SB2433 EnrolledLRB100 16238 SMS 31361 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Currency Exchange Act is amended by changing
5Section 19.3 as follows:
6    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
7    Sec. 19.3. (A) The General Assembly hereby finds and
8declares: community currency exchanges and ambulatory currency
9exchanges provide important and vital services to Illinois
10citizens. In so doing, they transact extensive business
11involving check cashing and the writing of money orders in
12communities in which banking services are generally
13unavailable. Customers of currency exchanges who receive these
14services must be protected from being charged unreasonable and
15unconscionable rates for cashing checks and purchasing money
16orders. The Illinois Department of Financial and Professional
17Regulation has the responsibility for regulating the
18operations of currency exchanges and has the expertise to
19determine reasonable maximum rates to be charged for check
20cashing and money order purchases. Therefore, it is in the
21public interest, convenience, welfare and good to have the
22Department establish reasonable maximum rate schedules for
23check cashing and the issuance of money orders and to require



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1community and ambulatory currency exchanges to prominently
2display to the public the fees charged for all services. The
3Secretary shall review, each year, the cost of operation of the
4Currency Exchange Section and the revenue generated from
5currency exchange examinations and report to the General
6Assembly if the need exists for an increase in the fees
7mandated by this Act to maintain the Currency Exchange Section
8at a fiscally self-sufficient level. The Secretary shall
9include in such report the total amount of funds remitted to
10the State and delivered to the State Treasurer by currency
11exchanges pursuant to the Revised Uniform Unclaimed Property
13    (B) The Secretary shall, by rules adopted in accordance
14with the Illinois Administrative Procedure Act, expeditiously
15formulate and issue schedules of reasonable maximum rates which
16can be charged for check cashing and writing of money orders by
17community currency exchanges and ambulatory currency
19        (1) In determining the maximum rate schedules for the
20    purposes of this Section the Secretary shall take into
21    account:
22            (a) Rates charged in the past for the cashing of
23        checks and the issuance of money orders by community
24        and ambulatory currency exchanges.
25            (b) Rates charged by banks or other business
26        entities for rendering the same or similar services and



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1        the factors upon which those rates are based.
2            (c) The income, cost and expense of the operation
3        of currency exchanges.
4            (d) Rates charged by currency exchanges or other
5        similar entities located in other states for the same
6        or similar services and the factors upon which those
7        rates are based.
8            (e) Rates charged by the United States Postal
9        Service for the issuing of money orders and the factors
10        upon which those rates are based.
11            (f) A reasonable profit for a currency exchange
12        operation.
13            (g) The impact on consumers.
14            (h) Whether the rate schedule will
15        disproportionately impact anyone on the basis of any
16        protected characteristic or category listed in
17        subsection (Q) of Section 1-103 of the Illinois Human
18        Rights Act as those terms are defined in that Section.
19        (2)(a) The schedule of reasonable maximum rates
20    established pursuant to this Section may be modified by the
21    Secretary from time to time pursuant to rules adopted in
22    accordance with the Illinois Administrative Procedure Act.
23        (b) Upon the filing of a verified petition setting
24    forth allegations demonstrating reasonable cause to
25    believe that the schedule of maximum rates previously
26    issued and promulgated should be adjusted, the Secretary



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1    shall expeditiously:
2            (i) reject the petition if it fails to demonstrate
3        reasonable cause to believe that an adjustment is
4        necessary; or
5            (ii) conduct such hearings, in accordance with
6        this Section, as may be necessary to determine whether
7        the petition should be granted in whole or in part.
8        (c) No petition may be filed pursuant to subparagraph
9    (a) of paragraph (2) of subsection (B) unless:
10            (i) at least nine months have expired since the
11        last promulgation of schedules of maximum rates; and
12            (ii) at least one-fourth of all community currency
13        exchange licensees join in a petition or, in the case
14        of ambulatory currency exchanges, a licensee or
15        licensees authorized to serve at least 100 locations
16        join in a petition.
17        (3) Any currency exchange may charge lower fees than
18    those of the applicable maximum fee schedule after filing
19    with the Secretary a schedule of fees it proposes to use.
20(Source: P.A. 100-22, eff. 1-1-18.)
21    Section 99. Effective date. This Act takes effect June 1,