Full Text of HB4429 101st General Assembly
HB4429 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB4429 Introduced 2/3/2020, by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED: |
| 205 ILCS 405/10 | from Ch. 17, par. 4817 | 205 ILCS 405/3.2 rep. | | 205 ILCS 405/9 rep. | |
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Amends the Currency Exchange Act. Requires that an applicant for a license to operate a currency exchange must provide a statement that the business is in good standing with the State of Illinois and in compliance with the Department of Revenue. Repeals a provision that allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and a provision that prohibits community currency exchanges and ambulatory currency exchanges from issuing tokens to be used instead of money for the purchase of goods or services from any enterprise.
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| | A BILL FOR |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Currency Exchange Act is amended by changing | 5 | | Section 10 as follows:
| 6 | | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| 7 | | Sec. 10. Qualifications of applicant; denial of license; | 8 | | review. The
applicant or its controlling persons shall be | 9 | | vouched for
by 2 reputable citizens of this State setting forth
| 10 | | that the individual mentioned is (a) personally known to them | 11 | | to be
trustworthy and reputable, (b) that he has business | 12 | | experience qualifying
him to competently conduct, operate, own | 13 | | or become associated with a
currency exchange, and (c) that he | 14 | | has a good business reputation and is worthy
of a license. The | 15 | | applicant shall also provide a statement that the business is | 16 | | in good standing with the State of Illinois and in compliance | 17 | | with the Department of Revenue. Thereafter, the Secretary | 18 | | shall, upon approval of the
application filed with him, issue | 19 | | to the applicant, qualifying under this
Act, a license to | 20 | | operate a currency exchange. If it is a license for a
community | 21 | | currency exchange, the same shall be valid only at the place of
| 22 | | business specified in the application. If it is a license for | 23 | | an ambulatory
currency exchange, it shall entitle the applicant |
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| 1 | | to operate only at the
location or locations specified in the | 2 | | application, provided the applicant
shall secure separate and | 3 | | additional licenses for each of such locations.
Such licenses | 4 | | shall remain in full force and effect, until they are
| 5 | | surrendered by the licensee, or revoked, or expire, as herein | 6 | | provided. If
the Secretary shall not so approve, he shall not | 7 | | issue such license or
licenses and shall notify the applicant | 8 | | of such denial, retaining the full
investigation fee to cover | 9 | | the cost of investigating the community
currency exchange | 10 | | applicant. The
Secretary shall approve or deny every | 11 | | application hereunder within 90 days
from the filing of a | 12 | | complete application; except that in respect to an application | 13 | | by an
approved ambulatory currency exchange for a license with | 14 | | regard to a
particular location to be served by it, the same | 15 | | shall be approved or
denied within 20 days from the filing | 16 | | thereof. If the application is
denied, the Secretary shall send | 17 | | by United States mail notice of such denial
to the applicant at | 18 | | the address set forth in the application.
| 19 | | If an application is denied, the applicant may, within 10 | 20 | | days from the
date of the notice of denial, make written | 21 | | request to the Secretary for a
hearing on the application, and | 22 | | the Secretary shall set a time and place for
the hearing. The | 23 | | hearing shall be set for a date after the receipt by the
| 24 | | Secretary of the request for hearing, and written notice of the | 25 | | time and
place of the hearing shall be mailed to the applicant | 26 | | at least 15 days
before the date of the hearing. The applicant |
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| 1 | | shall pay the actual cost of
making the transcript of the | 2 | | hearing prior to the Secretary's issuing his
decision following | 3 | | the hearing. If, following the hearing, the application
is | 4 | | denied, the Secretary shall, within 20 days thereafter prepare | 5 | | and keep
on file in his office a written order of denial | 6 | | thereof, which shall
contain his findings with respect thereto | 7 | | and the reasons supporting the
denial, and shall send by United | 8 | | States Mail a copy thereof to the
applicant at the address set | 9 | | forth in the application, within 5 days after
the filing of | 10 | | such order. A review of any such decision may be had as
| 11 | | provided in Section 22.01 of this Act.
| 12 | | (Source: P.A. 99-445, eff. 1-1-16 .)
| 13 | | (205 ILCS 405/3.2 rep.)
| 14 | | (205 ILCS 405/9 rep.)
| 15 | | Section 10. The Currency Exchange Act is amended by | 16 | | repealing Sections 3.2 and 9.
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