Sen. Jacqueline Y. Collins

Filed: 4/4/2018





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2    AMENDMENT NO. ______. Amend Senate Bill 2433 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Currency Exchange Act is amended by
5changing Section 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



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



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1    purposes of this Section the Secretary shall take into
2    account:
3            (a) Rates charged in the past for the cashing of
4        checks and the issuance of money orders by community
5        and ambulatory currency exchanges.
6            (b) Rates charged by banks or other business
7        entities for rendering the same or similar services and
8        the factors upon which those rates are based.
9            (c) The income, cost and expense of the operation
10        of currency exchanges.
11            (d) Rates charged by currency exchanges or other
12        similar entities located in other states for the same
13        or similar services and the factors upon which those
14        rates are based.
15            (e) Rates charged by the United States Postal
16        Service for the issuing of money orders and the factors
17        upon which those rates are based.
18            (f) A reasonable profit for a currency exchange
19        operation.
20            (g) The impact on consumers.
21            (h) Whether the rate schedule will
22        disproportionately impact anyone on the basis of any
23        protected characteristic or category listed in
24        subsection (Q) of Section 1-103 of the Illinois Human
25        Rights Act as those terms are defined in that Section.
26        (2)(a) The schedule of reasonable maximum rates



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1    established pursuant to this Section may be modified by the
2    Secretary from time to time pursuant to rules adopted in
3    accordance with the Illinois Administrative 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    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
25    those of the applicable maximum fee schedule after filing
26    with the Secretary a schedule of fees it proposes to use.



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1(Source: P.A. 100-22, eff. 1-1-18.)
2    Section 99. Effective date. This Act takes effect June 1,