SB0627sam001 98TH GENERAL ASSEMBLY

Sen. Don Harmon

Filed: 4/15/2013

09800SB0627sam001 LRB098 04440 MGM 44557 a

AMENDMENT TO SENATE BILL 627

AMENDMENT NO. ______. Amend Senate Bill 627 by replacing everything after the enacting clause with the following:

"Section 5. The Currency Exchange Act is amended by changing Sections 3, 4, 4.1, 5, 9, 11, 13, 13.1, 15, and 15.1 and by adding Sections 4.1b and 9.5 as follows:

(205 ILCS 405/3) (from Ch. 17, par. 4804)

Sec. 3. Powers of community currency exchanges. No community or ambulatory currency exchange shall be permitted to accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order. No community or ambulatory currency exchange shall be permitted to act as bailee or agent for persons, firms, partnerships, limited liability companies, associations or corporations to hold money or evidences thereof or the proceeds therefrom for the use and benefit of the owners thereof, and deliver such money or proceeds of evidence of money upon request and direction of such owner or owners. A community or ambulatory currency exchange is permitted to engage in, and charge a fee for, the following activities, either directly or as a third-party agent: (i) cashing of checks, drafts, money orders, or any other evidences of money acceptable to the currency exchange, (ii) selling or issuing money orders, (iii) obtaining reports, certificates, governmental permits, licenses, and vital statistics and the preparation of necessary applications to obtain the same, (iv) the sale and distribution of bond cards, (v) obtaining, distributing, providing, or selling: State vehicle registration renewals, title transfers and tax remittance forms, city vehicle licenses, and other governmental services, (vi) photocopying and sending and receiving facsimile transmissions, (vii) notary service either by the proprietor of the currency exchange or any currency exchange employee, authorized by the State to act as a notary public, (viii) issuance of travelers checks obtained by the currency exchange from a banking institution under a trust receipt, (ix) accepting for payment utility and other companies' bills, (x) issuance and acceptance of any third-party debit, credit, or stored value card and loading or unloading, (xi) on-premises automated cash dispensing machines, (xii) sale of rolled coin and paper money, (xiii) exchange of foreign currency through a third-party, (xiv) sale of cards, passes, or tokens for public transit, (xv) providing mail box service, (xvi) preparation and transmittal of consumer requests and applications for and the sale of prepaid wireless phones, phone cards, and other pre-paid telecommunication services, (xvii) on-premises public telephone, (xviii) sale of U.S. postage, (xix) money transmission through a licensed third-party money transmitter, (xx) sale of candy, gum, other packaged foods, soft drinks, and other products and services by means of on-premises vending machines, and (xxi) preparation and transmittal of consumer requests and applications for the delivery, supply, or service of any utility product, service, or company lawfully offered in the State of Illinois, (xxii) advertising upon and about the premises and distribution to consumers of advertising and other materials or any legal product or service that is not misleading to the public, and (xxiii) any other products or and services that 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. For the purposes of this Section, an activity, product, or service is consistent with the provisions of this Act, within its meaning, in the best interest of the public, and benefits the general welfare if it is a lawful activity, product, or service, but not if it involves the sale or purchase of alcohol, firearms, lottery tickets, pornographic materials, medication, or tobacco or if it involves payday loans, consumer installment loans, car loans, or video gaming as provided in the Video Gaming Act. as may be approved by the Secretary. Any community or ambulatory currency exchange may enter into agreements with any utility and other companies to act as the companies' agent for the acceptance of payment of utility and other companies' bills without charge to the customer and, acting under such agreement, may receipt for payments in the names of the utility and other companies. Any community or ambulatory currency exchange may also receive payment of utility and other companies' bills for remittance to companies with which it has no such agency agreement and may charge a fee for such service but may not, in such cases, issue a receipt for such payment in the names of the utility and other companies. However, funds received by currency exchanges for remittance to utility and other companies with which the currency exchange has no agency agreement shall be forwarded to the appropriate utility and other companies by the currency exchange before the end of the next business day.

For the purpose of this Section, "utility and other companies" means any utility company and other company with which the currency exchange may or may not have a contractual agreement and for which the currency exchange accepts payments from consumers for remittance to the utility or other company for the payment of bills.

Nothing in this Section authorizes a licensee to engage in any activity regulated by any federal, State, or local governmental authority without first obtaining the necessary license or permit to engage in that activity.

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

(205 ILCS 405/4) (from Ch. 17, par. 4808)

Sec. 4. License application; contents; fees. Application for such license shall be in writing under oath and in the form prescribed and furnished by the Secretary. Each application shall contain the following:

(a) The full name and address (both of residence and place of business) of the applicant, and if the applicant is a partnership, limited liability company, or association, of every member thereof, and the name and business address if the applicant is a corporation;

(b) The county and municipality, with street and number, if any, where the community currency exchange is to be conducted, if the application is for a community currency exchange license;

(c) If the application is for an ambulatory currency exchange license, the name and address of the employer at each location to be served by it; and

(d) The applicant's occupation or profession; a detailed statement of the applicant's business experience for the 10 years immediately preceding the application; a detailed statement of the applicant's finances; the applicant's present or previous connection with any other currency exchange; whether the applicant has ever been involved in any civil or criminal litigation, and the material facts pertaining thereto; whether the applicant has ever been committed to any penal institution or admitted to an institution for the care and treatment of mentally ill persons; and the nature of applicant's occupancy of the premises to be licensed where the application is for a community currency exchange license. If the applicant is a partnership, the information specified herein shall be required of each partner. If the applicant is a corporation, the said information shall be required of each officer, director and stockholder thereof along with disclosure of their ownership interests. If the applicant is a limited liability company, the information required by this Section shall be provided with respect to each member and manager along with disclosure of their ownership interests.

A community currency exchange license application shall be accompanied by a fee of $500, prior to January 1, 2012. After January 1, 2012 the fee shall be $750. After January 1, 2014 the fee shall be $1,000 for the cost of investigating the applicant. If the ownership of a licensee changes, in whole or in part, a new application must be filed pursuant to this Section along with a $500 fee if the licensee's ownership interests have been transferred or sold to a new person or entity or a fee of $300 if the licensee's ownership interests have been transferred or sold to a current holder or holders of the licensee's ownership interests. When the application for a community currency exchange license has been approved by the Secretary and the applicant so advised, an additional sum of $400 as an annual license fee for a period terminating on the last day of the current calendar year shall be paid to the Secretary by the applicant; provided, that the license fee for an applicant applying for such a license after July 1st of any year shall be $200 for the balance of such year. Upon receipt of a community currency exchange license application, the Secretary shall examine the application for completeness and notify the applicant in writing of any defect within 20 days after receipt. The applicant must remedy the defect within 10 days after the mailing of the notification of the defect by the Secretary; provided, however, that in such case an applicant may request a reasonable extension of time that shall not be unreasonably denied. Failure to timely remedy the defect will void the application. Unless material to the investigation, no deficiency shall delay the investigation, and, in the event of a delay, the applicant shall be notified of the delay. Once the Secretary determines that the application is complete, the Secretary shall have 90 business days to approve or deny the 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. The hearing shall be set for a date after the receipt by the Secretary of the request for a hearing, and written notice of the time and place of the hearing shall be mailed to the applicant no later than 15 days before the date of the hearing. The hearing shall be scheduled for a date within 56 days after the date of the receipt of the request for a hearing. The applicant shall pay the actual cost of making the transcript of the hearing prior to the Secretary's issuing his or her decision. The Secretary's decision is subject to review as provided in Section 9.5 22.01 of this Act.

An application for an ambulatory currency exchange license shall be accompanied by a fee of $100, which fee shall be for the cost of investigating the applicant. An approved applicant shall not be required to pay the initial investigation fee of $100 more than once. When the application for an ambulatory currency exchange license has been approved by the Secretary, and such applicant so advised, such applicant shall pay an annual license fee of $25 for each and every location to be served by such applicant; provided that such license fee for an approved applicant applying for such a license after July 1st of any year shall be $12 for the balance of such year for each and every location to be served by such applicant. Such an approved applicant for an ambulatory currency exchange license, when applying for a license with respect to a particular location, shall file with the Secretary, at the time of filing an application, a letter of memorandum, which shall be in writing and under oath, signed by the owner or authorized representative of the business whose employees are to be served; such letter or memorandum shall contain a statement that such service is desired, and that the person signing the same is authorized so to do. The Secretary shall thereupon verify the authenticity of the letter or memorandum and the authority of the person who executed it, to do so.

The Department shall have 45 business days to approve or deny a currency exchange licensee's request to purchase another currency exchange.

(Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)

(205 ILCS 405/4.1) (from Ch. 17, par. 4809)

Sec. 4.1. Application; investigation; community need.

(a) The General Assembly finds and declares that community currency exchanges provide important and vital services to Illinois citizens, that the number of community currency exchanges should be limited in accordance with the needs of the communities they are to serve, and that it is in the public interest to promote and foster the community currency exchange business and to insure the financial stability thereof.

(b) Upon receipt of an application for a license for a community currency exchange, the Secretary shall cause an investigation to determine:

(1) of the need of the community for the establishment of a community currency exchange at the location specified in the application; and

(2) the effect that granting the license will have on the financial stability of other community currency exchanges that may be serving the community in which the business of the applicant is proposed to be conducted.

(c) "Community", as used in this Act, means a locality where there may or can be available to the people thereof the services of a community currency exchange reasonably accessible to them.

(d) If the issuance of a license to engage in the community currency exchange business at the location specified will not promote the needs and the convenience and advantage of the community in which the business of the applicant is proposed to be conducted, then the application shall be denied.

For the purposes of this subsection (d), a community currency exchange business will promote the needs and the convenience and advantage of the community if it will provide a benefit to that community.

(e) As a part of the investigation, the Secretary shall, within 10 business days after receipt of an application, notify in writing all currency exchanges described in paragraph (2) of subsection (b) of this Section of the application and the proposed location. Within 10 business days after the notice, any currency exchange as described in paragraph (2) of subsection (b) of this Section may notify the Secretary that it intends to protest the application. If the currency exchange intends to protest the application, then the currency exchange shall, within 30 days after notifying the Secretary, provide the Secretary with any information requested to substantiate that granting the license would have a material and negative effect upon the financial stability of the existing currency exchange. Once the investigation is completed, the Secretary shall, within 10 business days thereafter, notify any currency exchange as described in paragraph (2) of subsection (b) of this Section of the determination to approve or deny the application. The determination shall sufficiently detail the facts that led to the determination. Any currency exchange described in paragraph (2) of subsection (b) of this Section that has protested an application that the Secretary subsequently approves shall have standing to bring this matter to hearing under Section 10 of this Act. For the duration of the license contest, the granting and issuance of the license shall be stayed.

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

(205 ILCS 405/4.1b new)

Sec. 4.1b. Proof of address. The applicant for a community currency exchange license shall have a permanent address as evidenced by a lease of at least 6 months duration or other suitable evidence of permanency, and the license issued pursuant to the application shall be valid only at that address in the application or any new address approved by the Secretary. A letter of intent for a lease shall suffice for inclusion with the application and evidence of an executed lease shall be considered ministerial in nature to be furnished once the investigation is completed, the approval final, and prior to the issuance of the license.

(205 ILCS 405/5) (from Ch. 17, par. 4812)

Sec. 5. Bond; condition; amount.

(a) Before any license shall be issued to a community currency exchange the applicant shall file annually with and have approved by the Secretary a surety bond, issued by a bonding company authorized to do business in this State in the principal sum of $25,000. Such bond shall run to the Secretary and shall be for the benefit of any creditors of such currency exchange for any liability incurred by the currency exchange on any money orders, including any fees and penalties incurred by the remitter should the money order be returned unpaid, issued or sold by the currency exchange in the ordinary course of its business and for any liability incurred by the currency exchange for any sum or sums due to any payee or endorsee of any check, draft or money order left with the currency exchange in the ordinary course of its business for collection, and for any liability to the public incurred by the currency exchange in the ordinary course of its business in connection with the rendering of any of the services referred to in Section 3 of this Act.

To protect the public and allow for the effective underwriting of bonds, the surety bond shall not cover money orders issued and other liabilities incurred by a currency exchange for its own account or that of its controlling persons, including money orders issued or liabilities incurred by the currency exchange to obtain cash for its own operations, to pay for the currency exchange's own bills or liabilities or that of its controlling persons, or to obtain things of value for the currency exchange or its controlling persons, regardless of whether such things of value are used in the currency exchange's operations or sold by the currency exchange.

From time to time the Secretary may determine the amount of liabilities as described herein and shall require the licensee to file a bond in an additional sum if the same is determined to be necessary in accordance with the requirements of this Section. In no case shall the bond be less than the initial $25,000, nor more than the outstanding liabilities.

(b) In lieu of the surety bond requirements of subsection (a), a community currency exchange licensee may submit evidence satisfactory to the Secretary that the community currency exchange licensee is covered by a blanket bond that covers multiple licensees who are members of a statewide association of community currency exchanges. Such a blanket bond must be issued by a bonding company authorized to do business in this State and in a principal aggregate sum of not less than $3,000,000 as of May 1, 2012, and not less than $4,000,000 as of May 1, 2014.

(c) An ambulatory currency exchange may sell or issue money orders at any location with regard to which it is issued a license pursuant to this Act, including existing licensed locations, without the necessity of a further application or hearing and without regard to any exceptions contained in existing licenses, upon the filing with the Secretary of a surety bond approved by the Secretary and issued by a bonding company or insurance company authorized to do business in Illinois, in the principal sum of $100,000. Such bond may be a blanket bond covering all locations at which the ambulatory currency exchange may sell or issue money orders, and shall run to the Secretary for the use and benefit of any creditors of such ambulatory currency exchange for any liability incurred by the ambulatory currency exchange on any money orders issued or sold by it to the public in the ordinary course of its business. Such bond shall be renewed annually. If after the expiration of one year from the date of approval of such bond by the Secretary, it shall appear that the average amount of such liability during the year has exceeded $100,000, the Secretary shall require the licensee to furnish a bond for the ensuing year, to be approved by the Secretary, for an additional principal sum of $1,000 for each $1,000 of such liability or fraction thereof in excess of the original $100,000, except that the maximum amount of such bond shall not be required to exceed $250,000.

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

(205 ILCS 405/9) (from Ch. 17, par. 4816)

Sec. 9. No community or ambulatory currency exchange shall issue tokens to be used in lieu of money for the purchase of goods or services from any enterprise, except that currency exchanges may engage in the distribution of food stamps as authorized by Section 3.2.

(Source: P.A. 80-439.)

(205 ILCS 405/9.5 new)

Sec. 9.5. Hearings; subpoena power. For the purposes of this Act, the Secretary, the arbitrator, or any administrative law judge shall have the power to require by subpoena the attendance and testimony of witnesses and the production of all documentary evidence relating to any matter under hearing under this Act and shall issue the subpoenas at the request of any interested party. The arbitrator or administrative law judge may sign subpoenas in the name of the Secretary.

As decided by the licensee, any hearing pursuant to this Act shall either be (1) administered through binding arbitration by an arbitrator mutually agreed to by the parties or, failing agreement within 30 days, by an arbitrator chosen in accordance with the rules of the American Arbitration Association, or (2) brought before an administrative law judge, and all final administrative decisions shall be subject to judicial review pursuant to the provisions of the Administrative Review Law. The cost of the hearing shall be paid by the applicant, licensee, or party other than the Secretary. The Secretary, arbitrator, or administrative law judge shall administer oaths and affirmations to all witnesses appearing before them. The arbitrator or administrative law judge, upon the conclusion of the hearing, shall certify the evidence to the Secretary. The decision by the arbitrator shall be binding upon the parties.

All hearings shall be scheduled within 30 days after the request for a hearing, unless otherwise stated in this Act or agreed to by the parties. The hearing shall be held at the time and place designated by the Secretary.

Any circuit court of this State within the jurisdiction where the hearing is conducted may, in the case of an individual's refusal to appear or refusal of a witness to obey a subpoena, issue an order requiring the witness to appear before the Director or the hearing officer or to produce documentary evidence or to give relevant testimony. Any failure to obey an order of the court may be punished as contempt of court.

(205 ILCS 405/11) (from Ch. 17, par. 4819)

Sec. 11. Such license, if issued for a community currency exchange, shall state the name of the licensee and the address at which the business is to be conducted. Such license, or and its annual renewal, shall be kept conspicuously posted in the place of business of the licensee and shall not be transferable or assignable. If issued for an ambulatory currency exchange, it shall so state, and shall state the name and office address of the licensee, and the name and address of the location or locations to be served by the licensee, and shall not be transferable and assignable.

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

(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 Secretary 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 Secretary, and if the change is approved by the Secretary 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 Secretary 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 Secretary 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 Secretary for approval of such change of address. Every application for approval of a change of address shall be treated by the Secretary 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 Secretary for licensure in accordance with Sections 4 and 10 of this Act. If the Secretary 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 is $500.

The provisions of Sections 4.1a and Section 10 with reference to notice, hearing and review apply to applications filed pursuant to this Section.

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

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

Sec. 13.1. Consolidation of business locations. Whenever 2 or more licensees desire to consolidate their places of business, they shall make application for such consolidation to the Secretary upon a form provided by him or her. 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 Secretary may require. Simultaneously with the approval of the application by the Secretary, the licensee or licensees who will cease doing business shall: (a) surrender their license or licenses to the Secretary; (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 Secretary within 30 days after receipt by him of such application and supporting documents required thereunder. The Secretary shall impose a consolidation fee of $100 per application.

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.

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

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

(205 ILCS 405/15) (from Ch. 17, par. 4824)

Sec. 15. Fines; suspension; revocation. The Secretary may fine, suspend, or revoke any license issued under this Act if he or she finds that: The Secretary may, after 15 days notice by registered or certified mail to the licensee at the address set forth in the license stating the contemplated action and in general the grounds therefore, fine the licensee an amount not exceeding $1,000 per violation or revoke or suspend any license issued if he or she finds that:

(a) the licensee has failed to pay the annual license fee or to maintain in effect the required bond or bonds or insurance policy or policies; or

(b) the licensee has failed to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary lawfully made under the authority of this Act; or

(c) the licensee has violated any provision of this Act or any regulation or direction made by the Secretary under this Act; or

(d) any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the Secretary in refusing the issuance of the license; or

(e) the licensee has not operated the currency exchange or at the location licensed, for a period of 60 consecutive days, unless the licensee was prevented from operating during such period by reason of events or acts beyond the licensee's control.

The Secretary's authority to fine a licensee or suspend or revoke licenses under this Section is subject to the following:

(1) No less than 15 business days before issuing any fine, suspension, or revocation, the Secretary shall send to the licensee a notice of contemplated action in writing by registered mail at the address set forth in the license or to such other address or by method as previously designated by the licensee.

(2) The notice shall state (i) the specific nature and a clear and concise description of the violation, (ii) the Sections or rules that have been violated, (iii) the contemplated fine or action, (iv) that the licensee may, within 15 business days from the date of the notice, request a hearing under Section 9.5 of this Act, (v) that the licensee may, within 15 business days after the notice, take corrective action to mitigate any fine or contemplated action, and (vi) the specific corrective action to be taken.

(3) In the event the licensee requests, in writing to the Secretary and within 15 business days after the notice, a hearing on the fine or contemplated action, the matter shall be heard pursuant to Section 9.5 of this Act, any fines or contemplated action shall be stayed and no fines shall accrue during the pendency of the hearing.

(4) In the event the licensee takes the corrective action set forth in the notice within the time specified, the licensee shall certify the corrective action in writing to the Secretary, who may then confirm the corrective action by conducting a follow-up investigation within 30 days of the date of the certification and if the Secretary confirms the corrective action is complete, he or she may assess an examination charge not to exceed $100, provided, however that corrective action taken by a licensee shall not serve to mitigate any contemplated fine or action if the violation is an impairment or is substantially similar to a violation committed by the licensee and at the specific location within the previous 36 months.

Consistent with the provisions of this Act, the Secretary may, after weighing any harm to the public, the seriousness of the offense, and the history of the licensee, fine a licensee up to a maximum of $1,000 per violation. "Violation" means the offending act taken as a whole. Each day, incident, or occurrence the offending act occurred shall not be construed as a separate violation.

No license shall be revoked until the licensee has had notice of a hearing on the proposed revocation and an opportunity to be heard. When any license is revoked in this manner, the Secretary shall, within 20 days, prepare and keep on file in his or her office, a written order or decision of revocation that shall contain his or her findings and the reasons supporting the revocation. The Secretary shall send a copy of the order, finding, or decision of revocation by United States mail to the licensee at the address set forth in the license within 5 days after the filing in his or her office of the order, finding, or decision. A review of any such order, finding, or decision is available under Section 9.5 of this Act.

The Secretary may fine, suspend or revoke only the particular license or licenses for particular places of business or locations with respect to which grounds for revocation may occur or exist; except that if he shall find that such grounds for revocation are of general application to all places of business or locations, or that such grounds for fines, suspension or revocation have occurred or exist with respect to a substantial number of places of business or locations, he may fine, suspend or revoke all of the licenses issued to such licensee.

An order assessing a fine, an order revoking or suspending a license, or an order denying renewal of a license shall take effect on service of the order unless the licensee requests a hearing, in writing, within 15 days after the date of service. In the event a hearing is requested, the order shall be stayed until a final administrative order is entered. If the licensee requests a hearing, the Secretary shall schedule a hearing within 30 days after the request for a hearing unless otherwise agreed to by the parties. The hearing shall be held at the time and place designated by the Secretary.

The Secretary and any administrative law judge designated by him or her shall have the power to administer oaths and affirmations, subpoena witnesses and compel their attendance, take evidence, and require the production of books, papers, correspondence, and other records or information that he or she considers relevant or material to the inquiry.

In case of contumacy or refusal of a witness to obey a subpoena, any circuit court of this State whose jurisdiction encompasses where the hearing is located may issue an order requiring such witness to appear before the Secretary or the hearing officer, to produce documentary evidence, or to give testimony touching the matter in question; and the court may punish any failures to obey such orders of the court as contempt.

A licensee may surrender any license by delivering to the Secretary written notice that he, they or it thereby surrenders such license, but such surrender shall not affect such licensee's civil or criminal liability for acts committed prior to such surrender, or affect the liability on his, their or its bond or bonds, or his, their or its policy or policies of insurance, required by this Act, or entitle such licensee to a return of any part of the annual license fee or fees.

Every license issued hereunder shall remain in force until the same shall expire, or shall have been surrendered, suspended or revoked in accordance with this Act, but the Secretary may on his own motion, issue new licenses to a licensee whose license or licenses shall have been revoked if no fact or condition then exists which clearly would have warranted the Secretary in refusing originally the issuance of such license under this Act.

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

(205 ILCS 405/15.1) (from Ch. 17, par. 4825)

Sec. 15.1. If the Secretary determines that any licensee is insolvent or is violating this Act, or if the owner, executor, or successor in interest of a currency exchange abandons the currency exchange, he or she shall, within 5 business days, appoint a receiver, who shall, under his or her direction, for the purpose of receivership, take possession of and title to the books, records, and assets of every description of the community currency exchange. The Secretary may require of the receiver such security as he or she deems proper and, upon appointment of the receiver, shall have published, once each week for 4 consecutive weeks in a newspaper having a general circulation in the community, a notice calling on all persons who have claims against the community currency exchange, to present them to the receiver.

Within 10 days after the receiver takes possession of the property, the licensee may apply to the Circuit Court of the county where the community currency exchange is located to enjoin further proceedings in the premises.

The receiver may operate the community currency exchange until the Secretary determines that possession should be restored to the licensee or that the business should be liquidated.

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

(205 ILCS 405/3.1 rep.)

(205 ILCS 405/3.2 rep.)

(205 ILCS 405/3.3 rep.)

(205 ILCS 405/22.01 rep.)

Section 10. The Currency Exchange Act is amended by repealing Sections 3.1, 3.2, 3.3, and 22.01.".