Illinois General Assembly - Full Text of Public Act 100-0704
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Public Act 100-0704


Public Act 0704 100TH GENERAL ASSEMBLY



Public Act 100-0704
SB2433 EnrolledLRB100 16238 SMS 31361 b

    AN ACT concerning regulation.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Currency Exchange Act is amended by changing
Section 19.3 as follows:
    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
    Sec. 19.3. (A) The General Assembly hereby finds and
declares: community currency exchanges and ambulatory currency
exchanges provide important and vital services to Illinois
citizens. In so doing, they transact extensive business
involving check cashing and the writing of money orders in
communities in which banking services are generally
unavailable. Customers of currency exchanges who receive these
services must be protected from being charged unreasonable and
unconscionable rates for cashing checks and purchasing money
orders. The Illinois Department of Financial and Professional
Regulation has the responsibility for regulating the
operations of currency exchanges and has the expertise to
determine reasonable maximum rates to be charged for check
cashing and money order purchases. Therefore, it is in the
public interest, convenience, welfare and good to have the
Department establish reasonable maximum rate schedules for
check cashing and the issuance of money orders and to require
community and ambulatory currency exchanges to prominently
display to the public the fees charged for all services. The
Secretary shall review, each year, the cost of operation of the
Currency Exchange Section and the revenue generated from
currency exchange examinations and report to the General
Assembly if the need exists for an increase in the fees
mandated by this Act to maintain the Currency Exchange Section
at a fiscally self-sufficient level. The Secretary shall
include in such report the total amount of funds remitted to
the State and delivered to the State Treasurer by currency
exchanges pursuant to the Revised Uniform Unclaimed Property
    (B) The Secretary shall, by rules adopted in accordance
with the Illinois Administrative Procedure Act, expeditiously
formulate and issue schedules of reasonable maximum rates which
can be charged for check cashing and writing of money orders by
community currency exchanges and ambulatory currency
        (1) In determining the maximum rate schedules for the
    purposes of this Section the Secretary shall take into
            (a) Rates charged in the past for the cashing of
        checks and the issuance of money orders by community
        and ambulatory currency exchanges.
            (b) Rates charged by banks or other business
        entities for rendering the same or similar services and
        the factors upon which those rates are based.
            (c) The income, cost and expense of the operation
        of currency exchanges.
            (d) Rates charged by currency exchanges or other
        similar entities located in other states for the same
        or similar services and the factors upon which those
        rates are based.
            (e) Rates charged by the United States Postal
        Service for the issuing of money orders and the factors
        upon which those rates are based.
            (f) A reasonable profit for a currency exchange
            (g) The impact on consumers.
            (h) Whether the rate schedule will
        disproportionately impact anyone on the basis of any
        protected characteristic or category listed in
        subsection (Q) of Section 1-103 of the Illinois Human
        Rights Act as those terms are defined in that Section.
        (2)(a) The schedule of reasonable maximum rates
    established pursuant to this Section may be modified by the
    Secretary from time to time pursuant to rules adopted in
    accordance with the Illinois Administrative Procedure Act.
        (b) Upon the filing of a verified petition setting
    forth allegations demonstrating reasonable cause to
    believe that the schedule of maximum rates previously
    issued and promulgated should be adjusted, the Secretary
    shall expeditiously:
            (i) reject the petition if it fails to demonstrate
        reasonable cause to believe that an adjustment is
        necessary; or
            (ii) conduct such hearings, in accordance with
        this Section, as may be necessary to determine whether
        the petition should be granted in whole or in part.
        (c) No petition may be filed pursuant to subparagraph
    (a) of paragraph (2) of subsection (B) unless:
            (i) at least nine months have expired since the
        last promulgation of schedules of maximum rates; and
            (ii) at least one-fourth of all community currency
        exchange licensees join in a petition or, in the case
        of ambulatory currency exchanges, a licensee or
        licensees authorized to serve at least 100 locations
        join in a petition.
        (3) Any currency exchange may charge lower fees than
    those of the applicable maximum fee schedule after filing
    with the Secretary a schedule of fees it proposes to use.
(Source: P.A. 100-22, eff. 1-1-18.)
    Section 99. Effective date. This Act takes effect June 1,

Effective Date: 6/1/2019