HB5033 97TH GENERAL ASSEMBLY

LRB097 18780 PJG 64016 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5033

Introduced 2/7/2012, by Rep. Angelo Saviano

SYNOPSIS AS INTRODUCED:

205 ILCS 405/3.3

from Ch. 17, par. 4807

Amends the Currency Exchange Act. Provides that, upon receipt of an application by a currency exchange to provide additional services to the public, the Secretary of Financial and Professional Regulation shall approve or deny the application within 45 days after the filing of a complete application. Provides that, if the application is denied, the applicant may, within 10 days after the date of the notice of denial, request a hearing. Provides that a public hearing must be held before the Secretary may revoke any authorization for a currency exchange to provide additional services to the public.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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 3.3 as follows:

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

Sec. 3.3. Additional public services.

(a) Nothing in this Act shall prevent the Secretary from authorizing a currency exchange, group of currency exchanges, or association of 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. A currency exchange, group of currency exchanges, or association of currency exchanges must request, in writing, the Secretary's approval of the additional service prior to rendering such additional service to the public. Any approval under this Section shall be deemed an approval for all currency exchanges. Any currency exchange wishing to provide an additional service as approved by the Secretary must provide notice to the Secretary 30 days prior to offering the approved additional service to the public. The Secretary may charge an additional service investigation fee of $500 per application. Upon receipt of an application, the Secretary shall examine the application for completeness and notify the applicant of any deficiency within 10 days after receipt. The Secretary shall approve or deny every application within 45 days after the filing of a complete application. If the application is denied, the Secretary shall send by United States mail notice of the denial to the applicant at the address set forth in the application. If an application is denied, the applicant may, within 10 days after the date of the notice of denial, make a written request to the Secretary for a hearing on the application, and the Secretary shall set a time and place for the hearing. The hearing shall be set for a date after the receipt by the Secretary of the request for hearing, and written notice of the time and place of the hearing shall be mailed to the applicant at least 15 days before the date of the hearing. The applicant shall pay the actual cost of making the transcript of the hearing prior to the Secretary's issuing his decision following the hearing. If, following the hearing, the application is denied, the Secretary shall, within 20 days thereafter, prepare and keep on file in his or her office a written order of the denial, which shall contain his or her findings and the reasons supporting the denial, and shall send by United States mail a copy of the written order of denial to the applicant at the address set forth in the application, within 5 days after the filing of the order. The Secretary's decision may be subject to review as provided in Section 22.01 of this Act. The Secretary may, at his or her discretion, after a public hearing held at least 30 days after the giving of written notice to the affected currency exchange, revoke any authorization under this Section after giving on 60 days' days written notice to the affected currency exchange. If a previously granted application is revoked after a public hearing, the Secretary shall, within 20 days thereafter, prepare and keep on file in his or her office a written order of revocation, which shall contain his or her findings and the reasons supporting the revocation, and shall send by United States mail a copy of the written order of revocation to the applicant at the address set forth in the application, within 5 days after the filing of the order. The Secretary's decision may be subject to review as provided in Section 22.01 of this Act.

(b) (Blank).

(Source: P.A. 97-315, eff. 1-1-12.)