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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Currency Exchange Act is amended by changing | ||||||
5 | Sections 1, 2, 3, 3.3, 4, 4.1, 5, 6, 7, 9, 10, 11, 13, 14, 15, | ||||||
6 | 17, 18, 19, 21, and 29.5 and by adding Section 4.1B as follows:
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7 | (205 ILCS 405/1) (from Ch. 17, par. 4802)
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8 | Sec. 1. Definitions; application of Act. | ||||||
9 | (a) For the purposes of this Act:
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10 | "Community currency exchange" means
any person, firm, | ||||||
11 | association, partnership, limited liability company, or
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12 | corporation, except an
ambulatory currency exchange as | ||||||
13 | hereinafter defined, banks incorporated
under the laws of this | ||||||
14 | State and National Banks organized pursuant to the
laws of the | ||||||
15 | United States, engaged in the business or service of, and
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16 | providing facilities for, cashing checks, drafts, money orders | ||||||
17 | or any other
evidences of money acceptable to such community | ||||||
18 | currency exchange, for a
fee or service charge or other | ||||||
19 | consideration, or engaged in the business of
selling or issuing | ||||||
20 | money orders under his or their or its name, or any
other money | ||||||
21 | orders (other than United States Post Office money orders,
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22 | Postal Telegraph Company money orders, or Western Union | ||||||
23 | Telegraph Company
money orders), or engaged in both such |
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1 | businesses, or engaged in performing
any one or more of the | ||||||
2 | foregoing services.
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3 | "Controlling person" means an officer, director, or person | ||||||
4 | owning or holding power to vote 10% or more of the outstanding | ||||||
5 | voting securities of a licensee or the power to vote the | ||||||
6 | securities of another controlling person of the licensee. For | ||||||
7 | the purposes of determining the percentage of a licensee | ||||||
8 | controlled by a controlling person, the person's interest shall | ||||||
9 | be combined with the interest of any other person controlled, | ||||||
10 | directly or indirectly, by that person or by a spouse, parent, | ||||||
11 | or child of that person. | ||||||
12 | "Department" means the Department of Financial and | ||||||
13 | Professional Regulation. | ||||||
14 | "Director" means the Director of the Division of Financial | ||||||
15 | Institutions of the Department of Financial and Professional | ||||||
16 | Regulation. | ||||||
17 | "Division of Financial Institutions" means the Division of | ||||||
18 | Financial Institutions of the Department of Financial and | ||||||
19 | Professional Regulation. | ||||||
20 | "Ambulatory Currency Exchange" means any person, firm, | ||||||
21 | association,
partnership, limited liability company, or | ||||||
22 | corporation, except banks organized under the laws of this
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23 | State and National Banks organized pursuant to the laws of the | ||||||
24 | United
States, engaged in one or both of the foregoing | ||||||
25 | businesses, or engaged in
performing any one or more of the | ||||||
26 | foregoing services, solely on the
premises of the employer |
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1 | whose employees are being served.
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2 | "Licensee" means any person, firm, association, | ||||||
3 | partnership, limited liability company, or corporation issued | ||||||
4 | one or more licenses by the Secretary under this Act. | ||||||
5 | "Licensed location" means the premises at which a licensee | ||||||
6 | is authorized to operate a community currency exchange to offer | ||||||
7 | to the public services, products, or activities under this Act. | ||||||
8 | "Location" when used with reference to an ambulatory | ||||||
9 | currency exchange
means the premises of the employer whose | ||||||
10 | employees are or are to be served
by an ambulatory currency | ||||||
11 | exchange.
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12 | "Principal office" means the physical business address, | ||||||
13 | which shall not be a post office box, of a licensee at which | ||||||
14 | the (i) Department may contact the licensee and (ii) records | ||||||
15 | required under this Act are maintained. | ||||||
16 | "Secretary" means the Secretary of Financial and | ||||||
17 | Professional Regulation or a person authorized by the Secretary | ||||||
18 | or this Act to act in the Secretary's stead. All references in | ||||||
19 | this Act to the Secretary shall be deemed to include the | ||||||
20 | Director, as a person authorized by the Secretary or this Act | ||||||
21 | to assume responsibility for the oversight of the functions of | ||||||
22 | the Department relative to the regulatory supervision of | ||||||
23 | community currency exchanges and ambulatory currency exchanges | ||||||
24 | under this Act.
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25 | (b) Nothing in this Act shall be held to apply to any | ||||||
26 | person, firm,
association, partnership, limited liability |
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1 | company, or corporation who is
engaged primarily in the
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2 | business of transporting for hire, bullion, currency, | ||||||
3 | securities,
negotiable or non-negotiable documents, jewels or | ||||||
4 | other property of great
monetary value and who in the course of | ||||||
5 | such business and only as an
incident thereto, cashes checks, | ||||||
6 | drafts, money orders or other evidences of
money directly for, | ||||||
7 | or for the employees of and with the funds of and at a
cost only | ||||||
8 | to, the person, firm, association, partnership, limited | ||||||
9 | liability
company, or corporation for
whom he or it is then | ||||||
10 | actually transporting such bullion, currency,
securities, | ||||||
11 | negotiable or non-negotiable documents, jewels, or other
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12 | property of great monetary value, pursuant to a written | ||||||
13 | contract for such
transportation and all incidents thereof, nor | ||||||
14 | shall it apply to any person,
firm, association, partnership, | ||||||
15 | limited liability company, or corporation
engaged in the | ||||||
16 | business of
selling tangible personal property at retail who, | ||||||
17 | in the course of such
business and only as an incident thereto, | ||||||
18 | cashes checks, drafts, money
orders or other evidences of | ||||||
19 | money.
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20 | (Source: P.A. 97-315, eff. 1-1-12.)
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21 | (205 ILCS 405/2) (from Ch. 17, par. 4803)
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22 | Sec. 2. License required; violation; injunction. No | ||||||
23 | person, firm,
association, partnership, limited liability
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24 | company,
or corporation shall
engage in the business of a | ||||||
25 | community currency exchange or in the business
of an ambulatory |
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1 | currency exchange without first securing a license to do
so | ||||||
2 | from the Secretary.
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3 | Any licensee person, firm, association, partnership, | ||||||
4 | limited liability company, or corporation issued a
license to | ||||||
5 | do so by the Secretary shall have authority to operate one or | ||||||
6 | more a
community currency exchanges exchange or an ambulatory | ||||||
7 | currency exchanges exchange , as defined
in Section 1 of this | ||||||
8 | Act hereof .
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9 | Any licensee person, firm, association, partnership, | ||||||
10 | limited liability company, or
corporation licensed as and | ||||||
11 | engaged in the business of a community currency
exchange shall | ||||||
12 | at a minimum offer the service of cashing checks, or drafts,
or | ||||||
13 | money orders, or any other evidences of money acceptable to | ||||||
14 | such currency exchange.
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15 | No ambulatory currency exchange and no community currency | ||||||
16 | exchange shall
be conducted on any street, sidewalk or highway | ||||||
17 | used by the public, and no
license shall be issued therefor. An | ||||||
18 | ambulatory currency exchange shall be
required to and shall | ||||||
19 | secure a license or licenses for the conduct of its
business at | ||||||
20 | each and every location served by it, as provided in Section 4
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21 | hereof, whether the services at any such location are rendered | ||||||
22 | for or
without a fee, service charge or other consideration. | ||||||
23 | Each plant or
establishment is deemed a separate location. No | ||||||
24 | license issued for the
conduct of its business at one location | ||||||
25 | shall authorize the conduct of its
business at any other | ||||||
26 | location, nor shall any license authorize the
rendering of |
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1 | services by an ambulatory currency exchange to persons other
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2 | than the employees of the employer named therein. If the | ||||||
3 | employer named in
such license shall move his business from the | ||||||
4 | address therein set forth,
such license shall thereupon expire, | ||||||
5 | unless the Secretary has approved a
change of address for such | ||||||
6 | location, as provided in Section 13.
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7 | Any person, firm, association, partnership, limited | ||||||
8 | liability company, or
corporation that violates
this Section | ||||||
9 | shall be guilty of a Class A misdemeanor, and the Attorney
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10 | General or the State's Attorney of the county in which the | ||||||
11 | violation occurs
shall file a complaint in the Circuit Court of | ||||||
12 | the county to restrain the
violation.
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13 | (Source: P.A. 97-315, eff. 1-1-12.)
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14 | (205 ILCS 405/3) (from Ch. 17, par. 4804)
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15 | Sec. 3. Powers of community currency exchanges. No | ||||||
16 | community or
ambulatory currency exchange shall be
permitted to | ||||||
17 | accept money or evidences of money as a deposit to be
returned | ||||||
18 | to the depositor or upon the depositor's order. No
community or | ||||||
19 | ambulatory currency exchange shall be permitted to act as
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20 | bailee or agent for persons, firms, partnerships, limited | ||||||
21 | liability
companies, associations or
corporations to hold | ||||||
22 | money or evidences thereof or the proceeds
therefrom for the | ||||||
23 | use and benefit of the owners thereof, and deliver
such money | ||||||
24 | or proceeds of evidence of money upon request and direction
of | ||||||
25 | such owner or owners. Nothing in this Act shall prevent a |
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1 | currency exchange from accepting any check without regard to | ||||||
2 | the date imprinted on the check, subject to Section 4-404 of | ||||||
3 | the Uniform Commercial Code, as long as the check is | ||||||
4 | immediately cashed, deposited, and processed in the ordinary | ||||||
5 | course of business. A community or ambulatory currency exchange | ||||||
6 | is permitted to engage in, and charge a fee for, the following | ||||||
7 | activities, either directly or as a third-party agent: (i) | ||||||
8 | cashing of checks, drafts, money orders, or any other evidences | ||||||
9 | of money acceptable to the currency exchange, (ii) selling or | ||||||
10 | issuing money orders, (iii) obtaining reports, certificates, | ||||||
11 | governmental permits, licenses, and vital statistics and the | ||||||
12 | preparation of necessary applications to obtain the same, (iv) | ||||||
13 | the sale and distribution of bond cards, (v) obtaining, | ||||||
14 | distributing, providing, or selling: State vehicle | ||||||
15 | registration renewals, title transfers and tax remittance | ||||||
16 | forms, city vehicle licenses, and other governmental services, | ||||||
17 | (vi) photocopying and sending and receiving facsimile | ||||||
18 | transmissions, (vii) notary service either by the proprietor of | ||||||
19 | the currency exchange or any currency exchange employee, | ||||||
20 | authorized by the State to act as a notary public, (viii) | ||||||
21 | issuance of travelers checks obtained by the currency exchange | ||||||
22 | from a banking institution under a trust receipt, (ix) | ||||||
23 | accepting for payment utility and other companies' bills, (x) | ||||||
24 | issuance and acceptance of any third-party debit, credit, gift, | ||||||
25 | or stored value card and loading or unloading, (xi) on-premises | ||||||
26 | automated cash dispensing machines, (xii) sale of rolled coin |
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1 | and paper money, (xiii) exchange of foreign currency through a | ||||||
2 | third-party, (xiv) sale of cards, passes, or tokens for public | ||||||
3 | transit, (xv) providing mail box service, (xvi) sale of phone | ||||||
4 | cards and other pre-paid telecommunication services, (xvii) | ||||||
5 | on-premises public telephone, (xviii) sale of U.S. postage, | ||||||
6 | (xix) money transmission through a licensed third-party money | ||||||
7 | transmitter, (xx) sale of candy, gum, other packaged foods, | ||||||
8 | soft drinks, and other products and services by means of | ||||||
9 | on-premises vending machines and self-service automated | ||||||
10 | terminals , and (xxi) transmittal of documents or information | ||||||
11 | upon the request of a consumer, (xxii) providing access to | ||||||
12 | consumers of third-party travel reservation and ticketing | ||||||
13 | services, and (xxiii) other products and services as may be | ||||||
14 | approved by the Secretary. A currency exchange may offer, for | ||||||
15 | no charge and with no required transaction, advertising upon | ||||||
16 | and about the premises and distribution to consumers of | ||||||
17 | advertising and other materials of any legal product or service | ||||||
18 | that is not misleading to the public.
Any community or | ||||||
19 | ambulatory currency exchange may enter into
agreements with any | ||||||
20 | utility and other companies to act as the companies'
agent for | ||||||
21 | the acceptance of payment of utility and other
companies' bills | ||||||
22 | without charge
to the customer and,
acting under such | ||||||
23 | agreement, may receipt for payments in the
names of the utility | ||||||
24 | and other companies. Any community or
ambulatory currency | ||||||
25 | exchange may also receive payment of
utility and other | ||||||
26 | companies' bills for remittance to companies
with which it has |
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1 | no such agency agreement and may charge a fee
for such service | ||||||
2 | but may not, in such cases, issue a receipt for such
payment in | ||||||
3 | the names of the utility and other companies.
However, funds | ||||||
4 | received by currency exchanges for remittance
to utility and | ||||||
5 | other companies with which the currency exchange
has no agency | ||||||
6 | agreement shall be forwarded to the appropriate
utility and | ||||||
7 | other companies by the currency exchange before the
end of the | ||||||
8 | next business day. | ||||||
9 | For the purpose of this Section, "utility and other | ||||||
10 | companies" means any utility company and other company with | ||||||
11 | which the currency exchange may or may not have a contractual | ||||||
12 | agreement and for which the currency exchange accepts payments | ||||||
13 | from consumers for remittance to the utility or other company | ||||||
14 | for the payment of bills.
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15 | (Source: P.A. 97-315, eff. 1-1-12.)
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16 | (205 ILCS 405/3.3) (from Ch. 17, par. 4807)
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17 | Sec. 3.3. Additional public services.
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18 | (a) Nothing in this Act shall prevent the Secretary from | ||||||
19 | authorizing
a currency exchange, group of currency exchanges, | ||||||
20 | or association of currency exchanges to render additional | ||||||
21 | services to the public if the services
are consistent with the | ||||||
22 | provisions of this Act, are within its meaning,
are in the best | ||||||
23 | interest of the public, and benefit the general welfare. A | ||||||
24 | currency exchange, group of currency exchanges, or association | ||||||
25 | of currency exchanges must request, in writing, the Secretary's |
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1 | approval of the additional service prior to rendering such | ||||||
2 | additional service to the public. Any approval under this | ||||||
3 | Section shall be deemed an approval for all currency exchanges. | ||||||
4 | Any currency exchange wishing to provide an additional service | ||||||
5 | previously approved by the Secretary must provide written | ||||||
6 | notice, on a form provided by the Department and available on | ||||||
7 | its website, to the Secretary 30 days prior to offering the | ||||||
8 | approved additional service to the public. The Secretary may | ||||||
9 | charge an additional service investigation fee of $500 per | ||||||
10 | application for a new additional service request. The | ||||||
11 | additional service request shall be on a form provided by the | ||||||
12 | Department and available on the Department's website. Within 15 | ||||||
13 | days after receipt by the Department of an additional service | ||||||
14 | request, the Secretary shall examine the additional service | ||||||
15 | request for completeness and notify the requester of any | ||||||
16 | defect. The requester must remedy the defect within 10 days | ||||||
17 | after the mailing of the notification of the defect by the | ||||||
18 | Secretary. Failure to remedy the defect within such time will | ||||||
19 | void the additional service request.
If the Secretary | ||||||
20 | determines that the additional service request is complete, the | ||||||
21 | Secretary shall have 60 business days to approve or deny the | ||||||
22 | additional service request. If the additional service request | ||||||
23 | is denied, the Secretary shall send by United States mail | ||||||
24 | notice of the denial to the requester at the address set forth | ||||||
25 | in the additional service request , together with the reasons | ||||||
26 | therefor stated with particularity that the additional service |
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1 | is not consistent with the provisions of this Act or in the | ||||||
2 | best interest of the public and does not benefit the general | ||||||
3 | welfare . If an additional service request is denied, the | ||||||
4 | requester may, within 10 days after receipt of the denial, make | ||||||
5 | a written request to the Secretary for a hearing on the | ||||||
6 | additional service request denial. The hearing shall be set for | ||||||
7 | a date after the receipt by the Secretary of the request for a | ||||||
8 | hearing, and written notice of the time and place of the | ||||||
9 | hearing shall be mailed to the requester no later than 15 days | ||||||
10 | before the date of the hearing. The hearing shall be scheduled | ||||||
11 | for a date within 56 days after the date of the receipt of the | ||||||
12 | request for a hearing. The requester shall pay the actual cost | ||||||
13 | of making the transcript of the hearing prior to the | ||||||
14 | Secretary's issuing his or her decision following the hearing. | ||||||
15 | If the Secretary denies the request for a new additional | ||||||
16 | service, a currency exchange shall not offer the new additional | ||||||
17 | service until a final administrative order has been entered | ||||||
18 | permitting a currency exchange to offer the service.
The | ||||||
19 | Secretary's
decision may be subject to review as provided in | ||||||
20 | Section 22.01
of this Act.
If the Secretary revokes a | ||||||
21 | previously approved authorization for an additional service | ||||||
22 | request, the Secretary shall provide written notice to all | ||||||
23 | affected currency exchange licensees , together with the | ||||||
24 | reasons therefor stated with particularity, that the | ||||||
25 | additional service is no longer consistent with the provisions | ||||||
26 | of this Act or in the best interest of the public and does not |
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1 | benefit the general welfare . Upon receipt of the revocation | ||||||
2 | notice, a currency exchange licensee, group of currency | ||||||
3 | exchange licensees, or association of currency exchanges shall | ||||||
4 | have 10 days to make a written request to the Secretary for a | ||||||
5 | hearing, and the Department shall have 30 business days to | ||||||
6 | schedule a future hearing. Written notice of the time and place | ||||||
7 | of the hearing shall be mailed to the licensee no later than 10 | ||||||
8 | business days before the date of the hearing. The licensee | ||||||
9 | shall pay the actual cost of making the transcript prior to the | ||||||
10 | Secretary's issuing his or her decision following the hearing.
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11 | The Secretary's decision
is subject to review as provided in | ||||||
12 | Section 22.01 of this
Act.
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13 | (b) (Blank). | ||||||
14 | (c) If the Secretary revokes authorization for a previously | ||||||
15 | approved additional service, the currency exchange may | ||||||
16 | continue to offer the additional service until a
final | ||||||
17 | administrative order has been entered revoking the licensee's | ||||||
18 | previously approved authorization.
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19 | (Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
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20 | (205 ILCS 405/4) (from Ch. 17, par. 4808)
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21 | Sec. 4. License application; contents; fees. A licensee | ||||||
22 | shall obtain a separate license for each licensed location. | ||||||
23 | Application for such
license shall be in writing under oath and | ||||||
24 | in
the form prescribed and furnished by the Secretary. Each | ||||||
25 | application shall
contain the following:
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1 | (a) The applicant's full name and address (both of | ||||||
2 | residence and place of business) if the applicant is a | ||||||
3 | natural person,
of the applicant, and if the applicant is a | ||||||
4 | partnership, limited liability
company, or association, of
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5 | every member thereof, and the name and principal office | ||||||
6 | business address if the applicant is
a corporation;
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7 | (b) The county and municipality, with street and | ||||||
8 | number, if any, where
the community currency exchange is to | ||||||
9 | be conducted, if the application is
for a community | ||||||
10 | currency exchange license;
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11 | (c) If the application is for an ambulatory currency | ||||||
12 | exchange license,
the name and address of the employer at | ||||||
13 | each location to be served by it;
and
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14 | (d) In the case of a licensee's initial license | ||||||
15 | application, the The applicant's occupation or profession; | ||||||
16 | a detailed statement of the applicant's
business | ||||||
17 | experience for the 10 years immediately preceding the
| ||||||
18 | application; a detailed statement of the applicant's | ||||||
19 | finances; the applicant's present or previous
connection | ||||||
20 | with any other currency exchange; whether the applicant has | ||||||
21 | ever been
involved in any civil or criminal litigation, and | ||||||
22 | the material facts
pertaining thereto; whether the | ||||||
23 | applicant has ever been committed to any penal
institution | ||||||
24 | or admitted to an institution for the care and treatment of
| ||||||
25 | mentally ill persons; and the nature of applicant's | ||||||
26 | occupancy of the
premises to be licensed where the |
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1 | application is for a community currency
exchange license. | ||||||
2 | If the applicant is a partnership, the information
| ||||||
3 | specified herein shall be required of each partner. If the | ||||||
4 | applicant is a
corporation or limited liability company , | ||||||
5 | the said information shall be required of each controlling | ||||||
6 | person officer,
director and stockholder thereof along | ||||||
7 | with disclosure of their ownership
interests.
If the | ||||||
8 | applicant is a limited liability company, the information | ||||||
9 | required by
this Section shall be provided with respect to | ||||||
10 | each member and manager along
with disclosure of their | ||||||
11 | ownership interests.
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12 | A licensee's initial community currency exchange license | ||||||
13 | application shall be
accompanied by a fee of $500, prior to | ||||||
14 | January 1, 2012. After January 1, 2012 the fee shall be $750. | ||||||
15 | After January 1, 2014 the fee shall be $1,000 for the cost of | ||||||
16 | investigating the applicant. A licensee's application for | ||||||
17 | licenses for additional licensed locations shall be | ||||||
18 | accompanied by a fee of $1,000 for each additional license. If | ||||||
19 | the ownership of a
licensee or licensed location changes, in | ||||||
20 | whole or in part, a new application must be filed pursuant
to | ||||||
21 | this Section along with a $500 fee if the licensee's ownership | ||||||
22 | interests
have been transferred
or sold to a new person or | ||||||
23 | entity or a fee of $300 if the licensee's
ownership interests | ||||||
24 | have been transferred or sold to a current holder or
holders of | ||||||
25 | the licensee's ownership interests.
When the application for a
| ||||||
26 | community currency exchange license has been approved by the |
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| |||||||
1 | Secretary and
the applicant so advised, an additional sum of
| ||||||
2 | $400 as an annual license
fee for a period terminating on the | ||||||
3 | last day of the current calendar year
shall be paid to the | ||||||
4 | Secretary by the applicant; provided, that the license
fee for | ||||||
5 | an applicant applying for such a license after July 1st of any | ||||||
6 | year
shall be $200 for the balance of such year. Upon receipt
| ||||||
7 | of a community currency exchange license application, the
| ||||||
8 | Secretary shall examine the application for completeness and
| ||||||
9 | notify the applicant in writing of any defect within 20 days | ||||||
10 | after
receipt. The applicant must remedy the defect within 10 | ||||||
11 | days after the mailing of the notification of the defect by the | ||||||
12 | Secretary. Failure to timely remedy the defect will void the | ||||||
13 | application. Once the Secretary determines that the | ||||||
14 | application is complete, the Secretary shall have 90 business | ||||||
15 | days to approve or deny the application.
If
the application is | ||||||
16 | denied, the Secretary shall send by United
States mail notice | ||||||
17 | of the denial to the applicant at the
address set forth in the | ||||||
18 | application. If an application is
denied, the applicant may, | ||||||
19 | within 10 days after the date of the
notice of denial, make a | ||||||
20 | written request to the Secretary for a
hearing on the | ||||||
21 | application. The hearing shall be set for a date after the | ||||||
22 | receipt by the Secretary of the request for a hearing, and | ||||||
23 | written notice of the time and place of the hearing shall be | ||||||
24 | mailed to the applicant no later than 15 days before the date | ||||||
25 | of the hearing. The hearing shall be scheduled for a date | ||||||
26 | within 56 days after the date of the receipt of the request for |
| |||||||
| |||||||
1 | a hearing. The applicant shall pay the actual cost of
making | ||||||
2 | the transcript of the hearing prior to the Secretary's
issuing | ||||||
3 | his or her decision. The Secretary's decision is subject to | ||||||
4 | review as
provided in Section 22.01 of this Act.
| ||||||
5 | An application for an ambulatory currency exchange license | ||||||
6 | shall be
accompanied by a fee of $100, which fee shall be for | ||||||
7 | the cost of
investigating the applicant. An approved applicant | ||||||
8 | shall not be required
to pay the initial investigation fee of | ||||||
9 | $100 more than once.
When the application for an ambulatory | ||||||
10 | currency exchange license has
been approved by the Secretary, | ||||||
11 | and such applicant so advised, such
applicant shall pay an | ||||||
12 | annual license fee of $25 for each and every
location to be | ||||||
13 | served by such applicant; provided that such license fee for
an | ||||||
14 | approved applicant applying for such a license after July 1st | ||||||
15 | of any
year shall be $12 for the balance of such year for each | ||||||
16 | and every location
to be served by such applicant. Such an
| ||||||
17 | approved applicant for an ambulatory currency exchange | ||||||
18 | license, when
applying for a license with respect to a | ||||||
19 | particular location, shall file
with the Secretary, at the time | ||||||
20 | of filing an application, a letter of
memorandum, which shall | ||||||
21 | be in writing and under oath, signed by the owner
or authorized | ||||||
22 | representative of the business whose employees are to be
| ||||||
23 | served; such letter or memorandum shall contain a statement | ||||||
24 | that such
service is desired, and that the person signing the | ||||||
25 | same is authorized so
to do. The Secretary shall thereupon | ||||||
26 | verify the authenticity of the letter
or memorandum and the |
| |||||||
| |||||||
1 | authority of the person who executed it, to do
so. | ||||||
2 | The Department shall have 45 business days to approve or | ||||||
3 | deny a currency exchange licensee's request to purchase another | ||||||
4 | currency exchange.
| ||||||
5 | (Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
| ||||||
6 | (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
| ||||||
7 | Sec. 4.1. Application; investigation; community need. | ||||||
8 | (a) The General Assembly finds and declares that community | ||||||
9 | currency
exchanges provide important and vital services to | ||||||
10 | Illinois citizens, that
the number of community currency | ||||||
11 | exchanges should be limited in accordance
with the needs of the | ||||||
12 | communities they are to serve, and that it is in the
public | ||||||
13 | interest to promote and foster the community currency exchange | ||||||
14 | business
and to insure the financial stability thereof. | ||||||
15 | (b) Upon receipt of an application
for a license for a | ||||||
16 | community
currency exchange, the Secretary shall cause an | ||||||
17 | investigation to determine:
of | ||||||
18 | (1) the need of the community
for the establishment of | ||||||
19 | a community currency exchange at the location
specified in | ||||||
20 | the application ; and | ||||||
21 | (2) the effect that granting the license
will have on | ||||||
22 | the financial stability of other community currency | ||||||
23 | exchanges
that may be serving the community in which the | ||||||
24 | business of the applicant
is proposed to be conducted.
| ||||||
25 | (c) "Community", as used in this Act, means a locality |
| |||||||
| |||||||
1 | where there may or
can be available to the people thereof the | ||||||
2 | services of a community currency
exchange reasonably | ||||||
3 | accessible to them. | ||||||
4 | (d) If the issuance of a license to
engage in the community | ||||||
5 | currency exchange business at the location
specified will not | ||||||
6 | promote the needs and the convenience and advantage
of the | ||||||
7 | community in which the business of the applicant is proposed to | ||||||
8 | be
conducted, then the application shall be denied.
| ||||||
9 | (e) As a part of the investigation, the Secretary shall, | ||||||
10 | within 15 business days after receipt of an application, notify | ||||||
11 | in writing all currency exchanges located within a one-half | ||||||
12 | mile radius of the proposed new currency exchange in any | ||||||
13 | municipality with a population of 500,000 or more or located | ||||||
14 | within a one-mile radius of the proposed new currency exchange | ||||||
15 | outside a municipality with a population of 500,000 or more of | ||||||
16 | the application and the proposed location. Within 15 business | ||||||
17 | days after the notice, any currency exchange as described in | ||||||
18 | paragraph (2) of subsection (b) of this Section may notify the | ||||||
19 | Secretary it intends to protest the application. If the | ||||||
20 | currency exchange intends to protest the application, then the | ||||||
21 | currency exchange shall, within 30 days after notifying the | ||||||
22 | Secretary, provide the Secretary with any information | ||||||
23 | requested to substantiate that granting the license would have | ||||||
24 | a material and negative effect upon the financial stability of | ||||||
25 | the existing currency exchange or would not promote the needs | ||||||
26 | and the convenience and advantage of the community. Once the |
| |||||||
| |||||||
1 | investigation is completed, the Secretary shall, within 15 | ||||||
2 | business days thereafter, notify any currency exchange as | ||||||
3 | described in paragraph (2) of subsection (b) of this Section of | ||||||
4 | the determination to approve or deny the application. The | ||||||
5 | determination shall sufficiently detail the facts that led to | ||||||
6 | the determination. | ||||||
7 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
8 | (205 ILCS 405/4.1B new) | ||||||
9 | Sec. 4.1B. Anti-money laundering requirements. | ||||||
10 | (a) Every licensee shall comply with all State and federal | ||||||
11 | laws, rules, and regulations relating to the detection and | ||||||
12 | prevention of money laundering, including, as applicable, 31 | ||||||
13 | C.F.R. 103.20, 103.22, 103.23, 103.27, 103.28, 103.29, 103.33, | ||||||
14 | 103.37, and 103.41. | ||||||
15 | (b) Every licensee shall maintain an anti-money laundering | ||||||
16 | program in accordance with 31 C.F.R. 103.125. The program shall | ||||||
17 | be reviewed and updated as necessary to ensure that the program | ||||||
18 | continues to be effective in detecting and deterring money | ||||||
19 | laundering activities. | ||||||
20 | (205 ILCS 405/5) (from Ch. 17, par. 4812)
| ||||||
21 | Sec. 5. Bond; condition; amount.
| ||||||
22 | (a) Before any license shall be issued
to a licensee to | ||||||
23 | operate a community
currency exchange the applicant shall file | ||||||
24 | annually with and
have approved by the Secretary a surety bond, |
| |||||||
| |||||||
1 | issued by a bonding
company authorized to do business in this | ||||||
2 | State in the principal sum
of $25,000 for each licensed | ||||||
3 | location, up to a maximum aggregate principal sum of $350,000 | ||||||
4 | for each licensee regardless of the number of licenses held . | ||||||
5 | Such bond shall run to the Secretary and shall
be for the | ||||||
6 | benefit of any creditors of such licensee currency exchange
for | ||||||
7 | any liability incurred by the licensee currency exchange on any
| ||||||
8 | money orders, including any fees and penalties incurred by the | ||||||
9 | remitter should the money order be returned unpaid, issued or | ||||||
10 | sold by the licensee in the ordinary course of its business | ||||||
11 | currency exchange and for
any liability incurred by the | ||||||
12 | licensee currency exchange for any sum or
sums due to any payee | ||||||
13 | or endorsee of any check, draft or money
order left with the | ||||||
14 | licensee in the ordinary course of its business currency | ||||||
15 | exchange for collection, and for
any liability to the public | ||||||
16 | incurred by the licensee in the ordinary course of its business | ||||||
17 | currency exchange in connection
with the rendering of any of | ||||||
18 | the services referred to in
Section 3 of this Act.
| ||||||
19 | To protect the public and allow for the effective | ||||||
20 | underwriting of bonds, the surety bond shall not cover money | ||||||
21 | orders issued and other liabilities incurred by a currency | ||||||
22 | exchange for its own account or that of its controlling | ||||||
23 | persons, including money orders issued or liabilities incurred | ||||||
24 | by the currency exchange to obtain cash for its own operations, | ||||||
25 | to pay for the currency exchange's own bills or liabilities or | ||||||
26 | that of its controlling persons, or to obtain things of value |
| |||||||
| |||||||
1 | for the currency exchange
or its controlling persons, | ||||||
2 | regardless of whether such things of value are used in the | ||||||
3 | currency exchange's operations or sold by the currency | ||||||
4 | exchange. | ||||||
5 | From time to time the Secretary may determine the amount of | ||||||
6 | liabilities
as described herein and shall require the licensee | ||||||
7 | to file a bond in an
additional sum if the same is determined | ||||||
8 | to be necessary in accordance with
the requirements of this | ||||||
9 | Section. In no case shall the bond be less than
the initial | ||||||
10 | $25,000, nor more than the outstanding liabilities.
| ||||||
11 | (b) In lieu of the surety bond requirements of subsection | ||||||
12 | (a), a community
currency exchange licensee may submit evidence | ||||||
13 | satisfactory to the Secretary
that the community currency | ||||||
14 | exchange licensee is covered by a blanket bond that
covers | ||||||
15 | multiple licensees who are members of a statewide association | ||||||
16 | of
community currency exchanges or licensees . Such a blanket | ||||||
17 | bond must be issued by a bonding
company authorized to do | ||||||
18 | business in this State and in a principal aggregate
sum of not | ||||||
19 | less than $3,000,000 as of May 1, 2012, and not less than | ||||||
20 | $4,000,000 as of May 1, 2014.
| ||||||
21 | (c) An ambulatory currency exchange may sell or issue money | ||||||
22 | orders
at any location with regard to which it
is issued a | ||||||
23 | license pursuant to this Act, including existing
licensed | ||||||
24 | locations, without the necessity of a further
application or | ||||||
25 | hearing and without regard to any exceptions
contained in | ||||||
26 | existing licenses, upon the filing with
the Secretary of a |
| |||||||
| |||||||
1 | surety bond approved by the Secretary and issued by a bonding
| ||||||
2 | company
or insurance company authorized to do business in | ||||||
3 | Illinois,
in the principal sum of $100,000. Such bond may be a | ||||||
4 | blanket
bond covering all locations at which the ambulatory | ||||||
5 | currency
exchange may sell or issue money orders,
and shall run | ||||||
6 | to the Secretary for the
use and benefit of any creditors of | ||||||
7 | such ambulatory currency
exchange for any liability incurred by | ||||||
8 | the ambulatory currency
exchange on any money orders issued or | ||||||
9 | sold by it to the public in the ordinary course of its | ||||||
10 | business .
Such bond shall be renewed annually. If after
the | ||||||
11 | expiration of one year from the date of approval of such
bond | ||||||
12 | by the Secretary, it shall appear that the average amount
of | ||||||
13 | such liability during the year has exceeded $100,000,
the | ||||||
14 | Secretary shall require the licensee to furnish a bond for
the | ||||||
15 | ensuing year, to be approved by the Secretary,
for an | ||||||
16 | additional principal sum of $1,000 for each $1,000 of
such | ||||||
17 | liability or fraction thereof in excess of the original
| ||||||
18 | $100,000, except that the maximum amount of such bond shall not | ||||||
19 | be required to
exceed $250,000.
| ||||||
20 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
21 | (205 ILCS 405/6) (from Ch. 17, par. 4813)
| ||||||
22 | Sec. 6. Insurance against loss. | ||||||
23 | (a) Every applicant for a license hereunder
shall, after | ||||||
24 | his
application for a license has been approved, file with and | ||||||
25 | have approved
by the Secretary, a policy or policies of |
| |||||||
| |||||||
1 | insurance issued by an
insurance company or indemnity company | ||||||
2 | authorized to do business under
the law of this State, which | ||||||
3 | shall insure the applicant against loss by
theft, burglary, | ||||||
4 | robbery or forgery in a principal sum as hereinafter
provided; | ||||||
5 | if the average amount of cash and liquid funds to be kept on
| ||||||
6 | hand at the licensed location in the office of the community | ||||||
7 | currency exchange during the year
will not be in excess of | ||||||
8 | $10,000 the policy or policies shall be in the
principal sum of | ||||||
9 | $10,000. If such average amount will be in excess of
$10,000, | ||||||
10 | the policy or policies shall be for an additional principal sum
| ||||||
11 | of $500 for each $1,000 or fraction thereof of such excess over | ||||||
12 | the
original $10,000. From time to
time, the Secretary may | ||||||
13 | determine the amount of cash and liquid funds on
hand at the | ||||||
14 | licensed location in the office of any community currency | ||||||
15 | exchange and shall require
the licensee to submit additional | ||||||
16 | policies if the same are determined to
be necessary in | ||||||
17 | accordance with the requirements of this Section. | ||||||
18 | However, any licensee community currency exchange licensed | ||||||
19 | under this Act may meet the insurance requirements of this | ||||||
20 | subsection (a) by submitting evidence satisfactory to the | ||||||
21 | Secretary that the licensee is covered by a blanket insurance | ||||||
22 | policy that covers multiple licensees. The blanket insurance | ||||||
23 | policy: (i) shall insure the licensee against loss by theft, | ||||||
24 | robbery, or forgery; (ii) shall be issued by an insurance | ||||||
25 | company authorized to do business in this State; and (iii) | ||||||
26 | shall be in the principal sum of an amount equal to the maximum |
| |||||||
| |||||||
1 | amount required under this Section for any one licensee covered | ||||||
2 | by the insurance policy.
| ||||||
3 | Any such policy or policies, with respect to forgery, may | ||||||
4 | carry a
condition that the community currency exchange assumes | ||||||
5 | the first $1,000 of
each claim thereunder.
| ||||||
6 | (b) Before an ambulatory currency exchange shall sell or
| ||||||
7 | issue money orders,
it shall file with and
have approved by the | ||||||
8 | Secretary, a policy or policies of
insurance issued by an | ||||||
9 | insurance company or indemnity company
authorized to do | ||||||
10 | business under the laws of this State, which
shall insure such | ||||||
11 | ambulatory currency exchange against loss
by theft, burglary, | ||||||
12 | robbery, forgery or embezzlement in the
principal sum of not | ||||||
13 | less than $500,000. If the average amount
of cash and liquid | ||||||
14 | funds to be kept on hand during the year
will exceed $500,000, | ||||||
15 | the policy or policies shall be for an
additional principal sum | ||||||
16 | of $500 for each $1,000 or fraction
thereof in excess of | ||||||
17 | $500,000. From time to time the Secretary may determine
the | ||||||
18 | amount of cash and liquid funds kept on hand by an ambulatory
| ||||||
19 | currency exchange and shall require it to submit such | ||||||
20 | additional
policies as are determined to be required within the | ||||||
21 | limits of
this Section. No ambulatory currency exchange subject | ||||||
22 | to
this Section shall be required to furnish more than one | ||||||
23 | policy
of insurance if the policy furnished insures it against | ||||||
24 | the
foregoing losses at all locations served by it.
| ||||||
25 | Any such policy may contain a condition that the insured
| ||||||
26 | assumes a portion of the loss, provided the insured shall file
|
| |||||||
| |||||||
1 | with such policy a sworn financial statement indicating its
| ||||||
2 | ability to act as self-insurer in the amount of such deductible
| ||||||
3 | portion of the policy without prejudice to the safety of any
| ||||||
4 | funds belonging to its customers. If the Secretary is not
| ||||||
5 | satisfied as to the financial ability of the ambulatory | ||||||
6 | currency
exchange, he may require it to deposit cash or United | ||||||
7 | States Government
Bonds in the amount of part or
all of the | ||||||
8 | deductible portion of the policy.
| ||||||
9 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
10 | (205 ILCS 405/7) (from Ch. 17, par. 4814)
| ||||||
11 | Sec. 7. Available funds; minimum amount. Each licensee | ||||||
12 | community currency
exchange shall have, at all times, a
minimum | ||||||
13 | of $5,000 for each currency exchange license it holds of its | ||||||
14 | own cash funds available for the uses and
purposes of its | ||||||
15 | currency exchange business and said minimum sum shall be | ||||||
16 | exclusive of and
in addition to funds received for exchange or | ||||||
17 | transfer; and in addition
thereto each such licensee shall at | ||||||
18 | all times have on hand an amount of
liquid funds sufficient to | ||||||
19 | pay on demand all outstanding money orders
issued by it. | ||||||
20 | Whenever a licensee holds more than one community currency | ||||||
21 | exchange license, the aggregate of the minimum liquid funds | ||||||
22 | required under this Section 7 for all of such licensee's | ||||||
23 | licensed locations may be held by the licensee in a single | ||||||
24 | account in the licensee's name, provided that the total liquid | ||||||
25 | funds equals a minimum of $5,000 multiplied by the number of |
| |||||||
| |||||||
1 | licenses held by that licensee.
| ||||||
2 | In the event a receiver is appointed in accordance with | ||||||
3 | Section 15.1
of this Act, and the Secretary determines that the | ||||||
4 | business of the
currency exchange should be liquidated, and if | ||||||
5 | it shall appear that the
said minimum sum was not on hand or | ||||||
6 | available at the time of the
appointment of the receiver, then | ||||||
7 | the receiver shall have the right to
recover in any court of | ||||||
8 | competent jurisdiction from the owner or owners
of such | ||||||
9 | currency exchange, or from the stockholders and directors
| ||||||
10 | thereof if such currency exchange was operated by a | ||||||
11 | corporation, or from the
members if the currency exchange was | ||||||
12 | operated as a limited liability company,
said
sum or that part | ||||||
13 | thereof which was not on hand or available at the time
of the | ||||||
14 | appointment of such receiver. Nothing contained in this Section
| ||||||
15 | shall limit or impair the liability of any bonding or insurance | ||||||
16 | company
on any bond or insurance policy relating to such | ||||||
17 | community currency
exchange issued pursuant to the | ||||||
18 | requirements of this Act, nor shall
anything contained herein | ||||||
19 | limit or impair such other rights or remedies
as the receiver | ||||||
20 | may otherwise have.
| ||||||
21 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
22 | (205 ILCS 405/9) (from Ch. 17, par. 4816)
| ||||||
23 | Sec. 9.
No community or ambulatory currency exchange shall | ||||||
24 | issue
tokens to be used in lieu of money for the purchase of | ||||||
25 | goods or services
from any enterprise , except that currency |
| |||||||
| |||||||
1 | exchanges may engage in
the distribution of food stamps as | ||||||
2 | authorized by Section 3.2 .
| ||||||
3 | (Source: P.A. 80-439.)
| ||||||
4 | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| ||||||
5 | Sec. 10. Qualifications of applicant; denial of license; | ||||||
6 | review. The
applicant or , and its controlling persons | ||||||
7 | officers, directors and
stockholders, if a corporation,
and its | ||||||
8 | managers and members, if a liability company, shall be vouched | ||||||
9 | for
by 2 reputable citizens of this State setting forth
that | ||||||
10 | the individual mentioned is (a) personally known to them to be
| ||||||
11 | trustworthy and reputable, (b) that he has business experience | ||||||
12 | qualifying
him to competently conduct, operate, own or become | ||||||
13 | associated with a
currency exchange, (c) that he has a good | ||||||
14 | business reputation and is worthy
of a license. Thereafter, the | ||||||
15 | Secretary shall, upon approval of the
application filed with | ||||||
16 | him, issue to the applicant, qualifying under this
Act, a | ||||||
17 | license to operate a currency exchange. If it is a license for | ||||||
18 | a
community currency exchange, the same shall be valid only at | ||||||
19 | the place of
business specified in the application. If it is a | ||||||
20 | license for an ambulatory
currency exchange, it shall entitle | ||||||
21 | the applicant to operate only at the
location or locations | ||||||
22 | specified in the application, provided the applicant
shall | ||||||
23 | secure separate and additional licenses for each of such | ||||||
24 | locations.
Such licenses shall remain in full force and effect, | ||||||
25 | until they are
surrendered by the licensee, or revoked, or |
| |||||||
| |||||||
1 | expire, as herein provided. If
the Secretary shall not so | ||||||
2 | approve, he shall not issue such license or
licenses and shall | ||||||
3 | notify the applicant of such denial, retaining the full
| ||||||
4 | investigation fee to cover the cost of investigating the | ||||||
5 | community
currency exchange applicant. The
Secretary shall | ||||||
6 | approve or deny every application hereunder within 90 days
from | ||||||
7 | the filing of a complete application; except that in respect to | ||||||
8 | an application by an
approved ambulatory currency exchange for | ||||||
9 | a license with regard to a
particular location to be served by | ||||||
10 | it, the same shall be approved or
denied within 20 days from | ||||||
11 | the filing thereof. If the application is
denied, the Secretary | ||||||
12 | shall send by United States mail notice of such denial
to the | ||||||
13 | applicant at the address set forth in the application.
| ||||||
14 | If an application is denied, the applicant may, within 10 | ||||||
15 | days from the
date of the notice of denial, make written | ||||||
16 | request to the Secretary for a
hearing on the application, and | ||||||
17 | the Secretary shall set a time and place for
the hearing. The | ||||||
18 | hearing shall be set for a date after the receipt by the
| ||||||
19 | Secretary of the request for hearing, and written notice of the | ||||||
20 | time and
place of the hearing shall be mailed to the applicant | ||||||
21 | at least 15 days
before the date of the hearing. The applicant | ||||||
22 | shall pay the actual cost of
making the transcript of the | ||||||
23 | hearing prior to the Secretary's issuing his
decision following | ||||||
24 | the hearing. If, following the hearing, the application
is | ||||||
25 | denied, the Secretary shall, within 20 days thereafter prepare | ||||||
26 | and keep
on file in his office a written order of denial |
| |||||||
| |||||||
1 | thereof, which shall
contain his findings with respect thereto | ||||||
2 | and the reasons supporting the
denial, and shall send by United | ||||||
3 | States Mail a copy thereof to the
applicant at the address set | ||||||
4 | forth in the application, within 5 days after
the filing of | ||||||
5 | such order. A review of any such decision may be had as
| ||||||
6 | provided in Section 22.01 of this Act.
| ||||||
7 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
8 | (205 ILCS 405/11) (from Ch. 17, par. 4819)
| ||||||
9 | Sec. 11.
Such license, if issued for a community currency | ||||||
10 | exchange, shall
state the name of the licensee and the address | ||||||
11 | of at which the licensed location business is to
be conducted . | ||||||
12 | Such license, or and its annual renewal, shall be kept | ||||||
13 | conspicuously posted in the licensed location place
of business | ||||||
14 | of the licensee and shall not be transferable or assignable. If
| ||||||
15 | issued for an ambulatory currency exchange, it shall so state, | ||||||
16 | and shall
state the name and principal office office address of | ||||||
17 | the licensee, and the name and address
of the location or | ||||||
18 | locations to be served by the licensee, and shall not be
| ||||||
19 | transferable and assignable.
| ||||||
20 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
21 | (205 ILCS 405/13) (from Ch. 17, par. 4821)
| ||||||
22 | Sec. 13.
No more than one place of business shall be | ||||||
23 | maintained under
the same community currency exchange license, | ||||||
24 | but the Secretary may issue
more than one license to the same |
| |||||||
| |||||||
1 | licensee upon compliance with the
provisions of this Act | ||||||
2 | governing an original issuance of a license, for
each new | ||||||
3 | license.
| ||||||
4 | Whenever a community currency exchange or an ambulatory | ||||||
5 | currency
exchange shall wish to change its name in its license, | ||||||
6 | it shall file an
application for approval thereof with the | ||||||
7 | Secretary, and if the change is
approved by the Secretary he | ||||||
8 | shall attach to the license, in writing, a
rider stating the | ||||||
9 | licensee's new name.
| ||||||
10 | If an ambulatory currency exchange has serviced a licensed | ||||||
11 | location for
2 years or longer and the employer whose employees | ||||||
12 | are served at that location
has moved his place of business, | ||||||
13 | the currency exchange may continue its
service to the employees | ||||||
14 | of that employer at the new address of that employer's
place of | ||||||
15 | business by filing a notice of the change of address with the | ||||||
16 | Secretary
and by relinquishing its license to conduct its | ||||||
17 | business at the employer's
old address upon receipt of a | ||||||
18 | license to conduct its business at the employer's
new address. | ||||||
19 | Nothing in this Act shall preclude or prevent an ambulatory
| ||||||
20 | currency exchange from filing an application to conduct its | ||||||
21 | business at
the old address of an employer who moved his place | ||||||
22 | of business after the
ambulatory currency exchange receives a | ||||||
23 | license to conduct its business
at the employer's new address | ||||||
24 | through the filing of a notice of its change
of address with | ||||||
25 | the Secretary and the relinquishing of its license to conduct
| ||||||
26 | its business at the employer's old address.
|
| |||||||
| |||||||
1 | Whenever a currency exchange wishes to make any other | ||||||
2 | change in the address
set forth in any of its licenses, it | ||||||
3 | shall apply to the Secretary for approval
of such change of | ||||||
4 | address.
Every application for approval of a change of address | ||||||
5 | shall be treated by
the Secretary in the same manner as is | ||||||
6 | otherwise provided in this Act for
the treatment of proposed | ||||||
7 | places of business or locations as contained in
new | ||||||
8 | applications for licenses; and if any fact or condition then | ||||||
9 | exists
with respect to the application for change of address, | ||||||
10 | which fact or condition
would otherwise authorize denial of a | ||||||
11 | new application for a license because
of the address of the | ||||||
12 | proposed location or place of business, then such
application | ||||||
13 | for change of address shall not be approved. Whenever a
| ||||||
14 | community currency exchange wishes to sell its physical assets, | ||||||
15 | it may do
so, however, if the assets are sold with the | ||||||
16 | intention of continuing the
operation of a community currency | ||||||
17 | exchange, the purchaser or purchasers
must first make | ||||||
18 | application to the Secretary for licensure in accordance
with | ||||||
19 | Section Sections 4 and 10 of this Act. If the Secretary shall | ||||||
20 | not so approve,
he shall not issue such license and shall | ||||||
21 | notify the applicant or
applicants of such denial. The | ||||||
22 | investigation fee for a change of location
is $500.
| ||||||
23 | The provisions of Sections 4.1A and Section 10 of this Act | ||||||
24 | with reference to notice, hearing and review
apply to | ||||||
25 | applications filed pursuant to this Section.
| ||||||
26 | (Source: P.A. 97-315, eff. 1-1-12.)
|
| |||||||
| |||||||
1 | (205 ILCS 405/14) (from Ch. 17, par. 4823)
| ||||||
2 | Sec. 14.
Every licensee, shall, on or before November 15, | ||||||
3 | pay to the
Secretary the annual license fee or fees for the | ||||||
4 | next succeeding calendar
year and shall at the same time file | ||||||
5 | with the Secretary the annual report
required by Section 16 of | ||||||
6 | this Act, and the annual bond or bonds, and the
insurance | ||||||
7 | policy or policies as and if required by this Act. The annual
| ||||||
8 | license fee for each community currency exchange is $200, prior | ||||||
9 | to January 1, 2012. After January 1, 2012 the fee shall be | ||||||
10 | $300. After January 1, 2014 the fee shall be $400 for each | ||||||
11 | licensee and $400 for each additional licensed location . The | ||||||
12 | annual
license fee for each location served by an ambulatory | ||||||
13 | currency exchange
shall be $25.
| ||||||
14 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
15 | (205 ILCS 405/15) (from Ch. 17, par. 4824)
| ||||||
16 | Sec. 15. Fines; suspension; revocation. The Secretary may, | ||||||
17 | after 15 business days' days notice by registered or certified | ||||||
18 | mail to the licensee at the address set forth in the license , | ||||||
19 | or by email or facsimile transmission if such other method is | ||||||
20 | previously designated by the licensee, stating the | ||||||
21 | contemplated action and in general the grounds therefore, fine | ||||||
22 | the licensee an amount not exceeding $1,000 per violation or | ||||||
23 | revoke or suspend any license issued if he or she finds that:
| ||||||
24 | (a) the licensee has failed to pay the annual license |
| |||||||
| |||||||
1 | fee or to
maintain in effect the required bond or bonds or | ||||||
2 | insurance policy or
policies; or
| ||||||
3 | (b) the licensee has failed to comply with any | ||||||
4 | provision of this Act or any order, decision, finding, | ||||||
5 | rule, regulation, or direction of the Secretary lawfully | ||||||
6 | made under the authority of this Act; or | ||||||
7 | (c) the licensee has violated any provision of this Act | ||||||
8 | or any
regulation or direction made by the Secretary under | ||||||
9 | this Act; or
| ||||||
10 | (d) any fact or condition exists which, if it had | ||||||
11 | existed at the
time of the original application for such | ||||||
12 | license, would have warranted
the Secretary in refusing the | ||||||
13 | issuance of the license; or
| ||||||
14 | (e) the licensee has not operated the currency exchange | ||||||
15 | or at the
location licensed, for a period of 60 consecutive | ||||||
16 | days, unless the
licensee was prevented from operating | ||||||
17 | during such period by reason of
events or acts beyond the | ||||||
18 | licensee's control.
| ||||||
19 | The notice required to fine a licensee or suspend or revoke | ||||||
20 | a license under this Section shall state (i) the specific | ||||||
21 | nature and a clear and concise description of the violation; | ||||||
22 | (ii) the Sections of this Act or rules that have been violated; | ||||||
23 | (iii) the contemplated fine or action; (iv) that the licensee | ||||||
24 | may, within 15 business days from the date of the notice, | ||||||
25 | request a hearing pursuant to Section 22.01 of this Act; (v) | ||||||
26 | that the licensee may, within 15 business days after the |
| |||||||
| |||||||
1 | notice, take corrective action to mitigate any fine or | ||||||
2 | contemplated action; and (vi) the specific corrective action to | ||||||
3 | be taken. | ||||||
4 | Consistent with the provisions of this Act, the Secretary | ||||||
5 | may, after weighing any harm to the public, the seriousness of | ||||||
6 | the offense, and the history of the licensee, fine a licensee | ||||||
7 | an amount graduated up to $1,000 per violation. | ||||||
8 | No license shall be revoked until the licensee has had | ||||||
9 | notice of a hearing on the proposed revocation and an | ||||||
10 | opportunity to be heard. The Secretary shall send a copy of the | ||||||
11 | order, finding, or decision of revocation by United States | ||||||
12 | mail, or by email or facsimile transmission, if such other | ||||||
13 | method is previously designated by the licensee, to the | ||||||
14 | licensee at the address set forth in the license or to such | ||||||
15 | other email address or facsimile transmission phone number | ||||||
16 | previously designated by the licensee, within 5 days after the | ||||||
17 | order or decision is entered. A review of any such order, | ||||||
18 | finding, or decision is available under Section 22.01 of this | ||||||
19 | Act. | ||||||
20 | The Secretary may fine, suspend or revoke only the | ||||||
21 | particular license or licenses for
particular places of | ||||||
22 | business or locations with respect to which grounds
for | ||||||
23 | revocation may occur or exist; except that if he shall find | ||||||
24 | that
such grounds for revocation are of general application to | ||||||
25 | all places of
business or locations, or that such grounds for | ||||||
26 | fines, suspension or revocation
have occurred
or exist with |
| |||||||
| |||||||
1 | respect to a substantial number of places of business or
| ||||||
2 | locations, he may fine, suspend or revoke all of the licenses | ||||||
3 | issued to such licensee. | ||||||
4 | An order assessing a fine, an order revoking or suspending | ||||||
5 | a license, or an order denying renewal of a license shall take | ||||||
6 | effect on service of the order unless the licensee requests a | ||||||
7 | hearing pursuant to this Section , in writing, within 15 days | ||||||
8 | after the date of service. In the event a hearing is requested, | ||||||
9 | the order shall be stayed until a final administrative order is | ||||||
10 | entered . If the licensee requests a hearing, the Secretary | ||||||
11 | shall schedule a hearing within 30 days after the request for a | ||||||
12 | hearing unless otherwise agreed to by the parties. The hearing | ||||||
13 | shall be held at the time and place designated by the | ||||||
14 | Secretary. | ||||||
15 | The Secretary and any administrative law judge designated | ||||||
16 | by him or her shall have the power to administer oaths and | ||||||
17 | affirmations, subpoena witnesses and compel their attendance, | ||||||
18 | take evidence, and require the production of books, papers, | ||||||
19 | correspondence, and other records or information that he or she | ||||||
20 | considers relevant or material to the inquiry. | ||||||
21 | In case of contumacy or refusal of a witness to obey a | ||||||
22 | subpoena, any circuit court of this State whose jurisdiction | ||||||
23 | encompasses where the hearing is located may issue an order | ||||||
24 | requiring such witness to appear before the Secretary or the | ||||||
25 | hearing officer, to produce documentary evidence, or to give | ||||||
26 | testimony touching the matter in question; and the court may |
| |||||||
| |||||||
1 | punish any failures to obey such orders of the court as | ||||||
2 | contempt.
| ||||||
3 | A licensee may surrender any license by delivering to the | ||||||
4 | Secretary
written notice that he, they or it thereby surrenders | ||||||
5 | such license, but
such surrender shall not affect such | ||||||
6 | licensee's civil or criminal
liability for acts committed prior | ||||||
7 | to such surrender, or affect the
liability on his, their or its | ||||||
8 | bond or bonds, or his, their or its
policy or policies of | ||||||
9 | insurance, required by this Act, or entitle such
licensee to a | ||||||
10 | return of any part of the annual license fee or fees.
| ||||||
11 | Every license issued hereunder shall remain in force until | ||||||
12 | the same
shall expire, or shall have been surrendered, | ||||||
13 | suspended or revoked in accordance
with this Act, but the | ||||||
14 | Secretary may on his own motion, issue new
licenses to a | ||||||
15 | licensee whose license or licenses shall have been revoked
if | ||||||
16 | no fact or condition then exists which clearly would have | ||||||
17 | warranted
the Secretary in refusing originally the issuance of | ||||||
18 | such license under
this Act.
| ||||||
19 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
20 | (205 ILCS 405/17) (from Ch. 17, par. 4833)
| ||||||
21 | Sec. 17. Every licensee shall keep and use in his business | ||||||
22 | such books,
accounts and records as will enable the Secretary | ||||||
23 | to determine whether such
licensee is complying with the | ||||||
24 | provisions of this Act and with the rules,
regulations and | ||||||
25 | directions made by the Secretary hereunder.
|
| |||||||
| |||||||
1 | Each licensee shall record or cause to be recorded the | ||||||
2 | following
information with respect to each money order it sells | ||||||
3 | or issues: (1) The
amount; (2) the month and year of sale or | ||||||
4 | issuance; and (3) the serial
number.
| ||||||
5 | Each licensee shall preserve the record required by this | ||||||
6 | subsection for
at least 7 years or until the money order to | ||||||
7 | which it pertains is returned
to the licensee. Each money order | ||||||
8 | returned to the licensee shall be
preserved for not less than 3 | ||||||
9 | years from the month and year of sale or
issuance by the | ||||||
10 | licensee. The licensee shall keep the record, or an
authentic | ||||||
11 | microfilm copy thereof, required to be preserved by this
| ||||||
12 | subsection within this state at its principal office or other a | ||||||
13 | place readily accessible to the Secretary
and his | ||||||
14 | representatives. If a licensee sells or transfers his business | ||||||
15 | at a
location or an address, his obligations under this | ||||||
16 | paragraph devolve upon
the successor licensee and subsequent | ||||||
17 | successor licensees, if any, at such
location or address. If a | ||||||
18 | licensee ceases to do business in this state, he
shall deposit | ||||||
19 | the records and money orders he is required to preserve, with
| ||||||
20 | the Secretary.
| ||||||
21 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
22 | (205 ILCS 405/18) (from Ch. 17, par. 4834)
| ||||||
23 | Sec. 18. Proof of address. The applicant for a community | ||||||
24 | currency exchange license shall have
a permanent address as | ||||||
25 | evidenced by a lease of at least 6 six months duration
or other |
| |||||||
| |||||||
1 | suitable evidence of permanency, and the license issued, | ||||||
2 | pursuant
to the application shall be valid only at that address | ||||||
3 | in the application or any new address
approved by the | ||||||
4 | Secretary. A letter of intent for a lease shall suffice for | ||||||
5 | inclusion with the application, and evidence of an executed | ||||||
6 | lease shall be considered ministerial in nature, to be | ||||||
7 | furnished once the investigation is completed and the approval | ||||||
8 | is final and prior to the issuance of the license.
| ||||||
9 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
10 | (205 ILCS 405/19) (from Ch. 17, par. 4835)
| ||||||
11 | Sec. 19.
The Department may make and enforce such | ||||||
12 | reasonable rules, directions, orders, decisions and findings | ||||||
13 | as the execution and enforcement of the provisions of this Act | ||||||
14 | require, and as are not inconsistent within this Act. All such | ||||||
15 | rules, directions, orders, decisions and
findings shall be | ||||||
16 | filed and entered by the Secretary in an indexed permanent
book | ||||||
17 | or record, or electronic record, with the effective date | ||||||
18 | thereof suitably indicated, and
such book or record shall be a | ||||||
19 | public document. All rules and
directions, which are of a | ||||||
20 | general character, shall be made available in electronic form | ||||||
21 | to all licensees within 10 days after filing and all licensees | ||||||
22 | shall receive by mail notice of any changes.
Copies of all | ||||||
23 | findings, orders and decisions shall be mailed to the parties
| ||||||
24 | affected thereby by United States mail within 5 days of such | ||||||
25 | filing.
|
| |||||||
| |||||||
1 | The Department shall adopt rules concerning classes of | ||||||
2 | violations, which may include continuing violations of this | ||||||
3 | Act, and factors in mitigation of violations. | ||||||
4 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
5 | (205 ILCS 405/21) (from Ch. 17, par. 4841)
| ||||||
6 | Sec. 21.
Except as otherwise provided for in this Act, | ||||||
7 | whenever the
Secretary is required to give notice to any | ||||||
8 | applicant or licensee, such
requirement shall be complied with | ||||||
9 | if, within the time fixed herein, such
notice shall be enclosed | ||||||
10 | in an envelope plainly addressed to such applicant
or licensee, | ||||||
11 | as the case may be, at the address set forth in the
application | ||||||
12 | or licensee's principal office license , as the case may be, | ||||||
13 | United States postage fully
prepaid, and deposited, registered | ||||||
14 | or certified, in the United States mail.
| ||||||
15 | Notice may also be provided to an applicant or licensee by | ||||||
16 | telephone facsimile to the person or electronically via email | ||||||
17 | to the telephone number or email address designated by an | ||||||
18 | applicant or licensee in writing. | ||||||
19 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
20 | (205 ILCS 405/29.5) | ||||||
21 | Sec. 29.5. Cease and desist. The Secretary may issue a | ||||||
22 | cease and desist order to any currency exchange or other person | ||||||
23 | doing business without the required license, when in the | ||||||
24 | opinion of the Secretary, the currency exchange or other person |
| |||||||
| |||||||
1 | is violating or is about to violate any provision of this Act | ||||||
2 | or any rule or requirement imposed in writing by the | ||||||
3 | Department. The cease and desist order shall specify the | ||||||
4 | activity or activities that the Department is seeking the | ||||||
5 | currency exchange or other person doing business without the | ||||||
6 | required license to cease and desist. | ||||||
7 | The cease and desist order permitted by this Section may be | ||||||
8 | issued prior to a hearing. | ||||||
9 | The Secretary shall serve notice of his or her action, | ||||||
10 | including, but not limited to, a statement of reasons for the | ||||||
11 | action, either personally or by certified mail, return receipt | ||||||
12 | requested. Service by certified mail shall be deemed completed | ||||||
13 | (i) when the notice is deposited in the U.S. mail , received, or | ||||||
14 | delivery is refused, or (ii) one business day after the United | ||||||
15 | States Postal Service has attempted delivery, whichever is | ||||||
16 | earlier . | ||||||
17 | Within 10 days after service of a cease and desist order, | ||||||
18 | the licensee or other person may request, in writing, a | ||||||
19 | hearing. The Secretary shall schedule a hearing within 30 days | ||||||
20 | after the request for a hearing unless otherwise agreed to by | ||||||
21 | the parties. | ||||||
22 | If it is determined that the Secretary has the authority to | ||||||
23 | issue the cease and desist order, he or she may issue such | ||||||
24 | orders as reasonably necessary to correct, eliminate, or remedy | ||||||
25 | such conduct. | ||||||
26 | The powers vested in the Secretary by this Section are |
| |||||||
| |||||||
1 | additional to any and all other powers and remedies vested in | ||||||
2 | the Secretary by law, and nothing in this Section shall be | ||||||
3 | construed as requiring that the Secretary shall employ the | ||||||
4 | power conferred in this Section instead of or as a condition | ||||||
5 | precedent to the exercise of any other power or remedy vested | ||||||
6 | in the Secretary. | ||||||
7 | The currency exchange, or other person doing business | ||||||
8 | without the required license, shall pay the actual costs of the | ||||||
9 | hearing.
| ||||||
10 | (Source: P.A. 97-315, eff. 1-1-12.)
| ||||||
11 | Section 99. Effective date. This Act takes effect January | ||||||
12 | 1, 2016.
|