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




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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
5Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5, 6, 7, 10,
611, 12, 13, 13.1, 14, 14.1, 15, 15.1, 15.1a, 15.1b, 15.1d,
715.2, 16, 17, 18, 19, 19.3, 19.4, 20, 21, and 22.01 and by
8adding 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
17United States, engaged in the business or service of, and
18providing facilities for, cashing checks, drafts, money orders
19or any other evidences of money acceptable to such community
20currency exchange, for a fee or service charge or other
21consideration, or engaged in the business of selling or issuing
22money orders under his or their or its name, or any other money
23orders (other than United States Post Office money orders,



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1Postal Telegraph Company money orders, or Western Union
2Telegraph Company money orders), or engaged in both such
3businesses, or engaged in performing any one or more of the
4foregoing services.
5    "Department" means the Department of Financial and
6Professional Regulation.
7    "Director" means the Director of the Division of Financial
8Institutions of the Department of Financial and Professional
10    "Division of Financial Institutions" means the Division of
11Financial Institutions of the Department of Financial and
12Professional Regulation.
13    "Ambulatory Currency Exchange" means any person, firm,
14association, partnership, limited liability company, or
15corporation, except banks organized under the laws of this
16State and National Banks organized pursuant to the laws of the
17United States, engaged in one or both of the foregoing
18businesses, or engaged in performing any one or more of the
19foregoing services, solely on the premises of the employer
20whose employees are being served.
21    "Location" when used with reference to an ambulatory
22currency exchange means the premises of the employer whose
23employees are or are to be served by an ambulatory currency
25    "Secretary Director" means the Secretary Director of
26Financial and Professional Regulation or a person authorized by



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1the Secretary or this Act to act in the Secretary's stead
2Financial Institutions. All references in this Act to the
3Secretary shall be deemed to include the Director, as a person
4authorized by the Secretary or this Act to assume
5responsibility for the oversight of the functions of the
6Department relative to the regulatory supervision of community
7currency exchanges and ambulatory currency exchanges under
8this Act.
9    (b) Nothing in this Act shall be held to apply to any
10person, firm, association, partnership, limited liability
11company, or corporation who is engaged primarily in the
12business of transporting for hire, bullion, currency,
13securities, negotiable or non-negotiable documents, jewels or
14other property of great monetary value and who in the course of
15such business and only as an incident thereto, cashes checks,
16drafts, money orders or other evidences of money directly for,
17or for the employees of and with the funds of and at a cost only
18to, the person, firm, association, partnership, limited
19liability company, or corporation for whom he or it is then
20actually transporting such bullion, currency, securities,
21negotiable or non-negotiable documents, jewels, or other
22property of great monetary value, pursuant to a written
23contract for such transportation and all incidents thereof, nor
24shall it apply to any person, firm, association, partnership,
25limited liability company, or corporation engaged in the
26business of selling tangible personal property at retail who,



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1in the course of such business and only as an incident thereto,
2cashes checks, drafts, money orders or other evidences of
4(Source: P.A. 90-545, eff. 1-1-98.)
5    (205 ILCS 405/2)  (from Ch. 17, par. 4803)
6    Sec. 2. License required; violation; injunction. No
7person, firm, association, partnership, limited liability
8company, or corporation shall engage in the business of a
9community currency exchange or in the business of an ambulatory
10currency exchange without first securing a license to do so
11from the Secretary Director.
12    Any person, firm, association, partnership, limited
13liability company, or corporation issued a license to do so by
14the Secretary Director shall have authority to operate a
15community currency exchange or an ambulatory currency
16exchange, as defined in Section 1 hereof.
17    Any person, firm, association, partnership, limited
18liability company, or corporation licensed as and engaged in
19the business of a community currency exchange shall at a
20minimum offer the service of cashing checks, or drafts, or
21money orders, or any other evidences of money acceptable to
22such currency exchange.
23    No ambulatory currency exchange and no community currency
24exchange shall be conducted on any street, sidewalk or highway
25used by the public, and no license shall be issued therefor. An



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1ambulatory currency exchange shall be required to and shall
2secure a license or licenses for the conduct of its business at
3each and every location served by it, as provided in Section 4
4hereof, whether the services at any such location are rendered
5for or without a fee, service charge or other consideration.
6Each plant or establishment is deemed a separate location. No
7license issued for the conduct of its business at one location
8shall authorize the conduct of its business at any other
9location, nor shall any license authorize the rendering of
10services by an ambulatory currency exchange to persons other
11than the employees of the employer named therein. If the
12employer named in such license shall move his business from the
13address therein set forth, such license shall thereupon expire,
14unless the Secretary Director has approved a change of address
15for such location, as provided in Section 13.
16    Any person, firm, association, partnership, limited
17liability company, or corporation that violates this Section
18shall be guilty of a Class A misdemeanor, and the Attorney
19General or the State's Attorney of the county in which the
20violation occurs shall file a complaint in the Circuit Court of
21the county to restrain the violation.
22(Source: P.A. 90-545, eff. 1-1-98.)
23    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
24    Sec. 3. Powers of community currency exchanges. No
25community or ambulatory currency exchange shall be permitted to



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1accept money or evidences of money as a deposit to be returned
2to the depositor or upon the depositor's order. ; and no No
3community or ambulatory currency exchange shall be permitted to
4act as bailee or agent for persons, firms, partnerships,
5limited liability companies, associations or corporations to
6hold money or evidences thereof or the proceeds therefrom for
7the use and benefit of the owners thereof, and deliver such
8money or proceeds of evidence of money upon request and
9direction of such owner or owners. A community or ambulatory
10currency exchange is permitted to engage in, and charge a fee
11for, the following activities, either directly or as a
12third-party agent: (i) cashing of checks, drafts, money orders,
13or any other evidences of money acceptable to the currency
14exchange, (ii) selling or issuing money orders, (iii) obtaining
15reports, certificates, governmental permits, licenses, and
16vital statistics and the preparation of necessary applications
17to obtain the same, (iv) the sale and distribution of bond
18cards, (v) obtaining, distributing, providing, or selling:
19State vehicle registration renewals, title transfers and tax
20remittance forms, city vehicle licenses, and other
21governmental services, (vi) photocopying and sending and
22receiving facsimile transmissions, (vii) notary service either
23by the proprietor of the currency exchange or any currency
24exchange employee, authorized by the State to act as a notary
25public, (viii) issuance of travelers checks obtained by the
26currency exchange from a banking institution under a trust



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



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1other companies to act as its the companies' agent for the
2acceptance of payment of utility and other companies' bills
3without charge to the utility customer and, acting under such
4agreement, may receipt for payments in the names of the utility
5and other companies. Any community or ambulatory currency
6exchange may also receive payment of utility and other
7companies' bills for remittance to companies with which it has
8no such agency agreement and may charge a fee for such service
9but may not, in such cases, issue a receipt for such payment in
10the names of the utility and other companies. However, funds
11received by currency exchanges for remittance to utility and
12other companies with which the currency exchange has no agency
13agreement shall be forwarded to the appropriate utility and
14other companies by the currency exchange before the end of the
15next business day.
16    For the purpose of this Section, "utility and other
17companies" means any utility company and other company with
18which the currency exchange may or may not have a contractual
19agreement and for which the currency exchange accepts payments
20from consumers for remittance to the utility or other company
21for the payment of bills.
22(Source: P.A. 90-545, eff. 1-1-98.)
23    (205 ILCS 405/3.1)  (from Ch. 17, par. 4805)
24    Sec. 3.1. Nothing in this Act shall prevent a currency
25exchange from rendering State or Federal income tax service;



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1nor shall the rendering of such service be considered a
2violation of this Act if such service be rendered either by the
3proprietor, or any of his employees, or a licensed, regulated
4tax service approved by the Internal Revenue Service. For the
5purpose of this Section, "tax service" does not mean to make or
6offer to make a refund anticipation loan as defined by the Tax
7Refund Anticipation Loan Disclosure Act.
8(Source: Laws 1949, p. 336.)
9    (205 ILCS 405/3.2)  (from Ch. 17, par. 4806)
10    Sec. 3.2. Community currency exchanges and ambulatory
11currency exchanges may engage in the distribution of
12Supplemental Nutrition Assistance Program (SNAP) benefits food
13stamps in accordance with such regulations as are made by the
14Secretary Director.
15(Source: P.A. 80-439.)
16    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
17    Sec. 3.3. Additional public services.
18    (a) Nothing in this Act shall prevent the Secretary
19Director from authorizing a currency exchange, group of
20currency exchanges, or association of currency exchanges
21currency exchanges to render additional services to the public
22if the services are consistent with the provisions of this Act,
23are within its meaning, are in the best interest of the public,
24and benefit the general welfare. A currency exchange, group of



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1currency exchanges, or association of currency exchanges must
2request, in writing, the Secretary's approval of the additional
3service prior to rendering such additional service to the
4public. Any approval under this Section shall be deemed an
5approval for all currency exchanges. Any currency exchange
6wishing to provide an additional service as approved by the
7Secretary must provide notice to the Secretary 30 days prior to
8offering the approved additional service to the public. The
9Secretary may charge an additional service investigation fee of
10$500 per application. The Secretary may, at his or her
11discretion, revoke any authorization under this Section on 60
12days written notice to the currency exchange.
13    (b) (Blank). Nothing in this Act shall prevent a community
14currency exchange from selling candy, gum, other packaged
15foods, and soft drinks by means of vending machines on its
17(Source: P.A. 87-258; 88-583, eff. 8-12-94.)
18    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
19    Sec. 4. License application; contents; fees. Application
20for such license shall be in writing under oath and in the form
21prescribed and furnished by the Secretary Director. Each
22application shall contain the following:
23    (a) The full name and address (both of residence and place
24of business) of the applicant, and if the applicant is a
25partnership, limited liability company, or association, of



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1every member thereof, and the name and business address if the
2applicant is a corporation;
3    (b) The county and municipality, with street and number, if
4any, where the community currency exchange is to be conducted,
5if the application is for a community currency exchange
7    (c) If the application is for an ambulatory currency
8exchange license, the name and address of the employer at each
9location to be served by it; and
10    (d) The applicant's occupation or profession; a detailed
11statement of his business experience for the 10 years
12immediately preceding his application; a detailed statement of
13his finances; his present or previous connection with any other
14currency exchange; whether he has ever been involved in any
15civil or criminal litigation, and the material facts pertaining
16thereto; whether he has ever been committed to any penal
17institution or admitted to an institution for the care and
18treatment of mentally ill persons; and the nature of
19applicant's occupancy of the premises to be licensed where the
20application is for a community currency exchange license. If
21the applicant is a partnership, the information specified
22herein shall be required of each partner. If the applicant is a
23corporation, the said information shall be required of each
24officer, director and stockholder thereof along with
25disclosure of their ownership interests. If the applicant is a
26limited liability company, the information required by this



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1Section shall be provided with respect to each member and
2manager along with disclosure of their ownership interests.
3    A community currency exchange license application shall be
4accompanied by a fee of $500, prior to January 1, 2012. After
5January 1, 2012 the fee shall be $750. After January 1, 2014
6the fee shall be $1,000. for the cost of investigating the
7applicant. If the ownership of a licensee changes, in whole or
8in part, a new application must be filed pursuant to this
9Section along with a $500 fee if the licensee's ownership
10interests have been transferred or sold to a new person or
11entity or a fee of $300 if the licensee's ownership interests
12have been transferred or sold to a current holder or holders of
13the licensee's ownership interests. When the application for a
14community currency exchange license has been approved by the
15Secretary Director and the applicant so advised, an additional
16sum of $400 $200 as an annual license fee for a period
17terminating on the last day of the current calendar year shall
18be paid to the Secretary Director by the applicant; provided,
19that the license fee for an applicant applying for such a
20license after July 1st of any year shall be $200 $100 for the
21balance of such year.
22    An application for an ambulatory currency exchange license
23shall be accompanied by a fee of $100, which fee shall be for
24the cost of investigating the applicant. An approved applicant
25shall not be required to pay the initial investigation fee of
26$100 more than once. When the application for an ambulatory



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1currency exchange license has been approved by the Secretary
2Director, and such applicant so advised, such applicant shall
3pay an annual license fee of $25 for each and every location to
4be served by such applicant; provided that such license fee for
5an approved applicant applying for such a license after July
61st of any year shall be $12 for the balance of such year for
7each and every location to be served by such applicant. Such an
8approved applicant for an ambulatory currency exchange
9license, when applying for a license with respect to a
10particular location, shall file with the Secretary Director, at
11the time of filing an application, a letter of memorandum,
12which shall be in writing and under oath, signed by the owner
13or authorized representative of the business whose employees
14are to be served; such letter or memorandum shall contain a
15statement that such service is desired, and that the person
16signing the same is authorized so to do. The Secretary Director
17shall thereupon verify the authenticity of the letter or
18memorandum and the authority of the person who executed it, to
19do so.
20(Source: P.A. 92-398, eff. 1-1-02.)
21    (205 ILCS 405/4.1)  (from Ch. 17, par. 4809)
22    Sec. 4.1. The General Assembly finds and declares that
23community currency exchanges provide important and vital
24services to Illinois citizens, that the number of community
25currency exchanges should be limited in accordance with the



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



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1control and supervision of any Administrator, Executor or
2Guardian appointed, approved or qualified by any Court of the
3State of Illinois, having jurisdiction so to do, such
4Administrator, Executor or Guardian may, upon the entry of an
5order by such Court granting leave to continue the operation of
6such Currency Exchange, apply to the Secretary Director of
7Financial Institutions for a license under the provisions of
8this Act. When any such Administrator, Executor or Guardian
9shall apply for a Currency Exchange License pursuant to the
10provisions of this Section, and shall otherwise fully comply
11with all of the provisions of this Act relating to the
12application for a Currency Exchange license, the Secretary
13Director may issue to such applicant a Currency Exchange
14license. Any Currency Exchange license theretofore issued to a
15Currency Exchange, for which an application for a license shall
16be sought under the provisions of this Section, if not
17previously surrendered, lapsed, or revoked, shall be
18surrendered, revoked or otherwise terminated before a license
19shall be issued pursuant to application made therefor under
20this Section.
21(Source: P.A. 92-16, eff. 6-28-01.)
22    (205 ILCS 405/4.3)  (from Ch. 17, par. 4811)
23    Sec. 4.3. Upon receipt of an application from an ambulatory
24currency exchange for the conduct of its business at a location
25to be served by it, the Secretary Director of Financial



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1Institutions shall cause an investigation to be made to
2determine whether to issue said license. No fee shall be
3charged for the investigation of an application for a location
4license. The Secretary Director shall employ the following
5criteria in making his determination:
6    (1) the economic benefit and convenience to the persons to
7be served at the location for which a license has been
9    (2) the effect that granting a license will have on the
10financial stability of community currency exchanges;
11    (3) safety benefits, if any, which may accrue from the
12granting of the location license;
13    (4) the effects, if any, which granting of a license will
14have on traffic, and traffic congestion in the immediate area
15of the location to be served;
16    (5) such other factors as the Secretary Director shall deem
17proper and relevant.
18(Source: P.A. 85-1356.)
19    (205 ILCS 405/5)  (from Ch. 17, par. 4812)
20    Sec. 5. Bond; condition; amount.
21    (a) Before any license shall be issued to a community
22currency exchange the applicant shall file annually with and
23have approved by the Secretary Director a surety bond, issued
24by a bonding company authorized to do business in this State in
25the principal sum of $25,000 $10,000. Such bond shall run to



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1the Secretary Director and shall be for the benefit of any
2creditors of such currency exchange for any liability incurred
3by the currency exchange on any money orders, including any
4fees and penalties incurred by the remitter should the money
5order be returned unpaid, issued or sold by the currency
6exchange and for any liability incurred by the currency
7exchange for any sum or sums due to any payee or endorsee of
8any check, draft or money order left with the currency exchange
9for collection, and for any liability incurred by the currency
10exchange in connection with the rendering of any of the
11services referred to in Section 3 of this Act.
12    From time to time the Secretary Director may determine the
13amount of liabilities as described herein and shall require the
14licensee to file a bond in an additional sum if the same is
15determined to be necessary in accordance with the requirements
16of this Section. In no case shall the bond be less than the
17initial $25,000 $10,000, nor more than the outstanding
19    (b) In lieu of the surety bond requirements of subsection
20(a), a community currency exchange licensee may submit evidence
21satisfactory to the Secretary Director that the community
22currency exchange licensee is covered by a blanket bond that
23covers multiple licensees who are members of a statewide
24association of community currency exchanges. Such a blanket
25bond must be issued by a bonding company authorized to do
26business in this State and in a principal aggregate sum of not



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1less than $3,000,000 as of May 1, 2012, and not less than
2$4,000,000 as of May 1, 2014 $2,000,000.
3    (c) An ambulatory currency exchange may sell or issue money
4orders at any location with regard to which it is issued a
5license pursuant to this Act, including existing licensed
6locations, without the necessity of a further application or
7hearing and without regard to any exceptions contained in
8existing licenses, upon the filing with the Secretary Director
9of a surety bond approved by the Secretary Director and issued
10by a bonding company or insurance company authorized to do
11business in Illinois, in the principal sum of $100,000. Such
12bond may be a blanket bond covering all locations at which the
13ambulatory currency exchange may sell or issue money orders,
14and shall run to the Secretary Director for the use and benefit
15of any creditors of such ambulatory currency exchange for any
16liability incurred by the ambulatory currency exchange on any
17money orders issued or sold by it. Such bond shall be renewed
18annually. If after the expiration of one year from the date of
19approval of such bond by the Secretary Director, it shall
20appear that the average amount of such liability during the
21year has exceeded $100,000, the Secretary Director shall
22require the licensee to furnish a bond for the ensuing year, to
23be approved by the Secretary Director, for an additional
24principal sum of $1,000 for each $1,000 of such liability or
25fraction thereof in excess of the original $100,000, except
26that the maximum amount of such bond shall not be required to



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1exceed $250,000.
2(Source: P.A. 93-614, eff. 11-18-03.)
3    (205 ILCS 405/6)  (from Ch. 17, par. 4813)
4    Sec. 6. Insurance against loss.
5    (a) Every applicant for a license hereunder shall, after
6his application for a license has been approved, file with and
7have approved by the Secretary of Financial and Professional
8Regulation, a policy or policies of insurance issued by an
9insurance company or indemnity company authorized to do
10business under the law of this State, which shall insure the
11applicant against loss by theft, burglary, robbery or forgery
12in a principal sum as hereinafter provided; if the average
13amount of cash and liquid funds to be kept on hand in the
14office of the community currency exchange during the year will
15not be in excess of $10,000 the policy or policies shall be in
16the principal sum of $10,000. If such average amount will be in
17excess of $10,000, the policy or policies shall be for an
18additional principal sum of $500 for each $1,000 or fraction
19thereof of such excess over the original $10,000. From time to
20time, the Secretary may determine the amount of cash and liquid
21funds on hand in the office of any community currency exchange
22and shall require the licensee to submit additional policies if
23the same are determined to be necessary in accordance with the
24requirements of this Section.
25    However, any community currency exchange licensed under



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1this Act may meet the insurance bonding requirements of this
2subsection (a) by submitting evidence satisfactory to the
3Secretary that the licensee is covered by a blanket insurance
4policy bond that covers multiple licensees. The blanket
5insurance policy bond: (i) shall insure the licensee against
6loss by theft, robbery, or forgery; (ii) shall be issued by an
7insurance a bonding company authorized to do business in this
8State; and (iii) shall be in the principal sum of an amount
9equal to the maximum amount required under this Section for any
10one licensee covered by the insurance policy bond.
11    Any such policy or policies, with respect to forgery, may
12carry a condition that the community currency exchange assumes
13the first $1,000 of each claim thereunder.
14    (b) Before an ambulatory currency exchange shall sell or
15issue money orders, it shall file with and have approved by the
16Secretary, a policy or policies of insurance issued by an
17insurance company or indemnity company authorized to do
18business under the laws of this State, which shall insure such
19ambulatory currency exchange against loss by theft, burglary,
20robbery, forgery or embezzlement in the principal sum of not
21less than $500,000. If the average amount of cash and liquid
22funds to be kept on hand during the year will exceed $500,000,
23the policy or policies shall be for an additional principal sum
24of $500 for each $1,000 or fraction thereof in excess of
25$500,000. From time to time the Secretary may determine the
26amount of cash and liquid funds kept on hand by an ambulatory



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1currency exchange and shall require it to submit such
2additional policies as are determined to be required within the
3limits of this Section. No ambulatory currency exchange subject
4to this Section shall be required to furnish more than one
5policy of insurance if the policy furnished insures it against
6the foregoing losses at all locations served by it.
7    Any such policy may contain a condition that the insured
8assumes a portion of the loss, provided the insured shall file
9with such policy a sworn financial statement indicating its
10ability to act as self-insurer in the amount of such deductible
11portion of the policy without prejudice to the safety of any
12funds belonging to its customers. If the Secretary is not
13satisfied as to the financial ability of the ambulatory
14currency exchange, he may require it to deposit cash or United
15States Government Bonds in the amount of part or all of the
16deductible portion of the policy.
17(Source: P.A. 94-538, eff. 1-1-06.)
18    (205 ILCS 405/7)  (from Ch. 17, par. 4814)
19    Sec. 7. Available funds; minimum amount. Each community
20currency exchange shall have, at all times, a minimum of $5,000
21sum of its own cash funds available for the uses and purposes
22of its business and said minimum sum shall be exclusive of and
23in addition to funds received for exchange or transfer; and in
24addition thereto each such licensee shall at all times have on
25hand an amount of liquid funds sufficient to pay on demand all



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1outstanding money orders issued by it. Prior to January 1,
21979, this minimum sum shall be $4,000. After January 1, 1979,
3this minimum sum shall be $5,000.
4    In the event a receiver is appointed in accordance with
5Section 15.1 of this Act, and the Secretary Director determines
6that the business of the currency exchange should be
7liquidated, and if it shall appear that the said minimum sum
8was not on hand or available at the time of the appointment of
9the receiver, then the receiver shall have the right to recover
10in any court of competent jurisdiction from the owner or owners
11of such currency exchange, or from the stockholders and
12directors thereof if such currency exchange was operated by a
13corporation, or from the members if the currency exchange was
14operated as a limited liability company, said sum or that part
15thereof which was not on hand or available at the time of the
16appointment of such receiver. Nothing contained in this Section
17shall limit or impair the liability of any bonding or insurance
18company on any bond or insurance policy relating to such
19community currency exchange issued pursuant to the
20requirements of this Act, nor shall anything contained herein
21limit or impair such other rights or remedies as the receiver
22may otherwise have.
23(Source: P.A. 90-545, eff. 1-1-98.)
24    (205 ILCS 405/10)  (from Ch. 17, par. 4817)
25    Sec. 10. Qualifications of applicant; denial of license;



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



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1of a complete application thereof; except that in respect to an
2application by an approved ambulatory currency exchange for a
3license with regard to a particular location to be served by
4it, the same shall be approved or denied within 20 days from
5the filing thereof. If the application is denied, the Secretary
6Director shall send by United States mail notice of such denial
7to the applicant at the address set forth in the application.
8    If an application is denied, the applicant may, within 10
9days from the date of the notice of denial, make written
10request to the Secretary Director for a hearing on the
11application, and the Secretary Director shall set a time and
12place for the hearing. The hearing shall be set for a date
13after the receipt by the Secretary Director of the request for
14hearing, and written notice of the time and place of the
15hearing shall be mailed to the applicant at least 15 days
16before the date of the hearing. The applicant shall pay the
17actual cost of making the transcript of the hearing prior to
18the Secretary's Director's issuing his decision following the
19hearing. If, following the hearing, the application is denied,
20the Secretary Director shall, within 20 days thereafter prepare
21and keep on file in his office a written order of denial
22thereof, which shall contain his findings with respect thereto
23and the reasons supporting the denial, and shall send by United
24States Mail a copy thereof to the applicant at the address set
25forth in the application, within 5 days after the filing of
26such order. A review of any such decision may be had as



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1provided in Section 22.01 of this Act.
2(Source: P.A. 90-545, eff. 1-1-98.)
3    (205 ILCS 405/11)  (from Ch. 17, par. 4819)
4    Sec. 11. Such license, if issued for a community currency
5exchange, shall state the name of the licensee and the address
6at which the business is to be conducted. Such license, and its
7annual renewal, shall be kept conspicuously posted in the place
8of business of the licensee and shall not be transferable or
9assignable. If issued for an ambulatory currency exchange, it
10shall so state, and shall state the name and office address of
11the licensee, and the name and address of the location or
12locations to be served by the licensee, and shall not be
13transferable and assignable.
14(Source: Laws 1951, p. 562.)
15    (205 ILCS 405/12)  (from Ch. 17, par. 4820)
16    Sec. 12. If the Secretary Director shall find at any time
17that the bond required by Section 5 is insecure or exhausted or
18otherwise doubtful, an additional bond in like amount to be
19approved by the Secretary Director shall be filed by the
20licensee within 30 days after written demand therefor upon the
21licensee by the Secretary Director.
22(Source: Laws 1957, p. 320.)
23    (205 ILCS 405/13)  (from Ch. 17, par. 4821)



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1    Sec. 13. No more than one place of business shall be
2maintained under the same community currency exchange license,
3but the Secretary Director may issue more than one license to
4the same licensee upon compliance with the provisions of this
5Act governing an original issuance of a license, for each new
7    Whenever a community currency exchange or an ambulatory
8currency exchange shall wish to change its name in its license,
9it shall file an application for approval thereof with the
10Secretary Director, and if the change is approved by the
11Secretary Director he shall attach to the license, in writing,
12a rider stating the licensee's new name.
13    If an ambulatory currency exchange has serviced a licensed
14location for 2 years or longer and the employer whose employees
15are served at that location has moved his place of business,
16the currency exchange may continue its service to the employees
17of that employer at the new address of that employer's place of
18business by filing a notice of the change of address with the
19Secretary Director and by relinquishing its license to conduct
20its business at the employer's old address upon receipt of a
21license to conduct its business at the employer's new address.
22Nothing in this Act shall preclude or prevent an ambulatory
23currency exchange from filing an application to conduct its
24business at the old address of an employer who moved his place
25of business after the ambulatory currency exchange receives a
26license to conduct its business at the employer's new address



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1through the filing of a notice of its change of address with
2the Secretary Director and the relinquishing of its license to
3conduct its business at the employer's old address.
4    Whenever a currency exchange wishes to make any other
5change in the address set forth in any of its licenses, it
6shall apply to the Secretary Director for approval of such
7change of address. Every application for approval of a change
8of address shall be treated by the Secretary Director in the
9same manner as is otherwise provided in this Act for the
10treatment of proposed places of business or locations as
11contained in new applications for licenses; and if any fact or
12condition then exists with respect to the application for
13change of address, which fact or condition would otherwise
14authorize denial of a new application for a license because of
15the address of the proposed location or place of business, then
16such application for change of address shall not be approved.
17Whenever a community currency exchange wishes to sell its
18physical assets, it may do so, however, if the assets are sold
19with the intention of continuing the operation of a community
20currency exchange, the purchaser or purchasers must first make
21application to the Secretary Director for licensure in
22accordance with Sections 4 and 10 of this Act. If the Secretary
23Director shall not so approve, he shall not issue such license
24and shall notify the applicant or applicants of such denial.
25The investigation fee for a change of location is $500. shall
26be $75 on September 22, 1987 and until July 1, 1988, and $125



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1on July 1, 1988 and until July 1, 1989, and $150 on and after
2July 1, 1989.
3    The provisions of Section 10 with reference to notice,
4hearing and review apply to applications filed pursuant to this
6(Source: P.A. 85-1209.)
7    (205 ILCS 405/13.1)  (from Ch. 17, par. 4822)
8    Sec. 13.1. Consolidation of business locations. Whenever 2
9or more licensees desire to consolidate their places of
10business, they shall make application for such consolidation to
11the Secretary Director upon a form provided by him or her. This
12application shall state: (a) the name to be adopted and the
13location at which the business is to be located, which name and
14location shall be the same as one of the consolidating
15licensees; (b) that the owners or all partners or all
16stockholders or all members, as the case may be, of the
17licensees involved in the contemplated consolidation, have
18approved the application; (c) a certification by the secretary,
19if any of the licensees be corporations, that the contemplated
20consolidation has been approved by all of the stockholders at a
21properly convened stockholders meeting; (d) other relevant
22information the Secretary Director may require. Simultaneously
23with the approval of the application by the Secretary Director,
24the licensee or licensees who will cease doing business shall:
25(a) surrender their license or licenses to the Secretary



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1Director; (b) transfer all of their assets and liabilities to
2the licensee continuing to operate by virtue of the
3application; (c) apply to the Secretary of State, if they be
4corporations, for surrender of their corporate charter in
5accordance with the provisions of the Business Corporation Act
6of 1983.
7    An application for consolidation shall be approved or
8rejected by the Secretary Director within 30 days after receipt
9by him of such application and supporting documents required
10thereunder. The Secretary shall impose a consolidation fee of
11$100 per application.
12    Such consolidation shall not affect suits pending in which
13the surrendering licensees are parties; nor shall such
14consolidation affect causes of action nor the rights of persons
15in particular; nor shall suits brought against such licensees
16in their former names be abated for that cause.
17    Nothing contained herein shall limit or prohibit any action
18or remedy available to a licensee or to the Secretary Director
19under Sections 15, 15.1 to 15.1e or 15.2 of this Act.
20(Source: P.A. 90-545, eff. 1-1-98.)
21    (205 ILCS 405/14)  (from Ch. 17, par. 4823)
22    Sec. 14. Every licensee, shall, on or before November 15,
23pay to the Secretary Director the annual license fee or fees
24for the next succeeding calendar year and shall at the same
25time file with the Secretary Director the annual report



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1required by Section 16 of this Act, and the annual bond or
2bonds, and the insurance policy or policies as and if required
3by this Act. The annual license fee for each community currency
4exchange is $200, prior to January 1, 2012. After January 1,
52012 the fee shall be $300. After January 1, 2014 the fee shall
6be $400. shall be $150 on the effective date of this amendatory
7Act of 1987 and until January 1, 1989, and $180 on January 1,
81989 and until January 1, 1990, and $200 on and after January
91, 1990. The annual license fee for each location served by an
10ambulatory currency exchange shall be $25.
11(Source: P.A. 85-708.)
12    (205 ILCS 405/14.1)
13    Sec. 14.1. All moneys received by the Department of
14Financial Institutions under this Act shall be deposited in the
15Financial Institutions Fund created under Section 6z-26 of the
16State Finance Act.
17(Source: P.A. 88-13.)
18    (205 ILCS 405/15)  (from Ch. 17, par. 4824)
19    Sec. 15. The Secretary may, after 15 days notice by
20registered or certified mail to the licensee at the address set
21forth in the license stating the contemplated action and in
22general the grounds therefore, fine the licensee an amount not
23exceeding $1,000 per violation or revoke or suspend any license
24issued if he or she finds that Director may, upon 10 days



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1notice to the licensee by United States mail directed to the
2licensee at the address set forth in the license, stating the
3contemplated action and in general the grounds therefor, and
4upon reasonable opportunity to be heard prior to such action,
5fine, suspend or revoke any license issued hereunder if he
6shall find that:
7        (a) the The licensee has failed to pay the annual
8    license fee or to maintain in effect the required bond or
9    bonds or insurance policy or policies or to comply with any
10    order, decision, or finding of the Director made pursuant
11    to this Act; or that
12        (b) the licensee has failed to comply with any
13    provision of this Act or any order, decision, finding,
14    rule, regulation, or direction of the Secretary lawfully
15    made under the authority of this Act; or
16        (c) the The licensee has violated any provision of this
17    Act or any regulation or direction made by the Secretary
18    Director under this Act; or that
19        (d) any (c) Any fact or condition exists which, if it
20    had existed at the time of the original application for
21    such license, would have warranted the Secretary Director
22    in refusing the issuance of the license; or that
23        (e) the (d) The licensee has not operated the currency
24    exchange or at the location licensed, for a period of 60
25    sixty consecutive days, unless the licensee was prevented
26    from operating during such period by reason of events or



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1    acts beyond the licensee's control.
2    Prior to suspension or revocation of the licenses issued
3hereunder, the Director may but is not required to fine a
4licensee up to a maximum of $100 a day.
5    The Secretary Director may fine, suspend or revoke only the
6particular license or licenses for particular places of
7business or locations with respect to which grounds for
8revocation may occur or exist; except that if he shall find
9that such grounds for revocation are of general application to
10all places of business or locations, or that such grounds for
11fines, suspension or revocation have occurred or exist with
12respect to a substantial number of places of business or
13locations, he may fine, suspend or revoke all of the licenses
14issued to such licensee.
15    An order assessing a fine, an order revoking or suspending
16a license, or an order denying renewal of a license shall take
17effect on service of the order unless the licensee requests a
18hearing, in writing, within 15 days after the date of service.
19In the event a hearing is requested, the order shall be stayed
20until a final administrative order is entered. If the licensee
21requests a hearing, the Secretary shall schedule a hearing
22within 30 days after the request for a hearing unless otherwise
23agreed to by the parties. The hearing shall be held at the time
24and place designated by the Secretary.
25    The Secretary and any administrative law judge designated
26by him or her shall have the power to administer oaths and



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1affirmations, subpoena witnesses and compel their attendance,
2take evidence, and require the production of books, papers,
3correspondence, and other records or information that he or she
4considers relevant or material to the inquiry.
5    In case of contumacy or refusal of a witness to obey a
6subpoena, any circuit court of this State whose jurisdiction
7encompasses where the hearing is located may issue an order
8requiring such witness to appear before the Secretary or the
9hearing officer, to produce documentary evidence, or to give
10testimony touching the matter in question; and the court may
11punish any failures to obey such orders of the court as
13    A licensee may surrender any license by delivering to the
14Secretary Director written notice that he, they or it thereby
15surrenders such license, but such surrender shall not affect
16such licensee's civil or criminal liability for acts committed
17prior to such surrender, or affect the liability on his, their
18or its bond or bonds, or his, their or its policy or policies
19of insurance, required by this Act, or entitle such licensee to
20a return of any part of the annual license fee or fees.
21    Every license issued hereunder shall remain in force until
22the same shall expire, or shall have been surrendered,
23suspended or revoked in accordance with this Act, but the
24Secretary Director may on his own motion, issue new licenses to
25a licensee whose license or licenses shall have been revoked if
26no fact or condition then exists which clearly would have



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1warranted the Secretary Director in refusing originally the
2issuance of such license under this Act.
3    No license shall be revoked until the licensee has had
4notice of a hearing thereon and an opportunity to be heard.
5When any license is so revoked, the Director shall within
6twenty (20) days thereafter, prepare and keep on file in his
7office, a written order or decision of revocation which shall
8contain his findings with respect thereto and the reasons
9supporting the revocation and shall send by United States mail
10a copy thereof to the licensee at the address set forth in the
11license within five (5) days after the filing in his office of
12such order, finding or decision. A review of any such order,
13finding or decision may be had as provided in Section 22.01 of
14this Act.
15(Source: P.A. 80-1101.)
16    (205 ILCS 405/15.1)  (from Ch. 17, par. 4825)
17    Sec. 15.1. If the Secretary Director determines that any
18licensee is insolvent or is violating this Act, or if the
19owner, executor, or successor in interest of a currency
20exchange abandons the currency exchange, he or she shall
21appoint a receiver, who shall, under his or her direction, for
22the purpose of receivership, take possession of and title to
23the books, records, and assets of every description of the
24community currency exchange. The Secretary may Director shall
25require of the receiver such security as he or she deems proper



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1and, upon appointment of the receiver, shall have published,
2once each week for 4 consecutive weeks in a newspaper having a
3general circulation in the community, a notice calling on all
4persons who have claims against the community currency
5exchange, to present them to the receiver.
6    Within 10 days after the receiver takes possession of the
7property, the licensee may apply to the Circuit Court of the
8county where the community currency exchange is located
9Sangamon County to enjoin further proceedings in the premises.
10    The receiver may operate the community currency exchange
11until the Secretary Director determines that possession should
12be restored to the licensee or that the business should be
14(Source: Laws 1961, p. 3522.)
15    (205 ILCS 405/15.1a)  (from Ch. 17, par. 4826)
16    Sec. 15.1a. If the Secretary Director determines that a
17business in receivership should be liquidated, he shall direct
18the Attorney General to file a complaint in the Circuit Court
19of the county in which such community currency exchange is
20located, in the name of the People of the State of Illinois,
21for the orderly liquidation and dissolution of the community
22currency exchange and for an injunction restraining the
23licensee or the officers and directors thereof from continuing
24the operation of the community currency exchange.
25    The receiver shall, 30 days from the day the Secretary



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1Director determines that the business should be liquidated,
2file with the Secretary Director and with the clerk of such
3court as has charge of the liquidation, a correct list of all
4creditors who have not presented their claims. The list shall
5show the amount of the claim after allowing all just credits,
6deductions and set-offs as shown by the books of the currency
7exchange. These claims shall be deemed proven unless objections
8are filed by some interested party within the time fixed by the
9Secretary Director or court that has charge of the liquidation.
10(Source: P.A. 79-1361.)
11    (205 ILCS 405/15.1b)  (from Ch. 17, par. 4827)
12    Sec. 15.1b. Liquidation; distribution; priority. The
13General Assembly finds and declares that community currency
14exchanges provide important and vital services to Illinois
15citizens. The General Assembly also finds that in providing
16such services, community currency exchanges transact extensive
17business involving check cashing and the writing of money
18orders in communities in which banking services are generally
19unavailable. It is therefore declared to be the policy of this
20State that customers who receive these services must be
21protected from insolvencies of currency exchanges and
22interruptions of services. To carry out this policy and to
23insure that customers of community currency exchanges are
24protected in the event it is determined that a community
25currency exchange in receivership should be liquidated in



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1accordance with Section 15.1a of this Act, the Secretary
2Director shall make a distribution of moneys collected by the
3receiver in the following order of priority: First, allowed
4claims for the actual necessary expenses of the receivership of
5the community currency exchange being liquidated, including
6(a) reasonable receiver fees and receiver's attorney's fees
7approved by the Secretary Director, (b) all expenses of any
8preliminary or other examinations into the condition of the
9community currency exchange or receivership, (c) all expenses
10incurred by the Secretary Director which are incident to
11possession and control of any property or records of the
12community currency exchange, and (d) reasonable expenses
13incurred by the Secretary Director as the result of business
14agreements or contractual arrangements necessary to insure
15that the services of the community currency exchanges are
16delivered to the community without interruption. Said business
17agreements or contractual arrangements may include, but are not
18limited to, agreements made by the Secretary Director, or by
19the Receiver with the approval of the Secretary Director, with
20banks, money order companies, bonding companies and other types
21of financial institutions; Second, allowed claims by a
22purchaser of money orders issued on demand of the community
23currency exchange being liquidated; Third, allowed claims
24arising by virtue of and to the extent of the amount a utility
25customer deposits with the community currency exchange being
26liquidated which are not remitted to the utility company;



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1Fourth, allowed claims arising by virtue of and to the extent
2of the amount paid by a purchaser of Illinois license plates,
3vehicle stickers sold for State and municipal governments in
4Illinois, and temporary Illinois registration permits
5purchased at the currency exchange being liquidated; Fifth,
6allowed unsecured claims for wages or salaries, excluding
7vacation, severance and sick leave pay earned by employee
8earned within 90 days prior to the appointment of a Receiver;
9Sixth, secured claims; Seventh, allowed unsecured claims of any
10tax, and interest and penalty on the tax; Eighth Seventh,
11allowed unsecured claims other than a kind specified in
12paragraph one, two and three of this Section, filed with the
13Secretary Director within the time the Secretary Director fixes
14for filing claims; Ninth Eighth, allowed unsecured claims,
15other than a kind specified in paragraphs one, two and three of
16this Section filed with the Secretary Director after the time
17fixed for filing claims by the Secretary Director; Tenth Ninth,
18allowed creditor claims asserted by an owner, member, or
19stockholder of the community currency exchange in liquidation;
20Eleventh Tenth, after one year from the final dissolution of
21the currency exchange, all assets not used to satisfy allowed
22claims shall be distributed pro rata to the owner, owners,
23members, or stockholders of the currency exchange.
24    The Secretary Director shall pay all claims of equal
25priority according to the schedule set out above, and shall not
26pay claims of lower priority until all higher priority claims



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1are satisfied. If insufficient assets are available to meet all
2claims of equal priority, those assets shall be distributed pro
3rata among those claims. All unclaimed assets of a currency
4exchange shall be deposited with the Secretary Director to be
5paid out by him when proper claims therefor are presented to
6the Secretary Director. If there are funds remaining after the
7conclusion of a receivership of an abandoned currency exchange,
8the remaining funds shall be considered unclaimed property and
9remitted to the State Treasurer under the Uniform Disposition
10of Unclaimed Property Act.
11(Source: P.A. 90-545, eff. 1-1-98.)
12    (205 ILCS 405/15.1d)  (from Ch. 17, par. 4829)
13    Sec. 15.1d. At the close of a receivership, the receiver
14shall turn over to the Secretary Director all books of account
15and ledgers of such currency exchange for preservation. All
16records of such receiverships heretofore and hereafter
17received by the Secretary Director shall be held by him or her
18for a period of 2 years after the close of the receivership and
19at the termination of the 2 year period may then be destroyed.
20    All expenses of the receivership, including reasonable
21receiver's and attorney's fees approved by the Secretary
22Director, and all expenses of any preliminary or other
23examinations into the condition of the community currency
24exchange or receivership, and all expenses incident to the
25possession and control of any property or records of the



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1community currency exchange incurred by the Secretary Director
2shall be paid out of the assets of the community currency
3exchange. The foregoing expenses shall be paid prior to and
4ahead of all claims.
5(Source: P.A. 83-345.)
6    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)
7    Sec. 15.2. No community currency exchange shall determine
8its affairs and close up its business unless it shall first
9deposit with the Secretary Director an amount of money equal to
10the whole of its debts, liabilities and lawful demands against
11it including the costs and expenses of this proceeding, and
12shall surrender to the Secretary Director its community
13currency exchange license, and shall file with the Secretary
14Director a statement of termination signed by the licensee of
15such community currency exchange, containing a pronouncement
16of intent to close up its business and liquidate its
17liabilities, and also containing a sworn list itemizing in full
18all such debts, liabilities and lawful demands against it.
19Corporate licensees shall attach to, and make a part of such
20statement of termination, a copy of a resolution providing for
21the determination and closing up of the licensee's affairs,
22certified by the secretary of such licensee and duly adopted at
23a shareholders' meeting by the holders of at least two-thirds
24of the outstanding shares entitled to vote at such meeting.
25Upon the filing with the Secretary Director of a statement of



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1termination the Secretary Director shall cause notice thereof
2to be published once each week for three consecutive weeks in a
3public newspaper of general circulation published in the city
4or village where such community currency exchange is located,
5and if no newspaper shall be there published, then in a public
6newspaper of general circulation nearest to said city or
7village; and such publication shall give notice that the debts,
8liabilities and lawful demands against such community currency
9exchange will be redeemed by the Secretary Director on demand
10in writing made by the owner thereof, at any time within three
11years from the date of first publication. After the expiration
12of such three year period, the Secretary Director shall return
13to the person or persons designated in the statement of
14termination to receive such repayment and in the proportion
15therein specified, any balance of money then remaining in his
16possession, if any there be, after first deducting therefrom
17all unpaid costs and expenses incurred in connection with this
18proceeding. The Secretary Director shall receive for his
19services, exclusive of costs and expenses, two per cent of any
20amount up to $5,000.00, and one per cent of any amount in
21excess of $5,000.00, deposited with him hereunder by any one
22community currency exchange. Nothing contained herein shall
23affect or impair the liability of any bonding or insurance
24company on any bond or insurance policy issued under this Act
25relating to such community currency exchange.
26(Source: Laws 1957, p. 320.)



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1    (205 ILCS 405/16)  (from Ch. 17, par. 4832)
2    Sec. 16. Annual report; investigation; costs.
3    (a) Each licensee shall annually, on or before the 1st day
4of March, file a report with the Secretary Director for the
5calendar year period from January 1st through December 31st,
6except that the report filed on or before March 15, 1990 shall
7cover the period from October 1, 1988 through December 31,
81989, (which shall be used only for the official purposes of
9the Director) giving such relevant information as the Secretary
10Director may reasonably require concerning, and for the purpose
11of examining, the business and operations during the preceding
12fiscal year period of each licensed currency exchange conducted
13by such licensee within the State. Such report shall be made
14under oath and shall be in the form prescribed by the
15Secretary. The Secretary Director and the Director may at any
16time, and shall at least once in each year, investigate the
17currency exchange business of any licensee and of every person,
18partnership, association, limited liability company, and
19corporation who or which shall be engaged in the business of
20operating a currency exchange. For that purpose, the Secretary
21Director shall have free access to the offices and places of
22business and to such records of all such persons, firms,
23partnerships, associations, limited liability companies and
24members thereof, and corporations and to the officers and
25directors thereof that shall relate to such currency exchange



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1business. The investigation may be conducted in conjunction
2with representatives of other State agencies or agencies of
3another state or of the United States as determined by the
4Secretary Director. The Secretary Director may at any time
5inspect the locations served by an ambulatory currency
6exchange, for the purpose of determining whether such currency
7exchange is complying with the provisions of this Act at each
8location served. The Secretary Director may require by subpoena
9the attendance of and examine under oath all persons whose
10testimony he may require relative to such business, and in such
11cases the Secretary Director, or any qualified representative
12of the Secretary Director whom the Secretary Director may
13designate, may administer oaths to all such persons called as
14witnesses, and the Secretary Director, or any such qualified
15representative of the Secretary Director, may conduct such
16examinations, and there shall be paid to the Secretary Director
17for each such examination a fee of $250 $225 for each day or
18part thereof for each qualified representative designated and
19required to conduct the examination; provided, however, that in
20the case of an ambulatory currency exchange, such fee shall be
21$150 $75 for each day or part thereof and shall not be
22increased by reason of the number of locations served by it.
23    (b) Confidentiality. All information collected by the
24Department in the course of an examination or investigation of
25an ambulatory or community currency exchange or applicant,
26including, by not limited to, any complaint against an



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1ambulatory or community currency exchange filed with the
2Department, and information collected to investigate any such
3complaint shall be maintained for the confidential use of the
4Department and shall not be disclosed. The Department may not
5disclose such information to anyone other than law enforcement
6officials, other regulatory agencies that have an appropriate
7regulatory interest as determined by the Secretary, or to a
8party presenting a lawful subpoena to the Department.
9Information and documents disclosed to a federal, State,
10county, or local law enforcement agency shall not be disclosed
11by the agency for any purpose to any other agency or person. A
12formal complaint filed against a licensee by the Department or
13any order issued by the Department against a licensee shall be
14a public record, except as otherwise prohibited by law.
15(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
16    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
17    Sec. 17. A. Every licensee shall keep and use in his
18business such books, accounts and records as will enable the
19Secretary Director to determine whether such licensee is
20complying with the provisions of this Act and with the rules,
21regulations and directions made by the Secretary Director
23    B. Each licensee shall record or cause to be recorded the
24following information with respect to each money order it sells
25or issues: (1) The amount; (2) the month and year of sale or



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1issuance; and (3) the serial number.
2    Each licensee shall preserve the record required by this
3subsection for at least 7 17 years or until the money order to
4which it pertains is returned to the licensee. Each money order
5returned to the licensee shall be preserved for not less than 3
6years from the month and year of sale or issuance by the
7licensee. The licensee shall keep the record, or an authentic
8microfilm copy thereof, required to be preserved by this
9subsection within this state at a place readily accessible to
10the Secretary Director and his representatives. If a licensee
11sells or transfers his business at a location or an address,
12his obligations under this paragraph devolve upon the successor
13licensee and subsequent successor licensees, if any, at such
14location or address. If a licensee ceases to do business in
15this state, he shall deposit the records and money orders he is
16required to preserve, with the Secretary Director.
17(Source: Laws 1963, p. 1634.)
18    (205 ILCS 405/18)  (from Ch. 17, par. 4834)
19    Sec. 18. The applicant for a community currency exchange
20license shall have a permanent address as evidenced by a lease
21of at least six months duration or other suitable evidence of
22permanency, and the license issued, pursuant to the application
23shall be valid only at that address or any new address approved
24by the Secretary Director.
25(Source: Laws 1957, p. 320.)



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1    (205 ILCS 405/19)  (from Ch. 17, par. 4835)
2    Sec. 19. The Department Director may make and enforce such
3reasonable rules , relevant regulations, directions, orders,
4decisions and findings as the execution and enforcement of the
5provisions of this Act require, and as are not inconsistent
6within this Act. may be necessary for the execution and
7enforcement of this Act and the purposes sought to be attained
8herein. All such rules regulations, directions, orders,
9decisions and findings shall be filed and entered by the
10Secretary Director in an indexed permanent book or record, or
11electronic record, with the effective date thereof suitably
12indicated, and such book or record shall be a public document.
13All rules regulations and directions, which are of a general
14character, shall be made available in electronic form to all
15licensees within 10 days after filing and all licensees shall
16receive by mail notice of any changes. printed and copies
17thereof mailed to all licensees within 10 days after filing as
18aforesaid. Copies of all findings, orders and decisions shall
19be mailed to the parties affected thereby by United States mail
20within 5 days of such filing.
21(Source: Laws 1957, p. 320.)
22    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
23    Sec. 19.3. (A) The General Assembly hereby finds and
24declares: community currency exchanges and ambulatory currency



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1exchanges provide important and vital services to Illinois
2citizens. In so doing, they transact extensive business
3involving check cashing and the writing of money orders in
4communities in which banking services are generally
5unavailable. Customers of currency exchanges who receive these
6services must be protected from being charged unreasonable and
7unconscionable rates for cashing checks and purchasing money
8orders. The Illinois Department of Financial and Professional
9Regulation Institutions has the responsibility for regulating
10the operations of currency exchanges and has the expertise to
11determine reasonable maximum rates to be charged for check
12cashing and money order purchases. Therefore, it is in the
13public interest, convenience, welfare and good to have the
14Department establish reasonable maximum rate schedules for
15check cashing and the issuance of money orders and to require
16community and ambulatory currency exchanges to prominently
17display to the public the fees charged for all services. The
18Secretary Director shall review, each year, the cost of
19operation of the Currency Exchange Section Division and the
20revenue generated from currency exchange examinations and
21report to the General Assembly if the need exists for an
22increase in the fees mandated by this Act to maintain the
23Currency Exchange Section Division at a fiscally
24self-sufficient level. The Secretary Director shall include in
25such report the total amount of funds remitted to the State and
26delivered to the State Treasurer by currency exchanges pursuant



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



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1        operation.
2        (2)    (a) The schedule of reasonable maximum rates
3    established pursuant to this Section may be modified by the
4    Secretary Director from time to time pursuant to rules
5    adopted in accordance with the Illinois Administrative
6    Procedure Act.
7        (b) Upon the filing of a verified petition setting
8    forth allegations demonstrating reasonable cause to
9    believe that the schedule of maximum rates previously
10    issued and promulgated should be adjusted, the Secretary
11    Director shall expeditiously:
12            (i) reject the petition if it fails to demonstrate
13        reasonable cause to believe that an adjustment is
14        necessary; or
15            (ii) conduct such hearings, in accordance with
16        this Section, as may be necessary to determine whether
17        the petition should be granted in whole or in part.
18        (c) No petition may be filed pursuant to subparagraph
19    (a) of paragraph (2) of subsection (B) unless:
20            (i) at least nine months have expired since the
21        last promulgation of schedules of maximum rates; and
22            (ii) at least one-fourth of all community currency
23        exchange licensees join in a petition or, in the case
24        of ambulatory currency exchanges, a licensee or
25        licensees authorized to serve at least 100 locations
26        join in a petition.



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1    (3) Any currency exchange may charge lower fees than those
2of the applicable maximum fee schedule after filing with the
3Secretary Director a schedule of fees it proposes to use.
4(Source: P.A. 91-16, eff. 7-1-99.)
5    (205 ILCS 405/19.4)  (from Ch. 17, par. 4839)
6    Sec. 19.4. The fees charged by community and ambulatory
7currency exchanges for rendering any service authorized by this
8Act shall be prominently displayed on the premises of the
9community currency exchange or at the location served by the
10ambulatory currency exchange in such fashion as shall be
11required by the Secretary Director.
12(Source: P.A. 81-964.)
13    (205 ILCS 405/20)  (from Ch. 17, par. 4840)
14    Sec. 20. Every person having taken an oath in any
15proceeding or matter wherein an oath is required by this Act,
16who shall swear willfully wilfully, corruptly or falsely in a
17matter material to the issue or point in question, or shall
18suborn any other person to swear as aforesaid, shall be guilty
19of perjury or subornation of perjury, as the case may be.
20(Source: Laws 1943, vol. 1, p. 233.)
21    (205 ILCS 405/21)  (from Ch. 17, par. 4841)
22    Sec. 21. Except as otherwise provided for in this Act,
23whenever the Secretary Director is required to give notice to



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1any applicant or licensee, such requirement shall be complied
2with if, within the time fixed herein, such notice shall be
3enclosed in an envelope plainly addressed to such applicant or
4licensee, as the case may be, at the address set forth in the
5application or license, as the case may be, United States
6postage fully prepaid, and deposited, registered or certified,
7in the United States mail.
8    Notice may also be provided to an applicant or licensee by
9telephone facsimile to the person or electronically via email
10to the telephone number or email address designated by an
11applicant or licensee in writing.
12(Source: Laws 1957, p. 320.)
13    (205 ILCS 405/22.01)  (from Ch. 17, par. 4843)
14    Sec. 22.01. All final administrative decisions of the
15Secretary Director hereunder shall be subject to judicial
16review pursuant to the provisions of the Administrative Review
17Law, and all amendments and modifications thereof, and the
18rules adopted pursuant thereto. The term "administrative
19decision" is defined as in Section 3-101 of the Code of Civil
20Procedure. The person seeking judicial review shall pay to the
21Secretary Director the costs of preparing and certifying the
22record of proceedings before the Secretary Director.
23(Source: P.A. 82-783.)
24    (205 ILCS 405/29.5 new)



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1    Sec. 29.5. Cease and desist. The Secretary may issue a
2cease and desist order to any currency exchange or other person
3doing business without the required license, when in the
4opinion of the Secretary, the currency exchange or other person
5is violating or is about to violate any provision of this Act
6or any rule or requirement imposed in writing by the
7Department. The cease and desist order shall specify the
8activity or activities that the Department is seeking the
9currency exchange or other person doing business without the
10required license to cease and desist.
11    The cease and desist order permitted by this Section may be
12issued prior to a hearing.
13    The Secretary shall serve notice of his or her action,
14including, but not limited to, a statement of reasons for the
15action, either personally or by certified mail, return receipt
16requested. Service by certified mail shall be deemed completed
17when the notice is deposited in the U.S. mail.
18    Within 10 days after service of a cease and desist order,
19the licensee or other person may request, in writing, a
20hearing. The Secretary shall schedule a hearing within 30 days
21after the request for a hearing unless otherwise agreed to by
22the parties.
23    If it is determined that the Secretary has the authority to
24issue the cease and desist order, he or she may issue such
25orders as reasonably necessary to correct, eliminate, or remedy
26such conduct.



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1    The powers vested in the Secretary by this Section are
2additional to any and all other powers and remedies vested in
3the Secretary by law, and nothing in this Section shall be
4construed as requiring that the Secretary shall employ the
5power conferred in this Section instead of or as a condition
6precedent to the exercise of any other power or remedy vested
7in the Secretary.
8    The currency exchange, or other person doing business
9without the required license, shall pay the actual costs of the
11    (205 ILCS 405/10.1 rep.)
12    (205 ILCS 405/22.03 rep.)
13    (205 ILCS 405/25 rep.)
14    Section 10. The Currency Exchange Act is amended by
15repealing Sections 10.1, 22.03, and 25.
16    Section 99. Effective date. This Act takes effect January
171, 2012.