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


Rep. Monique D. Davis

Filed: 3/11/2011





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2    AMENDMENT NO. ______. Amend House Bill 159 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Currency Exchange Act is amended by
5changing Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5,
66, 7, 10, 11, 12, 13, 13.1, 14, 14.1, 15, 15.1, 15.1a, 15.1b,
715.1d, 15.2, 16, 17, 18, 19, 19.3, 19.4, 20, 21, and 22.01 and
8by adding Section 29.5 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



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1United States, engaged in the business or service of, and
2providing facilities for, cashing checks, drafts, money orders
3or any other evidences of money acceptable to such community
4currency exchange, for a fee or service charge or other
5consideration, or engaged in the business of selling or issuing
6money orders under his or their or its name, or any other money
7orders (other than United States Post Office money orders,
8Postal Telegraph Company money orders, or Western Union
9Telegraph Company money orders), or engaged in both such
10businesses, or engaged in performing any one or more of the
11foregoing services.
12    "Department" means the Department of Financial and
13Professional Regulation.
14    "Director" means the Director of the Division of Financial
15Institutions of the Department of Financial and Professional
17    "Division of Financial Institutions" means the Division of
18Financial Institutions of the Department of Financial and
19Professional Regulation.
20    "Ambulatory Currency Exchange" means any person, firm,
21association, partnership, limited liability company, or
22corporation, except banks organized under the laws of this
23State and National Banks organized pursuant to the laws of the
24United States, engaged in one or both of the foregoing
25businesses, or engaged in performing any one or more of the
26foregoing services, solely on the premises of the employer



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1whose employees are being served.
2    "Location" when used with reference to an ambulatory
3currency exchange means the premises of the employer whose
4employees are or are to be served by an ambulatory currency
6    "Secretary Director" means the Secretary Director of
7Financial and Professional Regulation or a person authorized by
8the Secretary or this Act to act in the Secretary's stead
9Financial Institutions. All references in this Act to the
10Secretary shall be deemed to include the Director, as a person
11authorized by the Secretary or this Act to assume
12responsibility for the oversight of the functions of the
13Department relation to the regulatory supervision of community
14currency exchanges and ambulatory currency exchanges under
15this Act.
16    (b) Nothing in this Act shall be held to apply to any
17person, firm, association, partnership, limited liability
18company, or corporation who is engaged primarily in the
19business of transporting for hire, bullion, currency,
20securities, negotiable or non-negotiable documents, jewels or
21other property of great monetary value and who in the course of
22such business and only as an incident thereto, cashes checks,
23drafts, money orders or other evidences of money directly for,
24or for the employees of and with the funds of and at a cost only
25to, the person, firm, association, partnership, limited
26liability company, or corporation for whom he or it is then



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



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



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1violation occurs shall file a complaint in the Circuit Court of
2the county to restrain the violation.
3(Source: P.A. 90-545, eff. 1-1-98.)
4    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
5    Sec. 3. Powers of community currency exchanges. No
6community or ambulatory currency exchange shall be permitted to
7accept money or evidences of money as a deposit to be returned
8to the depositor or upon the depositor's order. ; and no No
9community or ambulatory currency exchange shall be permitted to
10act as bailee or agent for persons, firms, partnerships,
11limited liability companies, associations or corporations to
12hold money or evidences thereof or the proceeds therefrom for
13the use and benefit of the owners thereof, and deliver such
14money or proceeds of evidence of money upon request and
15direction of such owner or owners. A community or ambulatory
16currency exchange is permitted to engage in, and charge a fee
17for, the following activities, either directly or as a
18third-party agent: (i) cashing of checks, drafts, money orders,
19or any other evidences of money acceptable to the currency
20exchange, (ii) selling or issuing money orders, (iii) obtaining
21reports, certificates, governmental permits licenses, and
22vital statistics and the preparation of necessary applications
23to obtain the same, (iv) the sale and distribution of bond
24cards, (v) obtaining, distributing, providing, or selling:
25State vehicle registration renewals, title transfers and tax



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1remittance forms, city vehicle licenses, and other
2governmental services, (vi) photocopying and sending and
3receiving facsimile transmissions, (vii) notary service either
4by the proprietor of the currency exchange or any currency
5exchange employee, authorized by the State to act as a notary
6public, (viii) issuance of travelers checks obtained by the
7currency exchange from a banking institution under a trust
8receipt, (ix) accepting for payment utility and other
9companies' bills, (x) issuance and acceptance of any
10third-party debit, credit, or stored value card and loading or
11unloading, (xi) on-premises automated cash dispensing
12machines, (xii) sale of rolled coin and paper money, (xiii)
13exchange of foreign currency through a third-party, (xiv) sale
14of cards, passes, or tokens for public transit, (xv) providing
15mail box service, (xvi) sale of phone cards and other pre-paid
16telecommunication services, (xvii) on-premises public
17telephone, (xviii) sale of U.S. postage, (xix) money
18transmission through a licensed third-party money transmitter,
19(xx) sale of candy, gum, other packaged foods, soft drinks, and
20other products and services by means of on-premises vending
21machines, and (xxi) other products and services as may be
22approved by the Secretary. ; provided, that nothing contained
23herein shall prevent a community or an ambulatory currency
24exchange from obtaining state automobile and city vehicle
25licenses for a fee or service charge, or from rendering a
26photostat service, or from rendering a notary service either by



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1the proprietor of the currency exchange or any one of its
2employees, authorized by the State of Illinois to act as a
3notary public, or from selling travelers cheques obtained by
4the currency exchange from a banking institution under a trust
5receipt, or from issuing money orders or from accepting for
6payment utility bills. Any community or ambulatory currency
7exchange may enter into an agreements with any utility and
8other companies to act as its the companies' agent for the
9acceptance of payment of utility and other companies' bills
10without charge to the utility customer and, acting under such
11agreement, may receipt for payments in the names of the utility
12and other companies. Any community or ambulatory currency
13exchange may also receive payment of utility and other
14companies' bills for remittance to companies with which it has
15no such agency agreement and may charge a fee for such service
16but may not, in such cases, issue a receipt for such payment in
17the names of the utility and other companies. However, funds
18received by currency exchanges for remittance to utility and
19other companies with which the currency exchange has no agency
20agreement shall be forwarded to the appropriate utility and
21other companies by the currency exchange before the end of the
22next business day.
23    For the purpose of this Section, "utility and other
24companies" means any utility company and other company with
25which the currency exchange may or may not have a contractual
26agreement and for which the currency exchange accepts payments



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1from consumers for remittance to the utility or other company
2for the payment of bills.
3(Source: P.A. 90-545, eff. 1-1-98.)
4    (205 ILCS 405/3.1)  (from Ch. 17, par. 4805)
5    Sec. 3.1. Nothing in this Act shall prevent a currency
6exchange from rendering State or Federal income tax service;
7nor shall the rendering of such service be considered a
8violation of this Act if such service be rendered either by the
9proprietor or any of his employees. For the purposes of this
10Section, "tax service" does not include making or offering to
11make a refund anticipation loan as defined by the Tax Refund
12Anticipation Loan Disclosure Act.
13(Source: Laws 1949, p. 336.)
14    (205 ILCS 405/3.2)  (from Ch. 17, par. 4806)
15    Sec. 3.2. Community currency exchanges and ambulatory
16currency exchanges may engage in the distribution of
17Supplemental Nutrition Assistance Program (SNAP) benefits food
18stamps in accordance with such regulations as are made by the
19Secretary Director.
20(Source: P.A. 80-439.)
21    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
22    Sec. 3.3. Additional public services.
23    (a) Nothing in this Act shall prevent the Secretary



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1Director from authorizing currency exchanges to render
2additional services to the public if the services are
3consistent with the provisions of this Act, are within its
4meaning, are in the best interest of the public, and benefit
5the general welfare. The currency exchange must request, in
6writing, the Secretary's approval of the additional service
7prior to rendering such additional service to the public. The
8Secretary may charge an additional service investigation fee of
9$100 per application. The Secretary may, at his or her
10discretion, revoke any authorization under this Section on 30
11days written notice to the currency exchange.
12    (b) Nothing in this Act shall prevent a community currency
13exchange from selling candy, gum, other packaged foods, and
14soft drinks by means of vending machines on its premises.
15(Source: P.A. 87-258; 88-583, eff. 8-12-94.)
16    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
17    Sec. 4. License application; contents; fees. Application
18for such license shall be in writing under oath and in the form
19prescribed and furnished by the Secretary Director. Each
20application shall contain the following:
21    (a) The full name and address (both of residence and place
22of business) of the applicant, and if the applicant is a
23partnership, limited liability company, or association, of
24every member thereof, and the name and business address if the
25applicant is a corporation;



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1    (b) The county and municipality, with street and number, if
2any, where the community currency exchange is to be conducted,
3if the application is for a community currency exchange
5    (c) If the application is for an ambulatory currency
6exchange license, the name and address of the employer at each
7location to be served by it; and
8    (d) The applicant's occupation or profession; a detailed
9statement of his business experience for the 10 years
10immediately preceding his application; a detailed statement of
11his finances; his present or previous connection with any other
12currency exchange; whether he has ever been involved in any
13civil or criminal litigation, and the material facts pertaining
14thereto; whether he has ever been committed to any penal
15institution or admitted to an institution for the care and
16treatment of mentally ill persons; and the nature of
17applicant's occupancy of the premises to be licensed where the
18application is for a community currency exchange license. If
19the applicant is a partnership, the information specified
20herein shall be required of each partner. If the applicant is a
21corporation, the said information shall be required of each
22officer, director and stockholder thereof along with
23disclosure of their ownership interests. If the applicant is a
24limited liability company, the information required by this
25Section shall be provided with respect to each member and
26manager along with disclosure of their ownership interests.



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1    A community currency exchange license application shall be
2accompanied by a fee of $1,000 $500 for the cost of
3investigating the applicant. If the ownership of a licensee
4changes, in whole or in part, a new application must be filed
5pursuant to this Section along with a $500 fee if the
6licensee's ownership interests have been transferred or sold to
7a new person or entity or a fee of $300 if the licensee's
8ownership interests have been transferred or sold to a current
9holder or holders of the licensee's ownership interests. When
10the application for a community currency exchange license has
11been approved by the Secretary Director and the applicant so
12advised, an additional sum of $400 $200 as an annual license
13fee for a period terminating on the last day of the current
14calendar year shall be paid to the Secretary Director by the
15applicant; provided, that the license fee for an applicant
16applying for such a license after July 1st of any year shall be
17$250 $100 for the balance of such year.
18    An application for an ambulatory currency exchange license
19shall be accompanied by a fee of $100, which fee shall be for
20the cost of investigating the applicant. An approved applicant
21shall not be required to pay the initial investigation fee of
22$100 more than once. When the application for an ambulatory
23currency exchange license has been approved by the Secretary
24Director, and such applicant so advised, such applicant shall
25pay an annual license fee of $25 for each and every location to
26be served by such applicant; provided that such license fee for



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1an approved applicant applying for such a license after July
21st of any year shall be $12 for the balance of such year for
3each and every location to be served by such applicant. Such an
4approved applicant for an ambulatory currency exchange
5license, when applying for a license with respect to a
6particular location, shall file with the Secretary Director, at
7the time of filing an application, a letter of memorandum,
8which shall be in writing and under oath, signed by the owner
9or authorized representative of the business whose employees
10are to be served; such letter or memorandum shall contain a
11statement that such service is desired, and that the person
12signing the same is authorized so to do. The Secretary Director
13shall thereupon verify the authenticity of the letter or
14memorandum and the authority of the person who executed it, to
15do so.
16(Source: P.A. 92-398, eff. 1-1-02.)
17    (205 ILCS 405/4.1)  (from Ch. 17, par. 4809)
18    Sec. 4.1. The General Assembly finds and declares that
19community currency exchanges provide important and vital
20services to Illinois citizens, that the number of community
21currency exchanges should be limited in accordance with the
22needs of the communities they are to serve, and that it is in
23the public interest to promote and foster the community
24currency exchange business and to insure the financial
25stability thereof. Upon receipt of an application for a license



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1for a community currency exchange, the Secretary Director shall
2cause an investigation of the need of the community for the
3establishment of a community currency exchange at the location
4specified in the application and the effect that granting the
5license will have on the financial stability of other community
6currency exchanges that may be serving the community in which
7the business of the applicant is proposed to be conducted.
8    "Community", as used in this Act, means a locality where
9there may or can be available to the people thereof the
10services of a community currency exchange reasonably
11accessible to them. If the issuance of a license to engage in
12the community currency exchange business at the location
13specified will not promote the needs and the convenience and
14advantage of the community in which the business of the
15applicant is proposed to be conducted, then the application
16shall be denied.
17(Source: P.A. 83-652.)
18    (205 ILCS 405/4.2)  (from Ch. 17, par. 4810)
19    Sec. 4.2. Whensoever the ownership of any Currency
20Exchange, theretofore licensed under the provisions of this
21Act, shall be held or contained in any estate subject to the
22control and supervision of any Administrator, Executor or
23Guardian appointed, approved or qualified by any Court of the
24State of Illinois, having jurisdiction so to do, such
25Administrator, Executor or Guardian may, upon the entry of an



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1order by such Court granting leave to continue the operation of
2such Currency Exchange, apply to the Secretary Director of
3Financial Institutions for a license under the provisions of
4this Act. When any such Administrator, Executor or Guardian
5shall apply for a Currency Exchange License pursuant to the
6provisions of this Section, and shall otherwise fully comply
7with all of the provisions of this Act relating to the
8application for a Currency Exchange license, the Secretary
9Director may issue to such applicant a Currency Exchange
10license. Any Currency Exchange license theretofore issued to a
11Currency Exchange, for which an application for a license shall
12be sought under the provisions of this Section, if not
13previously surrendered, lapsed, or revoked, shall be
14surrendered, revoked or otherwise terminated before a license
15shall be issued pursuant to application made therefor under
16this Section.
17(Source: P.A. 92-16, eff. 6-28-01.)
18    (205 ILCS 405/4.3)  (from Ch. 17, par. 4811)
19    Sec. 4.3. Upon receipt of an application from an ambulatory
20currency exchange for the conduct of its business at a location
21to be served by it, the Secretary Director of Financial
22Institutions shall cause an investigation to be made to
23determine whether to issue said license. No fee shall be
24charged for the investigation of an application for a location
25license. The Secretary Director shall employ the following



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1criteria in making his determination:
2    (1) the economic benefit and convenience to the persons to
3be served at the location for which a license has been
5    (2) the effect that granting a license will have on the
6financial stability of community currency exchanges;
7    (3) safety benefits, if any, which may accrue from the
8granting of the location license;
9    (4) the effects, if any, which granting of a license will
10have on traffic, and traffic congestion in the immediate area
11of the location to be served;
12    (5) such other factors as the Secretary Director shall deem
13proper and relevant.
14(Source: P.A. 85-1356.)
15    (205 ILCS 405/5)  (from Ch. 17, par. 4812)
16    Sec. 5. Bond; condition; amount.
17    (a) Before any license shall be issued to a community
18currency exchange the applicant shall file annually with and
19have approved by the Secretary Director a surety bond, issued
20by a bonding company authorized to do business in this State in
21the principal sum of $25,000 $10,000. Such bond shall run to
22the Secretary Director and shall be for the benefit of any
23creditors of such currency exchange for any liability incurred
24by the currency exchange on any money orders, including any
25fees and penalties incurred by the remitter should the money



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1order be returned unpaid, issued or sold by the currency
2exchange and for any liability incurred by the currency
3exchange for any sum or sums due to any payee or endorsee of
4any check, draft or money order left with the currency exchange
5for collection, and for any liability incurred by the currency
6exchange in connection with the rendering of any of the
7services referred to in Section 3 of this Act.
8    From time to time the Secretary Director may determine the
9amount of liabilities as described herein and shall require the
10licensee to file a bond in an additional sum if the same is
11determined to be necessary in accordance with the requirements
12of this Section. In no case shall the bond be less than the
13initial $25,000 $10,000, nor more than the outstanding
15    (b) In lieu of the surety bond requirements of subsection
16(a), a community currency exchange licensee may submit evidence
17satisfactory to the Secretary Director that the community
18currency exchange licensee is covered by a blanket bond that
19covers multiple licensees who are members of a statewide
20association of community currency exchanges. Such a blanket
21bond must be issued by a bonding company authorized to do
22business in this State and in a principal aggregate sum of not
23less than $4,000,000 $2,000,000.
24    (c) An ambulatory currency exchange may sell or issue money
25orders at any location with regard to which it is issued a
26license pursuant to this Act, including existing licensed



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1locations, without the necessity of a further application or
2hearing and without regard to any exceptions contained in
3existing licenses, upon the filing with the Secretary Director
4of a surety bond approved by the Secretary Director and issued
5by a bonding company or insurance company authorized to do
6business in Illinois, in the principal sum of $100,000. Such
7bond may be a blanket bond covering all locations at which the
8ambulatory currency exchange may sell or issue money orders,
9and shall run to the Secretary Director for the use and benefit
10of any creditors of such ambulatory currency exchange for any
11liability incurred by the ambulatory currency exchange on any
12money orders issued or sold by it. Such bond shall be renewed
13annually. If after the expiration of one year from the date of
14approval of such bond by the Secretary Director, it shall
15appear that the average amount of such liability during the
16year has exceeded $100,000, the Secretary Director shall
17require the licensee to furnish a bond for the ensuing year, to
18be approved by the Secretary Director, for an additional
19principal sum of $1,000 for each $1,000 of such liability or
20fraction thereof in excess of the original $100,000, except
21that the maximum amount of such bond shall not be required to
22exceed $250,000.
23(Source: P.A. 93-614, eff. 11-18-03.)
24    (205 ILCS 405/6)  (from Ch. 17, par. 4813)
25    Sec. 6. Insurance against loss.



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1    (a) Every applicant for a license hereunder shall, after
2his application for a license has been approved, file with and
3have approved by the Secretary of Financial and Professional
4Regulation, a policy or policies of insurance issued by an
5insurance company or indemnity company authorized to do
6business under the law of this State, which shall insure the
7applicant against loss by theft, burglary, robbery or forgery
8in a principal sum as hereinafter provided; if the average
9amount of cash and liquid funds to be kept on hand in the
10office of the community currency exchange during the year will
11not be in excess of $10,000 the policy or policies shall be in
12the principal sum of $10,000. If such average amount will be in
13excess of $10,000, the policy or policies shall be for an
14additional principal sum of $500 for each $1,000 or fraction
15thereof of such excess over the original $10,000. From time to
16time, the Secretary may determine the amount of cash and liquid
17funds on hand in the office of any community currency exchange
18and shall require the licensee to submit additional policies if
19the same are determined to be necessary in accordance with the
20requirements of this Section.
21    However, any community currency exchange licensed under
22this Act may meet the insurance bonding requirements of this
23subsection (a) by submitting evidence satisfactory to the
24Secretary that the licensee is covered by a blanket insurance
25policy bond that covers multiple licensees. The blanket
26insurance policy bond: (i) shall insure the licensee against



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1loss by theft, robbery, or forgery; (ii) shall be issued by an
2insurance a bonding company authorized to do business in this
3State; and (iii) shall be in the principal sum of an amount
4equal to the maximum amount required under this Section for any
5one licensee covered by the insurance policy bond.
6    Any such policy or policies, with respect to forgery, may
7carry a condition that the community currency exchange assumes
8the first $1,000 of each claim thereunder.
9    (b) Before an ambulatory currency exchange shall sell or
10issue money orders, it shall file with and have approved by the
11Secretary, a policy or policies of insurance issued by an
12insurance company or indemnity company authorized to do
13business under the laws of this State, which shall insure such
14ambulatory currency exchange against loss by theft, burglary,
15robbery, forgery or embezzlement in the principal sum of not
16less than $500,000. If the average amount of cash and liquid
17funds to be kept on hand during the year will exceed $500,000,
18the policy or policies shall be for an additional principal sum
19of $500 for each $1,000 or fraction thereof in excess of
20$500,000. From time to time the Secretary may determine the
21amount of cash and liquid funds kept on hand by an ambulatory
22currency exchange and shall require it to submit such
23additional policies as are determined to be required within the
24limits of this Section. No ambulatory currency exchange subject
25to this Section shall be required to furnish more than one
26policy of insurance if the policy furnished insures it against



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1the foregoing losses at all locations served by it.
2    Any such policy may contain a condition that the insured
3assumes a portion of the loss, provided the insured shall file
4with such policy a sworn financial statement indicating its
5ability to act as self-insurer in the amount of such deductible
6portion of the policy without prejudice to the safety of any
7funds belonging to its customers. If the Secretary is not
8satisfied as to the financial ability of the ambulatory
9currency exchange, he may require it to deposit cash or United
10States Government Bonds in the amount of part or all of the
11deductible portion of the policy.
12(Source: P.A. 94-538, eff. 1-1-06.)
13    (205 ILCS 405/7)  (from Ch. 17, par. 4814)
14    Sec. 7. Available funds; minimum amount. Each community
15currency exchange shall have, at all times, a minimum of $5,000
16sum of its own cash funds available for the uses and purposes
17of its business and said minimum sum shall be exclusive of and
18in addition to funds received for exchange or transfer; and in
19addition thereto each such licensee shall at all times have on
20hand an amount of liquid funds sufficient to pay on demand all
21outstanding money orders issued by it. Prior to January 1,
221979, this minimum sum shall be $4,000. After January 1, 1979,
23this minimum sum shall be $5,000.
24    In the event a receiver is appointed in accordance with
25Section 15.1 of this Act, and the Secretary Director determines



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



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



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1Director shall send by United States mail notice of such denial
2to the applicant at the address set forth in the application.
3    If an application is denied, the applicant may, within 10
4days from the date of the notice of denial, make written
5request to the Secretary Director for a hearing on the
6application, and the Secretary Director shall set a time and
7place for the hearing. The hearing shall be set for a date
8after the receipt by the Secretary Director of the request for
9hearing, and written notice of the time and place of the
10hearing shall be mailed to the applicant at least 15 days
11before the date of the hearing. The applicant shall pay the
12actual cost of making the transcript of the hearing prior to
13the Secretary's Director's issuing his decision following the
14hearing. If, following the hearing, the application is denied,
15the Secretary Director shall, within 20 days thereafter prepare
16and keep on file in his office a written order of denial
17thereof, which shall contain his findings with respect thereto
18and the reasons supporting the denial, and shall send by United
19States Mail a copy thereof to the applicant at the address set
20forth in the application, within 5 days after the filing of
21such order. A review of any such decision may be had as
22provided in Section 22.01 of this Act.
23(Source: P.A. 90-545, eff. 1-1-98.)
24    (205 ILCS 405/11)  (from Ch. 17, par. 4819)
25    Sec. 11. Such license, if issued for a community currency



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1exchange, shall state the name of the licensee and the address
2at which the business is to be conducted. Such license, and its
3annual renewal, shall be kept conspicuously posted in the place
4of business of the licensee and shall not be transferable or
5assignable. If issued for an ambulatory currency exchange, it
6shall so state, and shall state the name and office address of
7the licensee, and the name and address of the location or
8locations to be served by the licensee, and shall not be
9transferable and assignable.
10(Source: Laws 1951, p. 562.)
11    (205 ILCS 405/12)  (from Ch. 17, par. 4820)
12    Sec. 12. If the Secretary Director shall find at any time
13that the bond required by Section 5 is insecure or exhausted or
14otherwise doubtful, an additional bond in like amount to be
15approved by the Secretary Director shall be filed by the
16licensee within 30 days after written demand therefor upon the
17licensee by the Secretary Director.
18(Source: Laws 1957, p. 320.)
19    (205 ILCS 405/13)  (from Ch. 17, par. 4821)
20    Sec. 13. No more than one place of business shall be
21maintained under the same community currency exchange license,
22but the Secretary Director may issue more than one license to
23the same licensee upon compliance with the provisions of this
24Act governing an original issuance of a license, for each new



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2    Whenever a community currency exchange or an ambulatory
3currency exchange shall wish to change its name in its license,
4it shall file an application for approval thereof with the
5Secretary Director, and if the change is approved by the
6Secretary Director he shall attach to the license, in writing,
7a rider stating the licensee's new name.
8    If an ambulatory currency exchange has serviced a licensed
9location for 2 years or longer and the employer whose employees
10are served at that location has moved his place of business,
11the currency exchange may continue its service to the employees
12of that employer at the new address of that employer's place of
13business by filing a notice of the change of address with the
14Secretary Director and by relinquishing its license to conduct
15its business at the employer's old address upon receipt of a
16license to conduct its business at the employer's new address.
17Nothing in this Act shall preclude or prevent an ambulatory
18currency exchange from filing an application to conduct its
19business at the old address of an employer who moved his place
20of business after the ambulatory currency exchange receives a
21license to conduct its business at the employer's new address
22through the filing of a notice of its change of address with
23the Secretary Director and the relinquishing of its license to
24conduct its business at the employer's old address.
25    Whenever a currency exchange wishes to make any other
26change in the address set forth in any of its licenses, it



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1shall apply to the Secretary Director for approval of such
2change of address. Every application for approval of a change
3of address shall be treated by the Secretary Director in the
4same manner as is otherwise provided in this Act for the
5treatment of proposed places of business or locations as
6contained in new applications for licenses; and if any fact or
7condition then exists with respect to the application for
8change of address, which fact or condition would otherwise
9authorize denial of a new application for a license because of
10the address of the proposed location or place of business, then
11such application for change of address shall not be approved.
12Whenever a community currency exchange wishes to sell its
13physical assets, it may do so, however, if the assets are sold
14with the intention of continuing the operation of a community
15currency exchange, the purchaser or purchasers must first make
16application to the Secretary Director for licensure in
17accordance with Sections 4 and 10 of this Act. If the Secretary
18Director shall not so approve, he shall not issue such license
19and shall notify the applicant or applicants of such denial.
20The investigation fee for a change of location is $500. shall
21be $75 on September 22, 1987 and until July 1, 1988, and $125
22on July 1, 1988 and until July 1, 1989, and $150 on and after
23July 1, 1989.
24    The provisions of Section 10 with reference to notice,
25hearing and review apply to applications filed pursuant to this



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1(Source: P.A. 85-1209.)
2    (205 ILCS 405/13.1)  (from Ch. 17, par. 4822)
3    Sec. 13.1. Consolidation of business locations. Whenever 2
4or more licensees desire to consolidate their places of
5business, they shall make application for such consolidation to
6the Secretary Director upon a form provided by him or her. This
7application shall state: (a) the name to be adopted and the
8location at which the business is to be located, which name and
9location shall be the same as one of the consolidating
10licensees; (b) that the owners or all partners or all
11stockholders or all members, as the case may be, of the
12licensees involved in the contemplated consolidation, have
13approved the application; (c) a certification by the secretary,
14if any of the licensees be corporations, that the contemplated
15consolidation has been approved by all of the stockholders at a
16properly convened stockholders meeting; (d) other relevant
17information the Secretary Director may require. Simultaneously
18with the approval of the application by the Secretary Director,
19the licensee or licensees who will cease doing business shall:
20(a) surrender their license or licenses to the Secretary
21Director; (b) transfer all of their assets and liabilities to
22the licensee continuing to operate by virtue of the
23application; (c) apply to the Secretary of State, if they be
24corporations, for surrender of their corporate charter in
25accordance with the provisions of the Business Corporation Act



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1of 1983.
2    An application for consolidation shall be approved or
3rejected by the Secretary Director within 30 days after receipt
4by him of such application and supporting documents required
5thereunder. The Secretary may impose a consolidation fee of
6$100 per application.
7    Such consolidation shall not affect suits pending in which
8the surrendering licensees are parties; nor shall such
9consolidation affect causes of action nor the rights of persons
10in particular; nor shall suits brought against such licensees
11in their former names be abated for that cause.
12    Nothing contained herein shall limit or prohibit any action
13or remedy available to a licensee or to the Secretary Director
14under Sections 15, 15.1 to 15.1e or 15.2 of this Act.
15(Source: P.A. 90-545, eff. 1-1-98.)
16    (205 ILCS 405/14)  (from Ch. 17, par. 4823)
17    Sec. 14. Every licensee, shall, on or before November 15,
18pay to the Secretary Director the annual license fee or fees
19for the next succeeding calendar year and shall at the same
20time file with the Secretary Director the annual report
21required by Section 16 of this Act, and the annual bond or
22bonds, and the insurance policy or policies as and if required
23by this Act. The annual license fee for each community currency
24exchange is $400. shall be $150 on the effective date of this
25amendatory Act of 1987 and until January 1, 1989, and $180 on



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1January 1, 1989 and until January 1, 1990, and $200 on and
2after January 1, 1990. The annual license fee for each location
3served by an ambulatory currency exchange shall be $25.
4(Source: P.A. 85-708.)
5    (205 ILCS 405/14.1)
6    Sec. 14.1. All moneys received by the Department of
7Financial Institutions under this Act shall be deposited in the
8Financial Institutions Fund created under Section 6z-26 of the
9State Finance Act.
10(Source: P.A. 88-13.)
11    (205 ILCS 405/15)  (from Ch. 17, par. 4824)
12    Sec. 15. The Secretary may, after 15 days notice by
13registered or certified mail to the licensee at the address set
14forth in the license stating the contemplated action and in
15general the grounds therefore, fine the licensee an amount not
16exceeding $1,000 per violation or revoke or suspend any license
17issued if he or she finds that Director may, upon 10 days
18notice to the licensee by United States mail directed to the
19licensee at the address set forth in the license, stating the
20contemplated action and in general the grounds therefor, and
21upon reasonable opportunity to be heard prior to such action,
22fine, suspend or revoke any license issued hereunder if he
23shall find that:
24        (a) the The licensee has failed to pay the annual



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1    license fee or to maintain in effect the required bond or
2    bonds or insurance policy or policies or to comply with any
3    order, decision, or finding of the Director made pursuant
4    to this Act; or that
5        (b) the licensee has failed to comply with any
6    provision of this Act or any order, decision, finding,
7    rule, regulation, or direction of the Secretary lawfully
8    made under the authority of this Act; or
9        (c) the The licensee has violated any provision of this
10    Act or any regulation or direction made by the Secretary
11    Director under this Act; or that
12        (d) any (c) Any fact or condition exists which, if it
13    had existed at the time of the original application for
14    such license, would have warranted the Secretary Director
15    in refusing the issuance of the license; or that
16        (e) the (d) The licensee has not operated the currency
17    exchange or at the location licensed, for a period of 60
18    sixty consecutive days, unless the licensee was prevented
19    from operating during such period by reason of events or
20    acts beyond the licensee's control.
21    Prior to suspension or revocation of the licenses issued
22hereunder, the Director may but is not required to fine a
23licensee up to a maximum of $1,000 $100 a day.
24    The Secretary Director may fine, suspend or revoke only the
25particular license or licenses for particular places of
26business or locations with respect to which grounds for



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



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1requiring such witness to appear before the Secretary or the
2hearing officer, to produce documentary evidence, or to give
3testimony touching the matter in question; and the court may
4punish any failures to obey such orders of the court as
6    A licensee may surrender any license by delivering to the
7Secretary Director written notice that he, they or it thereby
8surrenders such license, but such surrender shall not affect
9such licensee's civil or criminal liability for acts committed
10prior to such surrender, or affect the liability on his, their
11or its bond or bonds, or his, their or its policy or policies
12of insurance, required by this Act, or entitle such licensee to
13a return of any part of the annual license fee or fees.
14    Every license issued hereunder shall remain in force until
15the same shall expire, or shall have been surrendered,
16suspended or revoked in accordance with this Act, but the
17Secretary Director may on his own motion, issue new licenses to
18a licensee whose license or licenses shall have been revoked if
19no fact or condition then exists which clearly would have
20warranted the Secretary Director in refusing originally the
21issuance of such license under this Act.
22    No license shall be revoked until the licensee has had
23notice of a hearing thereon and an opportunity to be heard.
24When any license is so revoked, the Director shall within
25twenty (20) days thereafter, prepare and keep on file in his
26office, a written order or decision of revocation which shall



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



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



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



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



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



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1the remaining funds shall be considered unclaimed property and
2remitted to the State Treasurer under the Uniform Disposition
3of Unclaimed Property Act.
4(Source: P.A. 90-545, eff. 1-1-98.)
5    (205 ILCS 405/15.1d)  (from Ch. 17, par. 4829)
6    Sec. 15.1d. At the close of a receivership, the receiver
7shall turn over to the Secretary Director all books of account
8and ledgers of such currency exchange for preservation. All
9records of such receiverships heretofore and hereafter
10received by the Secretary Director shall be held by him or her
11for a period of 2 years after the close of the receivership and
12at the termination of the 2 year period may then be destroyed.
13    All expenses of the receivership, including reasonable
14receiver's and attorney's fees approved by the Secretary
15Director, and all expenses of any preliminary or other
16examinations into the condition of the community currency
17exchange or receivership, and all expenses incident to the
18possession and control of any property or records of the
19community currency exchange incurred by the Secretary Director
20shall be paid out of the assets of the community currency
21exchange. The foregoing expenses shall be paid prior to and
22ahead of all claims.
23(Source: P.A. 83-345.)
24    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)



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1    Sec. 15.2. No community currency exchange shall determine
2its affairs and close up its business unless it shall first
3deposit with the Secretary Director an amount of money equal to
4the whole of its debts, liabilities and lawful demands against
5it including the costs and expenses of this proceeding, and
6shall surrender to the Secretary Director its community
7currency exchange license, and shall file with the Secretary
8Director a statement of termination signed by the licensee of
9such community currency exchange, containing a pronouncement
10of intent to close up its business and liquidate its
11liabilities, and also containing a sworn list itemizing in full
12all such debts, liabilities and lawful demands against it.
13Corporate licensees shall attach to, and make a part of such
14statement of termination, a copy of a resolution providing for
15the determination and closing up of the licensee's affairs,
16certified by the secretary of such licensee and duly adopted at
17a shareholders' meeting by the holders of at least two-thirds
18of the outstanding shares entitled to vote at such meeting.
19Upon the filing with the Secretary Director of a statement of
20termination the Secretary Director shall cause notice thereof
21to be published once each week for three consecutive weeks in a
22public newspaper of general circulation published in the city
23or village where such community currency exchange is located,
24and if no newspaper shall be there published, then in a public
25newspaper of general circulation nearest to said city or
26village; and such publication shall give notice that the debts,



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1liabilities and lawful demands against such community currency
2exchange will be redeemed by the Secretary Director on demand
3in writing made by the owner thereof, at any time within three
4years from the date of first publication. After the expiration
5of such three year period, the Secretary Director shall return
6to the person or persons designated in the statement of
7termination to receive such repayment and in the proportion
8therein specified, any balance of money then remaining in his
9possession, if any there be, after first deducting therefrom
10all unpaid costs and expenses incurred in connection with this
11proceeding. The Secretary Director shall receive for his
12services, exclusive of costs and expenses, two per cent of any
13amount up to $5,000.00, and one per cent of any amount in
14excess of $5,000.00, deposited with him hereunder by any one
15community currency exchange. Nothing contained herein shall
16affect or impair the liability of any bonding or insurance
17company on any bond or insurance policy issued under this Act
18relating to such community currency exchange.
19(Source: Laws 1957, p. 320.)
20    (205 ILCS 405/16)  (from Ch. 17, par. 4832)
21    Sec. 16. Annual report; investigation; costs.
22    (a) Each licensee shall annually, on or before the 1st day
23of March, file a report with the Secretary Director for the
24calendar year period from January 1st through December 31st,
25except that the report filed on or before March 15, 1990 shall



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1cover the period from October 1, 1988 through December 31,
21989, (which shall be used only for the official purposes of
3the Director) giving such relevant information as the Secretary
4Director may reasonably require concerning, and for the purpose
5of examining, the business and operations during the preceding
6fiscal year period of each licensed currency exchange conducted
7by such licensee within the State. Such report shall be made
8under oath and shall be in the form prescribed by the
9Secretary. The Secretary Director and the Director may at any
10time, and shall at least once in each year, investigate the
11currency exchange business of any licensee and of every person,
12partnership, association, limited liability company, and
13corporation who or which shall be engaged in the business of
14operating a currency exchange. For that purpose, the Secretary
15Director shall have free access to the offices and places of
16business and to such records of all such persons, firms,
17partnerships, associations, limited liability companies and
18members thereof, and corporations and to the officers and
19directors thereof that shall relate to such currency exchange
20business. The investigation may be conducted in conjunction
21with representatives of other State agencies or agencies of
22another state or of the United States as determined by the
23Secretary Director. The Secretary Director may at any time
24inspect the locations served by an ambulatory currency
25exchange, for the purpose of determining whether such currency
26exchange is complying with the provisions of this Act at each



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



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1Information and documents disclosed to a federal, State,
2county, or local law enforcement agency shall not be disclosed
3by the agency for any purpose to any other agency or person. An
4order issued by the Department against an ambulatory or
5community currency exchange shall be a public record and any
6documents produced in discovery, filed with the administrative
7law judge, or introduced at a hearing shall be a public record,
8except as otherwise prohibited by law.
9(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
10    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
11    Sec. 17. A. Every licensee shall keep and use in his
12business such books, accounts and records as will enable the
13Secretary Director to determine whether such licensee is
14complying with the provisions of this Act and with the rules,
15regulations and directions made by the Secretary Director
17    B. Each licensee shall record or cause to be recorded the
18following information with respect to each money order it sells
19or issues: (1) The amount; (2) the month and year of sale or
20issuance; and (3) the serial number.
21    Each licensee shall preserve the record required by this
22subsection for at least 7 17 years or until the money order to
23which it pertains is returned to the licensee. Each money order
24returned to the licensee shall be preserved for not less than 3
25years from the month and year of sale or issuance by the



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



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1within this Act. may be necessary for the execution and
2enforcement of this Act and the purposes sought to be attained
3herein. All such rules regulations, directions, orders,
4decisions and findings shall be filed and entered by the
5Secretary Director in an indexed permanent book or record, or
6electronic record, with the effective date thereof suitably
7indicated, and such book or record shall be a public document.
8All rules regulations and directions, which are of a general
9character, shall be made available in electronic form to all
10licensees within 10 days after filing and all licenses shall
11receive by mail notice of any changes. printed and copies
12thereof mailed to all licensees within 10 days after filing as
13aforesaid. Copies of all findings, orders and decisions shall
14be mailed to the parties affected thereby by United States mail
15within 5 days of such filing.
16(Source: Laws 1957, p. 320.)
17    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
18    Sec. 19.3. (A) The General Assembly hereby finds and
19declares: community currency exchanges and ambulatory currency
20exchanges provide important and vital services to Illinois
21citizens. In so doing, they transact extensive business
22involving check cashing and the writing of money orders in
23communities in which banking services are generally
24unavailable. Customers of currency exchanges who receive these
25services must be protected from being charged unreasonable and



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



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



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1        (b) Upon the filing of a verified petition setting
2    forth allegations demonstrating reasonable cause to
3    believe that the schedule of maximum rates previously
4    issued and promulgated should be adjusted, the Secretary
5    Director shall expeditiously:
6            (i) reject the petition if it fails to demonstrate
7        reasonable cause to believe that an adjustment is
8        necessary; or
9            (ii) conduct such hearings, in accordance with
10        this Section, as may be necessary to determine whether
11        the petition should be granted in whole or in part.
12        (c) No petition may be filed pursuant to subparagraph
13    (a) of paragraph (2) of subsection (B) unless:
14            (i) at least nine months have expired since the
15        last promulgation of schedules of maximum rates; and
16            (ii) at least one-fourth of all community currency
17        exchange licensees join in a petition or, in the case
18        of ambulatory currency exchanges, a licensee or
19        licensees authorized to serve at least 100 locations
20        join in a petition.
21    (3) Any currency exchange may charge lower fees than those
22of the applicable maximum fee schedule after filing with the
23Secretary Director a schedule of fees it proposes to use.
24(Source: P.A. 91-16, eff. 7-1-99.)
25    (205 ILCS 405/19.4)  (from Ch. 17, par. 4839)



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1    Sec. 19.4. The fees charged by community and ambulatory
2currency exchanges for rendering any service authorized by this
3Act shall be prominently displayed on the premises of the
4community currency exchange or at the location served by the
5ambulatory currency exchange in such fashion as shall be
6required by the Secretary Director.
7(Source: P.A. 81-964.)
8    (205 ILCS 405/20)  (from Ch. 17, par. 4840)
9    Sec. 20. Every person having taken an oath in any
10proceeding or matter wherein an oath is required by this Act,
11who shall swear willfully wilfully, corruptly or falsely in a
12matter material to the issue or point in question, or shall
13suborn any other person to swear as aforesaid, shall be guilty
14of perjury or subornation of perjury, as the case may be.
15(Source: Laws 1943, vol. 1, p. 233.)
16    (205 ILCS 405/21)  (from Ch. 17, par. 4841)
17    Sec. 21. Except as otherwise provided for in this Act,
18whenever the Secretary Director is required to give notice to
19any applicant or licensee, such requirement shall be complied
20with if, within the time fixed herein, such notice shall be
21enclosed in an envelope plainly addressed to such applicant or
22licensee, as the case may be, at the address set forth in the
23application or license, as the case may be, United States
24postage fully prepaid, and deposited, registered or certified,



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



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1    The cease and desist order permitted by this Section may be
2issued prior to a hearing.
3    The Secretary shall serve notice of his or her action,
4including, but not limited to, a statement of reasons for the
5action, either personally or by certified mail, return receipt
6requested. Service by certified mail shall be deemed completed
7when the notice is deposited in the U.S. mail.
8    Within 10 days after service of a cease and desist order,
9the licensee or other person may request, in writing, a
10hearing. The Secretary shall schedule a hearing within 30 days
11after the request for a hearing unless otherwise agreed to by
12the parties.
13    If it is determined that the Secretary has the authority to
14issue the cease and desist order, he or she may issue such
15orders as reasonably necessary to correct, eliminate, or remedy
16such conduct.
17    The powers vested in the Secretary by this Section are
18additional to any and all other powers and remedies vested in
19the Secretary by law, and nothing in this Section shall be
20construed as requiring that the Secretary shall employ the
21power conferred in this Section instead of or as a condition
22precedent to the exercise of any other power or remedy vested
23in the Secretary.
24    The currency exchange, or other person doing business
25without 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.".