shall not so approve, he
15shall not issue such license or licenses and shall notify the
16applicant of such denial, retaining the full investigation fee
17to cover the cost of investigating the community currency
18exchange applicant. The Secretary Director shall approve or
19deny every application hereunder within 90 days from the filing
20of a complete application thereof; except that in respect to an
21application by an approved ambulatory currency exchange for a
22license with regard to a particular location to be served by
23it, the same shall be approved or denied within 20 days from
24the filing thereof. If the application is denied, the Secretary
25Director shall send by United States mail notice of such denial
26to the applicant at the address set forth in the application.



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1    If an application is denied, the applicant may, within 10
2days from the date of the notice of denial, make written
3request to the Secretary Director for a hearing on the
4application, and the Secretary Director shall set a time and
5place for the hearing. The hearing shall be set for a date
6after the receipt by the Secretary Director of the request for
7hearing, and written notice of the time and place of the
8hearing shall be mailed to the applicant at least 15 days
9before the date of the hearing. The applicant shall pay the
10actual cost of making the transcript of the hearing prior to
11the Secretary's Director's issuing his decision following the
12hearing. If, following the hearing, the application is denied,
13the Secretary Director shall, within 20 days thereafter prepare
14and keep on file in his office a written order of denial
15thereof, which shall contain his findings with respect thereto
16and the reasons supporting the denial, and shall send by United
17States Mail a copy thereof to the applicant at the address set
18forth in the application, within 5 days after the filing of
19such order. A review of any such decision may be had as
20provided in Section 22.01 of this Act.
21(Source: P.A. 90-545, eff. 1-1-98.)
22    (205 ILCS 405/12)  (from Ch. 17, par. 4820)
23    Sec. 12. If the Secretary Director shall find at any time
24that the bond required by Section 5 is insecure or exhausted or
25otherwise doubtful, an additional bond in like amount to be



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1approved by the Secretary Director shall be filed by the
2licensee within 30 days after written demand therefor upon the
3licensee by the Secretary Director.
4(Source: Laws 1957, p. 320.)
5    (205 ILCS 405/13)  (from Ch. 17, par. 4821)
6    Sec. 13. No more than one place of business shall be
7maintained under the same community currency exchange license,
8but the Secretary Director may issue more than one license to
9the same licensee upon compliance with the provisions of this
10Act governing an original issuance of a license, for each new
12    Whenever a community currency exchange or an ambulatory
13currency exchange shall wish to change its name in its license,
14it shall file an application for approval thereof with the
15Secretary Director, and if the change is approved by the
16Secretary Director he shall attach to the license, in writing,
17a rider stating the licensee's new name.
18    If an ambulatory currency exchange has serviced a licensed
19location for 2 years or longer and the employer whose employees
20are served at that location has moved his place of business,
21the currency exchange may continue its service to the employees
22of that employer at the new address of that employer's place of
23business by filing a notice of the change of address with the
24Secretary Director and by relinquishing its license to conduct
25its business at the employer's old address upon receipt of a



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1license to conduct its business at the employer's new address.
2Nothing in this Act shall preclude or prevent an ambulatory
3currency exchange from filing an application to conduct its
4business at the old address of an employer who moved his place
5of business after the ambulatory currency exchange receives a
6license to conduct its business at the employer's new address
7through the filing of a notice of its change of address with
8the Secretary Director and the relinquishing of its license to
9conduct its business at the employer's old address.
10    Whenever a currency exchange wishes to make any other
11change in the address set forth in any of its licenses, it
12shall apply to the Secretary Director for approval of such
13change of address. Every application for approval of a change
14of address shall be treated by the Secretary Director in the
15same manner as is otherwise provided in this Act for the
16treatment of proposed places of business or locations as
17contained in new applications for licenses; and if any fact or
18condition then exists with respect to the application for
19change of address, which fact or condition would otherwise
20authorize denial of a new application for a license because of
21the address of the proposed location or place of business, then
22such application for change of address shall not be approved.
23Whenever a community currency exchange wishes to sell its
24physical assets, it may do so, however, if the assets are sold
25with the intention of continuing the operation of a community
26currency exchange, the purchaser or purchasers must first make



HB0159- 26 -LRB097 05583 CEL 45645 b

1application to the Secretary Director for licensure in
2accordance with Sections 4 and 10 of this Act. If the Secretary
3Director shall not so approve, he shall not issue such license
4and shall notify the applicant or applicants of such denial.
5The investigation fee for a change of location is $500. shall
6be $75 on September 22, 1987 and until July 1, 1988, and $125
7on July 1, 1988 and until July 1, 1989, and $150 on and after
8July 1, 1989.
9    The provisions of Section 10 with reference to notice,
10hearing and review apply to applications filed pursuant to this
12(Source: P.A. 85-1209.)
13    (205 ILCS 405/13.1)  (from Ch. 17, par. 4822)
14    Sec. 13.1. Consolidation of business locations. Whenever 2
15or more licensees desire to consolidate their places of
16business, they shall make application for such consolidation to
17the Secretary Director upon a form provided by him or her. This
18application shall state: (a) the name to be adopted and the
19location at which the business is to be located, which name and
20location shall be the same as one of the consolidating
21licensees; (b) that the owners or all partners or all
22stockholders or all members, as the case may be, of the
23licensees involved in the contemplated consolidation, have
24approved the application; (c) a certification by the secretary,
25if any of the licensees be corporations, that the contemplated



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1consolidation has been approved by all of the stockholders at a
2properly convened stockholders meeting; (d) other relevant
3information the Secretary Director may require. Simultaneously
4with the approval of the application by the Secretary Director,
5the licensee or licensees who will cease doing business shall:
6(a) surrender their license or licenses to the Secretary
7Director; (b) transfer all of their assets and liabilities to
8the licensee continuing to operate by virtue of the
9application; (c) apply to the Secretary of State, if they be
10corporations, for surrender of their corporate charter in
11accordance with the provisions of the Business Corporation Act
12of 1983.
13    An application for consolidation shall be approved or
14rejected by the Secretary Director within 30 days after receipt
15by him of such application and supporting documents required
16thereunder. The Secretary may impose a consolidation fee of
17$100 per application.
18    Such consolidation shall not affect suits pending in which
19the surrendering licensees are parties; nor shall such
20consolidation affect causes of action nor the rights of persons
21in particular; nor shall suits brought against such licensees
22in their former names be abated for that cause.
23    Nothing contained herein shall limit or prohibit any action
24or remedy available to a licensee or to the Secretary Director
25under Sections 15, 15.1 to 15.1e or 15.2 of this Act.
26(Source: P.A. 90-545, eff. 1-1-98.)



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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,
3pay to the Secretary Director the annual license fee or fees
4for the next succeeding calendar year and shall at the same
5time file with the Secretary Director the annual report
6required by Section 16 of this Act, and the annual bond or
7bonds, and the insurance policy or policies as and if required
8by this Act. The annual license fee for each community currency
9exchange is $500. shall be $150 on the effective date of this
10amendatory Act of 1987 and until January 1, 1989, and $180 on
11January 1, 1989 and until January 1, 1990, and $200 on and
12after January 1, 1990. The annual license fee for each location
13served by an ambulatory currency exchange shall be $25.
14(Source: P.A. 85-708.)
15    (205 ILCS 405/15)  (from Ch. 17, par. 4824)
16    Sec. 15. The Secretary may, after 10 days notice by
17registered mail to the licensee at the address set forth in the
18license stating the contemplated action and in general the
19grounds therefore, fine the licensee an amount not exceeding
20$10,000 per violation or revoke or suspend any license issued
21if he or she finds that Director may, upon 10 days notice to
22the licensee by United States mail directed to the licensee at
23the address set forth in the license, stating the contemplated
24action and in general the grounds therefor, and upon reasonable



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1opportunity to be heard prior to such action, fine, suspend or
2revoke any license issued hereunder if he shall find that:
3        (a) the The licensee has failed to pay the annual
4    license fee or to maintain in effect the required bond or
5    bonds or insurance policy or policies or to comply with any
6    order, decision, or finding of the Director made pursuant
7    to this Act; or that
8        (b) the licensee has failed to comply with any
9    provision of this Act or any order, decision, finding,
10    rule, regulation, or direction of the Secretary lawfully
11    made under the authority of this Act; or
12        (c) the The licensee has violated any provision of this
13    Act or any regulation or direction made by the Secretary
14    Director under this Act; or that
15        (d) any (c) Any fact or condition exists which, if it
16    had existed at the time of the original application for
17    such license, would have warranted the Secretary Director
18    in refusing the issuance of the license; or that
19        (e) the (d) The licensee has not operated the currency
20    exchange or at the location licensed, for a period of 60
21    sixty consecutive days, unless the licensee was prevented
22    from operating during such period by reason of events or
23    acts beyond the licensee's control.
24    Prior to suspension or revocation of the licenses issued
25hereunder, the Director may but is not required to fine a
26licensee up to a maximum of $100 a day.



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1    The Secretary Director may fine, suspend or revoke only the
2particular license or licenses for particular places of
3business or locations with respect to which grounds for
4revocation may occur or exist; except that if he shall find
5that such grounds for revocation are of general application to
6all places of business or locations, or that such grounds for
7fines, suspension or revocation have occurred or exist with
8respect to a substantial number of places of business or
9locations, he may fine, suspend or revoke all of the licenses
10issued to such licensee.
11    An order assessing a fine, an order revoking or suspending
12a license, or an order denying renewal of a license shall take
13effect on service of the order unless the licensee requests a
14hearing, in writing, within 10 days after the date of service.
15In the event a hearing is requested, the order shall be stayed
16until a final administrative order is entered. If the licensee
17requests a hearing, the Secretary shall schedule a hearing
18within 30 days after the request for a hearing unless otherwise
19agreed to by the parties. The hearing shall be held at the time
20and place designated by the Secretary.
21    The Secretary and any administrative law judge designated
22by him or her shall have the power to administer oaths and
23affirmations, subpoena witnesses and compel their attendance,
24take evidence, and require the production of books, papers,
25correspondence, and other records or information that he or she
26considers relevant or material to the inquiry.



HB0159- 31 -LRB097 05583 CEL 45645 b

1    In case of contumacy or refusal of a witness to obey a
2subpoena, any circuit court of this State whose jurisdiction
3encompasses where the hearing is located may issue an order
4requiring such witness to appear before the Secretary or the
5hearing officer, to produce documentary evidence, or to give
6testimony touching the matter in question; and the court may
7punish any failures to obey such orders of the court as
9    A licensee may surrender any license by delivering to the
10Secretary Director written notice that he, they or it thereby
11surrenders such license, but such surrender shall not affect
12such licensee's civil or criminal liability for acts committed
13prior to such surrender, or affect the liability on his, their
14or its bond or bonds, or his, their or its policy or policies
15of insurance, required by this Act, or entitle such licensee to
16a return of any part of the annual license fee or fees.
17    Every license issued hereunder shall remain in force until
18the same shall expire, or shall have been surrendered,
19suspended or revoked in accordance with this Act, but the
20Secretary Director may on his own motion, issue new licenses to
21a licensee whose license or licenses shall have been revoked if
22no fact or condition then exists which clearly would have
23warranted the Secretary Director in refusing originally the
24issuance of such license under this Act.
25    No license shall be revoked until the licensee has had
26notice of a hearing thereon and an opportunity to be heard.



HB0159- 32 -LRB097 05583 CEL 45645 b

1When any license is so revoked, the Director shall within
2twenty (20) days thereafter, prepare and keep on file in his
3office, a written order or decision of revocation which shall
4contain his findings with respect thereto and the reasons
5supporting the revocation and shall send by United States mail
6a copy thereof to the licensee at the address set forth in the
7license within five (5) days after the filing in his office of
8such order, finding or decision. A review of any such order,
9finding or decision may be had as provided in Section 22.01 of
10this Act.
11(Source: P.A. 80-1101.)
12    (205 ILCS 405/15.1)  (from Ch. 17, par. 4825)
13    Sec. 15.1. If the Secretary Director determines that any
14licensee is insolvent or is violating this Act, or if the
15owner, executor, or successor in interest of a currency
16exchange abandons the currency exchange, he or she shall
17appoint a receiver, who shall, under his or her direction, for
18the purpose of receivership, take possession of and title to
19the books, records, and assets of every description of the
20community currency exchange. The Secretary may Director shall
21require of the receiver such security as he or she deems proper
22and, upon appointment of the receiver, shall have published,
23once each week for 4 consecutive weeks in a newspaper having a
24general circulation in the community, a notice calling on all
25persons who have claims against the community currency



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1exchange, to present them to the receiver.
2    Within 10 days after the receiver takes possession of the
3property, the licensee may apply to the Circuit Court of the
4county where the community currency exchange is located
5Sangamon County to enjoin further proceedings in the premises.
6    The receiver may operate the community currency exchange
7until the Secretary Director determines that possession should
8be restored to the licensee or that the business should be
10(Source: Laws 1961, p. 3522.)
11    (205 ILCS 405/15.1a)  (from Ch. 17, par. 4826)
12    Sec. 15.1a. If the Secretary Director determines that a
13business in receivership should be liquidated, he shall direct
14the Attorney General to file a complaint in the Circuit Court
15of the county in which such community currency exchange is
16located, in the name of the People of the State of Illinois,
17for the orderly liquidation and dissolution of the community
18currency exchange and for an injunction restraining the
19licensee or the officers and directors thereof from continuing
20the operation of the community currency exchange.
21    The receiver shall, 30 days from the day the Secretary
22Director determines that the business should be liquidated,
23file with the Secretary Director and with the clerk of such
24court as has charge of the liquidation, a correct list of all
25creditors who have not presented their claims. The list shall



HB0159- 34 -LRB097 05583 CEL 45645 b

1show the amount of the claim after allowing all just credits,
2deductions and set-offs as shown by the books of the currency
3exchange. These claims shall be deemed proven unless objections
4are filed by some interested party within the time fixed by the
5Secretary Director or court that has charge of the liquidation.
6(Source: P.A. 79-1361.)
7    (205 ILCS 405/15.1b)  (from Ch. 17, par. 4827)
8    Sec. 15.1b. Liquidation; distribution; priority. The
9General Assembly finds and declares that community currency
10exchanges provide important and vital services to Illinois
11citizens. The General Assembly also finds that in providing
12such services, community currency exchanges transact extensive
13business involving check cashing and the writing of money
14orders in communities in which banking services are generally
15unavailable. It is therefore declared to be the policy of this
16State that customers who receive these services must be
17protected from insolvencies of currency exchanges and
18interruptions of services. To carry out this policy and to
19insure that customers of community currency exchanges are
20protected in the event it is determined that a community
21currency exchange in receivership should be liquidated in
22accordance with Section 15.1a of this Act, the Secretary
23Director shall make a distribution of moneys collected by the
24receiver in the following order of priority: First, allowed
25claims for the actual necessary expenses of the receivership of



HB0159- 35 -LRB097 05583 CEL 45645 b

1the community currency exchange being liquidated, including
2(a) reasonable receiver fees and receiver's attorney's fees
3approved by the Secretary Director, (b) all expenses of any
4preliminary or other examinations into the condition of the
5community currency exchange or receivership, (c) all expenses
6incurred by the Secretary Director which are incident to
7possession and control of any property or records of the
8community currency exchange, and (d) reasonable expenses
9incurred by the Secretary Director as the result of business
10agreements or contractual arrangements necessary to insure
11that the services of the community currency exchanges are
12delivered to the community without interruption. Said business
13agreements or contractual arrangements may include, but are not
14limited to, agreements made by the Secretary Director, or by
15the Receiver with the approval of the Secretary Director, with
16banks, money order companies, bonding companies and other types
17of financial institutions; Second, allowed claims by a
18purchaser of money orders issued on demand of the community
19currency exchange being liquidated; Third, allowed claims
20arising by virtue of and to the extent of the amount a utility
21customer deposits with the community currency exchange being
22liquidated which are not remitted to the utility company;
23Fourth, allowed claims arising by virtue of and to the extent
24of the amount paid by a purchaser of Illinois license plates,
25vehicle stickers sold for State and municipal governments in
26Illinois, and temporary Illinois registration permits



HB0159- 36 -LRB097 05583 CEL 45645 b

1purchased at the currency exchange being liquidated; Fifth,
2allowed unsecured claims for wages or salaries, excluding
3vacation, severance and sick leave pay earned by employee
4earned within 90 days prior to the appointment of a Receiver;
5Sixth, secured claims; Seventh, allowed unsecured claims of any
6tax, and interest and penalty on the tax; Eighth Seventh,
7allowed unsecured claims other than a kind specified in
8paragraph one, two and three of this Section, filed with the
9Secretary Director within the time the Secretary Director fixes
10for filing claims; Ninth Eighth, allowed unsecured claims,
11other than a kind specified in paragraphs one, two and three of
12this Section filed with the Secretary Director after the time
13fixed for filing claims by the Secretary Director; Tenth Ninth,
14allowed creditor claims asserted by an owner, member, or
15stockholder of the community currency exchange in liquidation;
16Eleventh Tenth, after one year from the final dissolution of
17the currency exchange, all assets not used to satisfy allowed
18claims shall be distributed pro rata to the owner, owners,
19members, or stockholders of the currency exchange.
20    The Secretary Director shall pay all claims of equal
21priority according to the schedule set out above, and shall not
22pay claims of lower priority until all higher priority claims
23are satisfied. If insufficient assets are available to meet all
24claims of equal priority, those assets shall be distributed pro
25rata among those claims. All unclaimed assets of a currency
26exchange shall be deposited with the Secretary Director to be



HB0159- 37 -LRB097 05583 CEL 45645 b

1paid out by him when proper claims therefor are presented to
2the Secretary Director. If there are funds remaining after the
3conclusion of a receivership of an abandoned currency exchange,
4the remaining funds shall be considered unclaimed property and
5remitted to the State Treasurer under the Uniform Disposition
6of Unclaimed Property Act.
7(Source: P.A. 90-545, eff. 1-1-98.)
8    (205 ILCS 405/15.1d)  (from Ch. 17, par. 4829)
9    Sec. 15.1d. At the close of a receivership, the receiver
10shall turn over to the Secretary Director all books of account
11and ledgers of such currency exchange for preservation. All
12records of such receiverships heretofore and hereafter
13received by the Secretary Director shall be held by him or her
14for a period of 2 years after the close of the receivership and
15at the termination of the 2 year period may then be destroyed.
16    All expenses of the receivership, including reasonable
17receiver's and attorney's fees approved by the Secretary
18Director, and all expenses of any preliminary or other
19examinations into the condition of the community currency
20exchange or receivership, and all expenses incident to the
21possession and control of any property or records of the
22community currency exchange incurred by the Secretary Director
23shall be paid out of the assets of the community currency
24exchange. The foregoing expenses shall be paid prior to and
25ahead of all claims.



HB0159- 38 -LRB097 05583 CEL 45645 b

1(Source: P.A. 83-345.)
2    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)
3    Sec. 15.2. No community currency exchange shall determine
4its affairs and close up its business unless it shall first
5deposit with the Secretary Director an amount of money equal to
6the whole of its debts, liabilities and lawful demands against
7it including the costs and expenses of this proceeding, and
8shall surrender to the Secretary Director its community
9currency exchange license, and shall file with the Secretary
10Director a statement of termination signed by the licensee of
11such community currency exchange, containing a pronouncement
12of intent to close up its business and liquidate its
13liabilities, and also containing a sworn list itemizing in full
14all such debts, liabilities and lawful demands against it.
15Corporate licensees shall attach to, and make a part of such
16statement of termination, a copy of a resolution providing for
17the determination and closing up of the licensee's affairs,
18certified by the secretary of such licensee and duly adopted at
19a shareholders' meeting by the holders of at least two-thirds
20of the outstanding shares entitled to vote at such meeting.
21Upon the filing with the Secretary Director of a statement of
22termination the Secretary Director shall cause notice thereof
23to be published once each week for three consecutive weeks in a
24public newspaper of general circulation published in the city
25or village where such community currency exchange is located,



HB0159- 39 -LRB097 05583 CEL 45645 b

1and if no newspaper shall be there published, then in a public
2newspaper of general circulation nearest to said city or
3village; and such publication shall give notice that the debts,
4liabilities and lawful demands against such community currency
5exchange will be redeemed by the Secretary Director on demand
6in writing made by the owner thereof, at any time within three
7years from the date of first publication. After the expiration
8of such three year period, the Secretary Director shall return
9to the person or persons designated in the statement of
10termination to receive such repayment and in the proportion
11therein specified, any balance of money then remaining in his
12possession, if any there be, after first deducting therefrom
13all unpaid costs and expenses incurred in connection with this
14proceeding. The Secretary Director shall receive for his
15services, exclusive of costs and expenses, two per cent of any
16amount up to $5,000.00, and one per cent of any amount in
17excess of $5,000.00, deposited with him hereunder by any one
18community currency exchange. Nothing contained herein shall
19affect or impair the liability of any bonding or insurance
20company on any bond or insurance policy issued under this Act
21relating to such community currency exchange.
22(Source: Laws 1957, p. 320.)
23    (205 ILCS 405/16)  (from Ch. 17, par. 4832)
24    Sec. 16. Annual report; investigation; costs.
25    (a) Each licensee shall annually, on or before the 1st day



HB0159- 40 -LRB097 05583 CEL 45645 b

1of March, file a report with the Secretary Director for the
2calendar year period from January 1st through December 31st,
3except that the report filed on or before March 15, 1990 shall
4cover the period from October 1, 1988 through December 31,
51989, (which shall be used only for the official purposes of
6the Director) giving such relevant information as the Secretary
7Director may reasonably require concerning, and for the purpose
8of examining, the business and operations during the preceding
9fiscal year period of each licensed currency exchange conducted
10by such licensee within the State. Such report shall be made
11under oath and shall be in the form prescribed by the
12Secretary. The Secretary Director and the Director may at any
13time, and shall at least once in each year, investigate the
14currency exchange business of any licensee and of every person,
15partnership, association, limited liability company, and
16corporation who or which shall be engaged in the business of
17operating a currency exchange. For that purpose, the Secretary
18Director shall have free access to the offices and places of
19business and to such records of all such persons, firms,
20partnerships, associations, limited liability companies and
21members thereof, and corporations and to the officers and
22directors thereof that shall relate to such currency exchange
23business. The investigation may be conducted in conjunction
24with representatives of other State agencies or agencies of
25another state or of the United States as determined by the
26Secretary Director. The Secretary Director may at any time



HB0159- 41 -LRB097 05583 CEL 45645 b

1inspect the locations served by an ambulatory currency
2exchange, for the purpose of determining whether such currency
3exchange is complying with the provisions of this Act at each
4location served. The Secretary Director may require by subpoena
5the attendance of and examine under oath all persons whose
6testimony he may require relative to such business, and in such
7cases the Secretary Director, or any qualified representative
8of the Secretary Director whom the Secretary Director may
9designate, may administer oaths to all such persons called as
10witnesses, and the Secretary Director, or any such qualified
11representative of the Secretary Director, may conduct such
12examinations, and there shall be paid to the Secretary Director
13for each such examination a fee of $250 $225 for each day or
14part thereof for each qualified representative designated and
15required to conduct the examination; provided, however, that in
16the case of an ambulatory currency exchange, such fee shall be
17$150 $75 for each day or part thereof and shall not be
18increased by reason of the number of locations served by it.
19    (b) All information collected by the Department under an
20examination or investigation of an ambulatory or community
21currency exchange, including, but not limited to, information
22collected to investigate any complaint against an ambulatory or
23community currency exchange filed with the Department, shall be
24maintained for the confidential use of the Department and shall
25not be disclosed. The Department may not disclose such
26information to anyone other than the licensee, law enforcement



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1officials, other regulatory agencies that have an appropriate
2regulatory interest as determined by the Secretary, or to a
3party presenting a lawful subpoena to the Department.
4Information and documents disclosed to a federal, State,
5county, or local law enforcement agency shall not be disclosed
6by the agency for any purpose to any other agency or person. An
7order issued by the Department against an ambulatory or
8community currency exchange shall be a public record and any
9documents produced in discovery, filed with the administrative
10law judge, or introduced at a hearing shall be a public record,
11except as otherwise prohibited by law.
12(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
13    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
14    Sec. 17. A. Every licensee shall keep and use in his
15business such books, accounts and records as will enable the
16Secretary Director to determine whether such licensee is
17complying with the provisions of this Act and with the rules,
18regulations and directions made by the Secretary Director
20    B. Each licensee shall record or cause to be recorded the
21following information with respect to each money order it sells
22or issues: (1) The amount; (2) the month and year of sale or
23issuance; and (3) the serial number.
24    Each licensee shall preserve the record required by this
25subsection for at least 17 years or until the money order to



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1which it pertains is returned to the licensee. Each money order
2returned to the licensee shall be preserved for not less than 3
3years from the month and year of sale or issuance by the
4licensee. The licensee shall keep the record, or an authentic
5microfilm copy thereof, required to be preserved by this
6subsection within this state at a place readily accessible to
7the Secretary Director and his representatives. If a licensee
8sells or transfers his business at a location or an address,
9his obligations under this paragraph devolve upon the successor
10licensee and subsequent successor licensees, if any, at such
11location or address. If a licensee ceases to do business in
12this state, he shall deposit the records and money orders he is
13required to preserve, with the Secretary Director.
14(Source: Laws 1963, p. 1634.)
15    (205 ILCS 405/18)  (from Ch. 17, par. 4834)
16    Sec. 18. The applicant for a community currency exchange
17license shall have a permanent address as evidenced by a lease
18of at least six months duration or other suitable evidence of
19permanency, and the license issued, pursuant to the application
20shall be valid only at that address or any new address approved
21by the Secretary Director.
22(Source: Laws 1957, p. 320.)
23    (205 ILCS 405/19)  (from Ch. 17, par. 4835)
24    Sec. 19. The Department Director may make and enforce such



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1reasonable rules , relevant regulations, directions, orders,
2decisions and findings as the execution and enforcement of the
3provisions of this Act require, and as are not inconsistent
4within this Act. may be necessary for the execution and
5enforcement of this Act and the purposes sought to be attained
6herein. All such rules regulations, directions, orders,
7decisions and findings shall be filed and entered by the
8Secretary Director in an indexed permanent book or record, or
9electronic record, with the effective date thereof suitably
10indicated, and such book or record shall be a public document.
11All rules regulations and directions, which are of a general
12character, shall be made available in electronic form to all
13licensees within 10 days after filing and all licenses shall
14receive by mail notice of any changes. printed and copies
15thereof mailed to all licensees within 10 days after filing as
16aforesaid. Copies of all findings, orders and decisions shall
17be mailed to the parties affected thereby by United States mail
18within 5 days of such filing.
19(Source: Laws 1957, p. 320.)
20    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
21    Sec. 19.3. (A) The General Assembly hereby finds and
22declares: community currency exchanges and ambulatory currency
23exchanges provide important and vital services to Illinois
24citizens. In so doing, they transact extensive business
25involving check cashing and the writing of money orders in



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1communities in which banking services are generally
2unavailable. Customers of currency exchanges who receive these
3services must be protected from being charged unreasonable and
4unconscionable rates for cashing checks and purchasing money
5orders. The Illinois Department of Financial and Professional
6Regulation Institutions has the responsibility for regulating
7the operations of currency exchanges and has the expertise to
8determine reasonable maximum rates to be charged for check
9cashing and money order purchases. Therefore, it is in the
10public interest, convenience, welfare and good to have the
11Department establish reasonable maximum rate schedules for
12check cashing and the issuance of money orders and to require
13community and ambulatory currency exchanges to prominently
14display to the public the fees charged for all services. The
15Secretary Director shall review, each year, the cost of
16operation of the Currency Exchange Section Division and the
17revenue generated from currency exchange examinations and
18report to the General Assembly if the need exists for an
19increase in the fees mandated by this Act to maintain the
20Currency Exchange Section Division at a fiscally
21self-sufficient level. The Secretary Director shall include in
22such report the total amount of funds remitted to the State and
23delivered to the State Treasurer by currency exchanges pursuant
24to the Uniform Disposition of Unclaimed Property Act.
25    (B) The Secretary Director shall, by rules adopted in
26accordance with the Illinois Administrative Procedure Act,



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1expeditiously formulate and issue schedules of reasonable
2maximum rates which can be charged for check cashing and
3writing of money orders by community currency exchanges and
4ambulatory currency exchanges.
5        (1) In determining the maximum rate schedules for the
6    purposes of this Section the Secretary Director shall take
7    into account:
8            (a) Rates charged in the past for the cashing of
9        checks and the issuance of money orders by community
10        and ambulatory currency exchanges.
11            (b) Rates charged by banks or other business
12        entities for rendering the same or similar services and
13        the factors upon which those rates are based.
14            (c) The income, cost and expense of the operation
15        of currency exchanges.
16            (d) Rates charged by currency exchanges or other
17        similar entities located in other states for the same
18        or similar services and the factors upon which those
19        rates are based.
20            (e) Rates charged by the United States Postal
21        Service for the issuing of money orders and the factors
22        upon which those rates are based.
23            (f) A reasonable profit for a currency exchange
24        operation.
25        (2)    (a) The schedule of reasonable maximum rates
26    established pursuant to this Section may be modified by the



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1    Secretary Director from time to time pursuant to rules
2    adopted in accordance with the Illinois Administrative
3    Procedure Act.
4        (b) Upon the filing of a verified petition setting
5    forth allegations demonstrating reasonable cause to
6    believe that the schedule of maximum rates previously
7    issued and promulgated should be adjusted, the Secretary
8    Director shall expeditiously:
9            (i) reject the petition if it fails to demonstrate
10        reasonable cause to believe that an adjustment is
11        necessary; or
12            (ii) conduct such hearings, in accordance with
13        this Section, as may be necessary to determine whether
14        the petition should be granted in whole or in part.
15        (c) No petition may be filed pursuant to subparagraph
16    (a) of paragraph (2) of subsection (B) unless:
17            (i) at least nine months have expired since the
18        last promulgation of schedules of maximum rates; and
19            (ii) at least one-fourth of all community currency
20        exchange licensees join in a petition or, in the case
21        of ambulatory currency exchanges, a licensee or
22        licensees authorized to serve at least 100 locations
23        join in a petition.
24    (3) Any currency exchange may charge lower fees than those
25of the applicable maximum fee schedule after filing with the
26Secretary Director a schedule of fees it proposes to use.



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1(Source: P.A. 91-16, eff. 7-1-99.)
2    (205 ILCS 405/19.4)  (from Ch. 17, par. 4839)
3    Sec. 19.4. The fees charged by community and ambulatory
4currency exchanges for rendering any service authorized by this
5Act shall be prominently displayed on the premises of the
6community currency exchange or at the location served by the
7ambulatory currency exchange in such fashion as shall be
8required by the Secretary Director.
9(Source: P.A. 81-964.)
10    (205 ILCS 405/20)  (from Ch. 17, par. 4840)
11    Sec. 20. Every person having taken an oath in any
12proceeding or matter wherein an oath is required by this Act,
13who shall swear willfully wilfully, corruptly or falsely in a
14matter material to the issue or point in question, or shall
15suborn any other person to swear as aforesaid, shall be guilty
16of perjury or subornation of perjury, as the case may be.
17(Source: Laws 1943, vol. 1, p. 233.)
18    (205 ILCS 405/21)  (from Ch. 17, par. 4841)
19    Sec. 21. Except as otherwise provided for in this Act,
20whenever the Secretary Director is required to give notice to
21any applicant or licensee, such requirement shall be complied
22with if, within the time fixed herein, such notice shall be
23enclosed in an envelope plainly addressed to such applicant or



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1licensee, as the case may be, at the address set forth in the
2application or license, as the case may be, United States
3postage fully prepaid, and deposited, registered, in the United
4States mail.
5(Source: Laws 1957, p. 320.)
6    (205 ILCS 405/22.01)  (from Ch. 17, par. 4843)
7    Sec. 22.01. All final administrative decisions of the
8Secretary Director hereunder shall be subject to judicial
9review pursuant to the provisions of the Administrative Review
10Law, and all amendments and modifications thereof, and the
11rules adopted pursuant thereto. The term "administrative
12decision" is defined as in Section 3-101 of the Code of Civil
13Procedure. The person seeking judicial review shall pay to the
14Secretary Director the costs of preparing and certifying the
15record of proceedings before the Secretary Director.
16(Source: P.A. 82-783.)
17    (205 ILCS 405/29.5 new)
18    Sec. 29.5. Cease and desist. The Secretary may issue a
19cease and desist order to any currency exchange or other person
20doing business without the require license, when in the opinion
21of the Secretary, the currency exchange or other person is
22violating or is about to violate any provision of this Act or
23any rule or requirement imposed in writing by the Department.
24    The cease and desist order permitted by this Section may be



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1issued prior to a hearing.
2    The Secretary shall serve notice of his or her action,
3including, but not limited to, a statement of reasons for the
4action, either personally or by certified mail, return receipt
5requested. Service by certified mail shall be deemed completed
6when the notice is deposited in the U.S. mail.
7    Within 10 days after service of a cease and desist order,
8the licensee or other person may request, in writing, a
9hearing. The Secretary shall schedule a hearing within 30 days
10after the request for a hearing unless otherwise agreed to by
11the parties.
12    If it is determined that the Secretary has the authority to
13issue the cease and desist order, he or she may issue such
14orders as reasonably necessary to correct, eliminate, or remedy
15such conduct.
16    The powers vested in the Secretary by this Section are
17additional to any and all other powers and remedies vested in
18the Secretary by law, and nothing in this Section shall be
19construed as requiring that the Secretary shall employ the
20power conferred in this Section instead of or as a condition
21precedent to the exercise of any other power or remedy vested
22in the Secretary.
23    The currency exchange, or other person doing business
24without the required license, shall pay the actual costs of the



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1    (205 ILCS 405/10.1 rep.)
2    (205 ILCS 405/22.03 rep.)
3    (205 ILCS 405/25 rep.)
4    Section 10. The Currency Exchange Act is amended by
5repealing Sections 10.1, 22.03, and 25.
6    Section 99. Effective date. This Act takes effect January
71, 2012.



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2 Statutes amended in order of appearance
3    205 ILCS 405/1from Ch. 17, par. 4802
4    205 ILCS 405/2from Ch. 17, par. 4803
5    205 ILCS 405/3from Ch. 17, par. 4804
6    205 ILCS 405/3.1from Ch. 17, par. 4805
7    205 ILCS 405/3.2from Ch. 17, par. 4806
8    205 ILCS 405/3.3from Ch. 17, par. 4807
9    205 ILCS 405/4from Ch. 17, par. 4808
10    205 ILCS 405/4.1from Ch. 17, par. 4809
11    205 ILCS 405/4.2from Ch. 17, par. 4810
12    205 ILCS 405/4.3from Ch. 17, par. 4811
13    205 ILCS 405/5from Ch. 17, par. 4812
14    205 ILCS 405/6from Ch. 17, par. 4813
15    205 ILCS 405/7from Ch. 17, par. 4814
16    205 ILCS 405/10from Ch. 17, par. 4817
17    205 ILCS 405/12from Ch. 17, par. 4820
18    205 ILCS 405/13from Ch. 17, par. 4821
19    205 ILCS 405/13.1from Ch. 17, par. 4822
20    205 ILCS 405/14from Ch. 17, par. 4823
21    205 ILCS 405/15from Ch. 17, par. 4824
22    205 ILCS 405/15.1from Ch. 17, par. 4825
23    205 ILCS 405/15.1afrom Ch. 17, par. 4826
24    205 ILCS 405/15.1bfrom Ch. 17, par. 4827
25    205 ILCS 405/15.1dfrom Ch. 17, par. 4829



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1    205 ILCS 405/15.2from Ch. 17, par. 4831
2    205 ILCS 405/16from Ch. 17, par. 4832
3    205 ILCS 405/17from Ch. 17, par. 4833
4    205 ILCS 405/18from Ch. 17, par. 4834
5    205 ILCS 405/19from Ch. 17, par. 4835
6    205 ILCS 405/19.3from Ch. 17, par. 4838
7    205 ILCS 405/19.4from Ch. 17, par. 4839
8    205 ILCS 405/20from Ch. 17, par. 4840
9    205 ILCS 405/21from Ch. 17, par. 4841
10    205 ILCS 405/22.01from Ch. 17, par. 4843
11    205 ILCS 405/29.5 new
12    205 ILCS 405/10.1 rep.
13    205 ILCS 405/22.03 rep.
14    205 ILCS 405/25 rep.