HB5055 93RD GENERAL ASSEMBLY

LRB093 18666 SAS 44393 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5055

Introduced 02/05/04, by Susana Mendoza

SYNOPSIS AS INTRODUCED:

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

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning financial 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 Sections 3.3, 13, and 13.1 as follows:

(205 ILCS 405/3.3) (from Ch. 17, par. 4807)

Sec. 3.3. Additional public services, fees.

(a) Nothing in this Act shall prevent the Director from authorizing currency exchanges to render additional services to the public if the services are consistent with the provisions of this Act, are within its meaning, are in the best interest of the public, and benefit the general welfare. The investigation fee for new services shall be $75.

(b) Nothing in this Act shall prevent a community currency exchange from selling candy, gum, other packaged foods, and soft drinks by means of vending machines on its premises.

(Source: P.A. 87-258; 88-583, eff. 8-12-94.)

(205 ILCS 405/13) (from Ch. 17, par. 4821)

Sec. 13. No more than one place of business shall be maintained under the same community currency exchange license, but the Director may issue more than one license to the same licensee upon compliance with the provisions of this Act governing an original issuance of a license, for each new license.

Whenever a community currency exchange or an ambulatory currency exchange shall wish to change its name in its license, it shall file an application for approval thereof with the Director, and if the change is approved by the Director he shall attach to the license, in writing, a rider stating the licensee's new name.

If an ambulatory currency exchange has serviced a licensed location for 2 years or longer and the employer whose employees are served at that location has moved his place of business, the currency exchange may continue its service to the employees of that employer at the new address of that employer's place of business by filing a notice of the change of address with the Director and by relinquishing its license to conduct its business at the employer's old address upon receipt of a license to conduct its business at the employer's new address. Nothing in this Act shall preclude or prevent an ambulatory currency exchange from filing an application to conduct its business at the old address of an employer who moved his place of business after the ambulatory currency exchange receives a license to conduct its business at the employer's new address through the filing of a notice of its change of address with the Director and the relinquishing of its license to conduct its business at the employer's old address.

Whenever a currency exchange wishes to make any other change in the address set forth in any of its licenses, it shall apply to the Director for approval of such change of address. Every application for approval of a change of address shall be treated by the Director in the same manner as is otherwise provided in this Act for the treatment of proposed places of business or locations as contained in new applications for licenses; and if any fact or condition then exists with respect to the application for change of address, which fact or condition would otherwise authorize denial of a new application for a license because of the address of the proposed location or place of business, then such application for change of address shall not be approved. Whenever a community currency exchange wishes to sell its physical assets, it may do so, however, if the assets are sold with the intention of continuing the operation of a community currency exchange, the purchaser or purchasers must first make application to the Director for licensure in accordance with Sections 4 and 10 of this Act. If the Director shall not so approve, he shall not issue such license and shall notify the applicant or applicants of such denial. The investigation fee for a change of location shall be $500 $75 on September 22, 1987 and until July 1, 1988, and $125 on July 1, 1988 and until July 1, 1989, and $150 on and after July 1, 1989.

The provisions of Section 10 with reference to notice, hearing and review apply to applications filed pursuant to this Section.

(Source: P.A. 85-1209.)

(205 ILCS 405/13.1) (from Ch. 17, par. 4822)

Sec. 13.1. Consolidation of business locations, fees. Whenever 2 or more licensees desire to consolidate their places of business, they shall make application for such consolidation to the Director upon a form provided by him. This application shall state: (a) the name to be adopted and the location at which the business is to be located, which name and location shall be the same as one of the consolidating licensees; (b) that the owners or all partners or all stockholders or all members, as the case may be, of the licensees involved in the contemplated consolidation, have approved the application; (c) a certification by the secretary, if any of the licensees be corporations, that the contemplated consolidation has been approved by all of the stockholders at a properly convened stockholders meeting; (d) other relevant information the Director may require. Simultaneously with the approval of the application by the Director, the licensee or licensees who will cease doing business shall: (a) surrender their license or licenses to the Director; (b) transfer all of their assets and liabilities to the licensee continuing to operate by virtue of the application; (c) apply to the Secretary of State, if they be corporations, for surrender of their corporate charter in accordance with the provisions of the Business Corporation Act of 1983.

An application for consolidation shall be approved or rejected by the Director within 30 days after receipt by him of such application and supporting documents required thereunder.

Such consolidation shall not affect suits pending in which the surrendering licensees are parties; nor shall such consolidation affect causes of action nor the rights of persons in particular; nor shall suits brought against such licensees in their former names be abated for that cause. The investigation fee for a consolidation of location shall be $500.

Nothing contained herein shall limit or prohibit any action or remedy available to a licensee or to the Director under Sections 15, 15.1 to 15.1e or 15.2 of this Act.

(Source: P.A. 90-545, eff. 1-1-98.)

Section 99. Effective date. This Act takes effect upon becoming law.