Full Text of HB5055 93rd General Assembly
HB5055 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB5055
Introduced 02/05/04, by Susana Mendoza SYNOPSIS AS INTRODUCED: |
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205 ILCS 405/3.3 |
from Ch. 17, par. 4807 |
205 ILCS 405/13 |
from Ch. 17, par. 4821 |
205 ILCS 405/13.1 |
from Ch. 17, par. 4822 |
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Amends the Currency Exchange Act. Creates a fee for investigating new services and consolidation of location. Increases the fee for a change of location. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB5055 |
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LRB093 18666 SAS 44393 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Currency Exchange Act is amended by changing | 5 |
| Sections 3.3, 13, and 13.1 as follows:
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| (205 ILCS 405/3.3) (from Ch. 17, par. 4807)
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| Sec. 3.3. Additional public services , fees .
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| (a) Nothing in this Act shall prevent the Director from | 9 |
| authorizing
currency exchanges to render additional services | 10 |
| to the public if the services
are consistent with the | 11 |
| provisions of this Act, are within its meaning,
are in the best | 12 |
| interest of the public, and benefit the general welfare. The | 13 |
| investigation fee for new services shall be $75.
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| (b) Nothing in this Act shall prevent a community currency | 15 |
| exchange
from selling candy, gum, other packaged foods, and | 16 |
| soft drinks by means
of vending machines on its premises.
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| (Source: P.A. 87-258; 88-583, eff. 8-12-94.)
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| (205 ILCS 405/13) (from Ch. 17, par. 4821)
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| Sec. 13. No more than one place of business shall be | 20 |
| maintained under
the same community currency exchange license, | 21 |
| but the Director may issue
more than one license to the same | 22 |
| licensee upon compliance with the
provisions of this Act | 23 |
| governing an original issuance of a license, for
each new | 24 |
| license.
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| Whenever a community currency exchange or an ambulatory | 26 |
| currency
exchange shall wish to change its name in its license, | 27 |
| it shall file an
application for approval thereof with the | 28 |
| Director, and if the change is
approved by the Director he | 29 |
| shall attach to the license, in writing, a
rider stating the | 30 |
| licensee's new name.
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| If an ambulatory currency exchange has serviced a licensed |
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HB5055 |
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LRB093 18666 SAS 44393 b |
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| location for
2 years or longer and the employer whose employees | 2 |
| are served at that location
has moved his place of business, | 3 |
| the currency exchange may continue its
service to the employees | 4 |
| of that employer at the new address of that employer's
place of | 5 |
| business by filing a notice of the change of address with the | 6 |
| Director
and by relinquishing its license to conduct its | 7 |
| business at the employer's
old address upon receipt of a | 8 |
| license to conduct its business at the employer's
new address. | 9 |
| Nothing in this Act shall preclude or prevent an ambulatory
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| currency exchange from filing an application to conduct its | 11 |
| business at
the old address of an employer who moved his place | 12 |
| of business after the
ambulatory currency exchange receives a | 13 |
| license to conduct its business
at the employer's new address | 14 |
| through the filing of a notice of its change
of address with | 15 |
| the Director and the relinquishing of its license to conduct
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| its business at the employer's old address.
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| Whenever a currency exchange wishes to make any other | 18 |
| change in the address
set forth in any of its licenses, it | 19 |
| shall apply to the Director for approval
of such change of | 20 |
| address.
Every application for approval of a change of address | 21 |
| shall be treated by
the Director in the same manner as is | 22 |
| otherwise provided in this Act for
the treatment of proposed | 23 |
| places of business or locations as contained in
new | 24 |
| applications for licenses; and if any fact or condition then | 25 |
| exists
with respect to the application for change of address, | 26 |
| which fact or condition
would otherwise authorize denial of a | 27 |
| new application for a license because
of the address of the | 28 |
| proposed location or place of business, then such
application | 29 |
| for change of address shall not be approved. Whenever a
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| community currency exchange wishes to sell its physical assets, | 31 |
| it may do
so, however, if the assets are sold with the | 32 |
| intention of continuing the
operation of a community currency | 33 |
| exchange, the purchaser or purchasers
must first make | 34 |
| application to the Director for licensure in accordance
with | 35 |
| Sections 4 and 10 of this Act. If the Director shall not so | 36 |
| approve,
he shall not issue such license and shall notify the |
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LRB093 18666 SAS 44393 b |
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| applicant or
applicants of such denial. The investigation fee | 2 |
| for a change of location
shall be $500
$75 on September 22, | 3 |
| 1987 and until July 1, 1988, and $125 on July
1, 1988 and until | 4 |
| July 1, 1989, and $150 on and after July 1, 1989 .
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| The provisions of Section 10 with reference to notice, | 6 |
| hearing and review
apply to applications filed pursuant to this | 7 |
| Section.
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| (Source: P.A. 85-1209.)
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| (205 ILCS 405/13.1) (from Ch. 17, par. 4822)
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| Sec. 13.1. Consolidation of business locations , fees . | 11 |
| Whenever 2 or more
licensees desire to consolidate their places
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| of business, they shall make application for such consolidation | 13 |
| to the
Director upon a form provided by him. This application | 14 |
| shall state: (a) the
name to be adopted and the location at | 15 |
| which the business is to be located,
which name and location | 16 |
| shall be the same as one of the consolidating
licensees; (b) | 17 |
| that the owners or all partners or all stockholders or all
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| members, as the
case may be, of the licensees involved in the | 19 |
| contemplated consolidation,
have approved the application; (c) | 20 |
| a certification by the secretary, if any
of the licensees be | 21 |
| corporations, that the contemplated consolidation has
been | 22 |
| approved by all of the stockholders at a properly convened
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| stockholders meeting; (d) other relevant information the | 24 |
| Director may
require. Simultaneously with the approval of the | 25 |
| application by the
Director, the licensee or licensees who will | 26 |
| cease doing business shall:
(a) surrender their license or | 27 |
| licenses to the Director; (b) transfer all
of their assets and | 28 |
| liabilities to the licensee continuing to operate by
virtue of | 29 |
| the application; (c) apply to the Secretary of State, if they | 30 |
| be
corporations, for surrender of their corporate charter in | 31 |
| accordance with
the provisions of the Business Corporation Act | 32 |
| of 1983.
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| An application for consolidation shall be approved or | 34 |
| rejected by the
Director within 30 days after receipt by him of | 35 |
| such application and
supporting documents required thereunder.
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| Such consolidation shall not affect suits pending in which | 2 |
| the
surrendering licensees are parties; nor shall such | 3 |
| consolidation affect
causes of action nor the rights of persons | 4 |
| in particular; nor shall suits
brought against such licensees | 5 |
| in their former names be abated for that
cause. The | 6 |
| investigation fee for a consolidation of location shall be | 7 |
| $500.
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| Nothing contained herein shall limit or prohibit any action | 9 |
| or remedy
available to a licensee or to the Director under | 10 |
| Sections 15, 15.1 to 15.1e
or 15.2 of this Act.
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| (Source: P.A. 90-545, eff. 1-1-98.)
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| Section 99. Effective date. This Act takes effect upon | 13 |
| becoming law.
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