SB1882 EngrossedLRB099 08659 MGM 28824 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Currency Exchange Act is amended by changing
5Sections 1, 2, 3, 3.3, 4, 4.1, 5, 6, 7, 9, 10, 11, 13, 14, 15,
617, 18, 19, 21, and 29.5 and by adding Section 4.1B as follows:
 
7    (205 ILCS 405/1)  (from Ch. 17, par. 4802)
8    Sec. 1. Definitions; application of Act.
9    (a) For the purposes of this Act:
10    "Community currency exchange" means any person, firm,
11association, partnership, limited liability company, or
12corporation, except an ambulatory currency exchange as
13hereinafter defined, banks incorporated under the laws of this
14State and National Banks organized pursuant to the laws of the
15United States, engaged in the business or service of, and
16providing facilities for, cashing checks, drafts, money orders
17or any other evidences of money acceptable to such community
18currency exchange, for a fee or service charge or other
19consideration, or engaged in the business of selling or issuing
20money orders under his or their or its name, or any other money
21orders (other than United States Post Office money orders,
22Postal Telegraph Company money orders, or Western Union
23Telegraph Company money orders), or engaged in both such

 

 

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1businesses, or engaged in performing any one or more of the
2foregoing services.
3    "Controlling person" means an officer, director, or person
4owning or holding power to vote 10% or more of the outstanding
5voting securities of a licensee or the power to vote the
6securities of another controlling person of the licensee. For
7the purposes of determining the percentage of a licensee
8controlled by a controlling person, the person's interest shall
9be combined with the interest of any other person controlled,
10directly or indirectly, by that person or by a spouse, parent,
11or child of that person.
12    "Department" means the Department of Financial and
13Professional Regulation.
14    "Director" means the Director of the Division of Financial
15Institutions of the Department of Financial and Professional
16Regulation.
17    "Division of Financial Institutions" means the Division of
18Financial Institutions of the Department of Financial and
19Professional Regulation.
20    "Ambulatory Currency Exchange" means any person, firm,
21association, partnership, limited liability company, or
22corporation, except banks organized under the laws of this
23State and National Banks organized pursuant to the laws of the
24United States, engaged in one or both of the foregoing
25businesses, or engaged in performing any one or more of the
26foregoing services, solely on the premises of the employer

 

 

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1whose employees are being served.
2    "Licensee" means any person, firm, association,
3partnership, limited liability company, or corporation issued
4one or more licenses by the Secretary under this Act.
5    "Licensed location" means the premises at which a licensee
6is authorized to operate a community currency exchange to offer
7to the public services, products, or activities under this Act.
8    "Location" when used with reference to an ambulatory
9currency exchange means the premises of the employer whose
10employees are or are to be served by an ambulatory currency
11exchange.
12    "Principal office" means the physical business address,
13which shall not be a post office box, of a licensee at which
14the (i) Department may contact the licensee and (ii) records
15required under this Act are maintained.
16    "Secretary" means the Secretary of Financial and
17Professional Regulation or a person authorized by the Secretary
18or this Act to act in the Secretary's stead. All references in
19this Act to the Secretary shall be deemed to include the
20Director, as a person authorized by the Secretary or this Act
21to assume responsibility for the oversight of the functions of
22the Department relative to the regulatory supervision of
23community currency exchanges and ambulatory currency exchanges
24under this Act.
25    (b) Nothing in this Act shall be held to apply to any
26person, firm, association, partnership, limited liability

 

 

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1company, or corporation who is engaged primarily in the
2business of transporting for hire, bullion, currency,
3securities, negotiable or non-negotiable documents, jewels or
4other property of great monetary value and who in the course of
5such business and only as an incident thereto, cashes checks,
6drafts, money orders or other evidences of money directly for,
7or for the employees of and with the funds of and at a cost only
8to, the person, firm, association, partnership, limited
9liability company, or corporation for whom he or it is then
10actually transporting such bullion, currency, securities,
11negotiable or non-negotiable documents, jewels, or other
12property of great monetary value, pursuant to a written
13contract for such transportation and all incidents thereof, nor
14shall it apply to any person, firm, association, partnership,
15limited liability company, or corporation engaged in the
16business of selling tangible personal property at retail who,
17in the course of such business and only as an incident thereto,
18cashes checks, drafts, money orders or other evidences of
19money.
20(Source: P.A. 97-315, eff. 1-1-12.)
 
21    (205 ILCS 405/2)  (from Ch. 17, par. 4803)
22    Sec. 2. License required; violation; injunction. No
23person, firm, association, partnership, limited liability
24company, or corporation shall engage in the business of a
25community currency exchange or in the business of an ambulatory

 

 

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1currency exchange without first securing a license to do so
2from the Secretary.
3    Any licensee person, firm, association, partnership,
4limited liability company, or corporation issued a license to
5do so by the Secretary shall have authority to operate one or
6more a community currency exchanges exchange or an ambulatory
7currency exchanges exchange, as defined in Section 1 of this
8Act hereof.
9    Any licensee person, firm, association, partnership,
10limited liability company, or corporation licensed as and
11engaged in the business of a community currency exchange shall
12at a minimum offer the service of cashing checks, or drafts, or
13money orders, or any other evidences of money acceptable to
14such currency exchange.
15    No ambulatory currency exchange and no community currency
16exchange shall be conducted on any street, sidewalk or highway
17used by the public, and no license shall be issued therefor. An
18ambulatory currency exchange shall be required to and shall
19secure a license or licenses for the conduct of its business at
20each and every location served by it, as provided in Section 4
21hereof, whether the services at any such location are rendered
22for or without a fee, service charge or other consideration.
23Each plant or establishment is deemed a separate location. No
24license issued for the conduct of its business at one location
25shall authorize the conduct of its business at any other
26location, nor shall any license authorize the rendering of

 

 

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1services by an ambulatory currency exchange to persons other
2than the employees of the employer named therein. If the
3employer named in such license shall move his business from the
4address therein set forth, such license shall thereupon expire,
5unless the Secretary has approved a change of address for such
6location, as provided in Section 13.
7    Any person, firm, association, partnership, limited
8liability company, or corporation that violates this Section
9shall be guilty of a Class A misdemeanor, and the Attorney
10General or the State's Attorney of the county in which the
11violation occurs shall file a complaint in the Circuit Court of
12the county to restrain the violation.
13(Source: P.A. 97-315, eff. 1-1-12.)
 
14    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
15    Sec. 3. Powers of community currency exchanges. No
16community or ambulatory currency exchange shall be permitted to
17accept money or evidences of money as a deposit to be returned
18to the depositor or upon the depositor's order. No community or
19ambulatory currency exchange shall be permitted to act as
20bailee or agent for persons, firms, partnerships, limited
21liability companies, associations or corporations to hold
22money or evidences thereof or the proceeds therefrom for the
23use and benefit of the owners thereof, and deliver such money
24or proceeds of evidence of money upon request and direction of
25such owner or owners. Nothing in this Act shall prevent a

 

 

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1currency exchange from accepting any check without regard to
2the date imprinted on the check, subject to Section 4-404 of
3the Uniform Commercial Code, as long as the check is
4immediately cashed, deposited, and processed in the ordinary
5course of business. A community or ambulatory currency exchange
6is permitted to engage in, and charge a fee for, the following
7activities, either directly or as a third-party agent: (i)
8cashing of checks, drafts, money orders, or any other evidences
9of money acceptable to the currency exchange, (ii) selling or
10issuing money orders, (iii) obtaining reports, certificates,
11governmental permits, licenses, and vital statistics and the
12preparation of necessary applications to obtain the same, (iv)
13the sale and distribution of bond cards, (v) obtaining,
14distributing, providing, or selling: State vehicle
15registration renewals, title transfers and tax remittance
16forms, city vehicle licenses, and other governmental services,
17(vi) photocopying and sending and receiving facsimile
18transmissions, (vii) notary service either by the proprietor of
19the currency exchange or any currency exchange employee,
20authorized by the State to act as a notary public, (viii)
21issuance of travelers checks obtained by the currency exchange
22from a banking institution under a trust receipt, (ix)
23accepting for payment utility and other companies' bills, (x)
24issuance and acceptance of any third-party debit, credit, gift,
25or stored value card and loading or unloading, (xi) on-premises
26automated cash dispensing machines, (xii) sale of rolled coin

 

 

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1and paper money, (xiii) exchange of foreign currency through a
2third-party, (xiv) sale of cards, passes, or tokens for public
3transit, (xv) providing mail box service, (xvi) sale of phone
4cards and other pre-paid telecommunication services, (xvii)
5on-premises public telephone, (xviii) sale of U.S. postage,
6(xix) money transmission through a licensed third-party money
7transmitter, (xx) sale of candy, gum, other packaged foods,
8soft drinks, and other products and services by means of
9on-premises vending machines and self-service automated
10terminals, and (xxi) transmittal of documents or information
11upon the request of a consumer, (xxii) providing access to
12consumers of third-party travel reservation and ticketing
13services, and (xxiii) other products and services as may be
14approved by the Secretary. A currency exchange may offer, for
15no charge and with no required transaction, advertising upon
16and about the premises and distribution to consumers of
17advertising and other materials of any legal product or service
18that is not misleading to the public. Any community or
19ambulatory currency exchange may enter into agreements with any
20utility and other companies to act as the companies' agent for
21the acceptance of payment of utility and other companies' bills
22without charge to the customer and, acting under such
23agreement, may receipt for payments in the names of the utility
24and other companies. Any community or ambulatory currency
25exchange may also receive payment of utility and other
26companies' bills for remittance to companies with which it has

 

 

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1no such agency agreement and may charge a fee for such service
2but may not, in such cases, issue a receipt for such payment in
3the names of the utility and other companies. However, funds
4received by currency exchanges for remittance to utility and
5other companies with which the currency exchange has no agency
6agreement shall be forwarded to the appropriate utility and
7other companies by the currency exchange before the end of the
8next business day.
9    For the purpose of this Section, "utility and other
10companies" means any utility company and other company with
11which the currency exchange may or may not have a contractual
12agreement and for which the currency exchange accepts payments
13from consumers for remittance to the utility or other company
14for the payment of bills.
15(Source: P.A. 97-315, eff. 1-1-12.)
 
16    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
17    Sec. 3.3. Additional public services.
18    (a) Nothing in this Act shall prevent the Secretary from
19authorizing a currency exchange, group of currency exchanges,
20or association of currency exchanges to render additional
21services to the public if the services are consistent with the
22provisions of this Act, are within its meaning, are in the best
23interest of the public, and benefit the general welfare. A
24currency exchange, group of currency exchanges, or association
25of currency exchanges must request, in writing, the Secretary's

 

 

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1approval of the additional service prior to rendering such
2additional service to the public. Any approval under this
3Section shall be deemed an approval for all currency exchanges.
4Any currency exchange wishing to provide an additional service
5previously approved by the Secretary must provide written
6notice, on a form provided by the Department and available on
7its website, to the Secretary 30 days prior to offering the
8approved additional service to the public. The Secretary may
9charge an additional service investigation fee of $500 per
10application for a new additional service request. The
11additional service request shall be on a form provided by the
12Department and available on the Department's website. Within 15
13days after receipt by the Department of an additional service
14request, the Secretary shall examine the additional service
15request for completeness and notify the requester of any
16defect. The requester must remedy the defect within 10 days
17after the mailing of the notification of the defect by the
18Secretary. Failure to remedy the defect within such time will
19void the additional service request. If the Secretary
20determines that the additional service request is complete, the
21Secretary shall have 60 business days to approve or deny the
22additional service request. If the additional service request
23is denied, the Secretary shall send by United States mail
24notice of the denial to the requester at the address set forth
25in the additional service request, together with the reasons
26therefor stated with particularity that the additional service

 

 

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1is not consistent with the provisions of this Act or in the
2best interest of the public and does not benefit the general
3welfare. If an additional service request is denied, the
4requester may, within 10 days after receipt of the denial, make
5a written request to the Secretary for a hearing on the
6additional service request denial. The hearing shall be set for
7a date after the receipt by the Secretary of the request for a
8hearing, and written notice of the time and place of the
9hearing shall be mailed to the requester no later than 15 days
10before the date of the hearing. The hearing shall be scheduled
11for a date within 56 days after the date of the receipt of the
12request for a hearing. The requester shall pay the actual cost
13of making the transcript of the hearing prior to the
14Secretary's issuing his or her decision following the hearing.
15If the Secretary denies the request for a new additional
16service, a currency exchange shall not offer the new additional
17service until a final administrative order has been entered
18permitting a currency exchange to offer the service. The
19Secretary's decision may be subject to review as provided in
20Section 22.01 of this Act. If the Secretary revokes a
21previously approved authorization for an additional service
22request, the Secretary shall provide written notice to all
23affected currency exchange licensees, together with the
24reasons therefor stated with particularity, that the
25additional service is no longer consistent with the provisions
26of this Act or in the best interest of the public and does not

 

 

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1benefit the general welfare. Upon receipt of the revocation
2notice, a currency exchange licensee, group of currency
3exchange licensees, or association of currency exchanges shall
4have 10 days to make a written request to the Secretary for a
5hearing, and the Department shall have 30 business days to
6schedule a future hearing. Written notice of the time and place
7of the hearing shall be mailed to the licensee no later than 10
8business days before the date of the hearing. The licensee
9shall pay the actual cost of making the transcript prior to the
10Secretary's issuing his or her decision following the hearing.
11The Secretary's decision is subject to review as provided in
12Section 22.01 of this Act.
13    (b) (Blank).
14    (c) If the Secretary revokes authorization for a previously
15approved additional service, the currency exchange may
16continue to offer the additional service until a final
17administrative order has been entered revoking the licensee's
18previously approved authorization.
19(Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
 
20    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
21    Sec. 4. License application; contents; fees. A licensee
22shall obtain a separate license for each licensed location.
23Application for such license shall be in writing under oath and
24in the form prescribed and furnished by the Secretary. Each
25application 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
5    every member thereof, and the name and principal office
6    business address if the applicant is a corporation;
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;
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
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.
12    A licensee's initial community currency exchange license
13application shall be accompanied by a fee of $500, prior to
14January 1, 2012. After January 1, 2012 the fee shall be $750.
15After January 1, 2014 the fee shall be $1,000 for the cost of
16investigating the applicant. A licensee's application for
17licenses for additional licensed locations shall be
18accompanied by a fee of $1,000 for each additional license. If
19the ownership of a licensee or licensed location changes, in
20whole or in part, a new application must be filed pursuant to
21this Section along with a $500 fee if the licensee's ownership
22interests have been transferred or sold to a new person or
23entity or a fee of $300 if the licensee's ownership interests
24have been transferred or sold to a current holder or holders of
25the licensee's ownership interests. When the application for a
26community currency exchange license has been approved by the

 

 

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1Secretary and the applicant so advised, an additional sum of
2$400 as an annual license fee for a period terminating on the
3last day of the current calendar year shall be paid to the
4Secretary by the applicant; provided, that the license fee for
5an applicant applying for such a license after July 1st of any
6year shall be $200 for the balance of such year. Upon receipt
7of a community currency exchange license application, the
8Secretary shall examine the application for completeness and
9notify the applicant in writing of any defect within 20 days
10after receipt. The applicant must remedy the defect within 10
11days after the mailing of the notification of the defect by the
12Secretary. Failure to timely remedy the defect will void the
13application. Once the Secretary determines that the
14application is complete, the Secretary shall have 90 business
15days to approve or deny the application. If the application is
16denied, the Secretary shall send by United States mail notice
17of the denial to the applicant at the address set forth in the
18application. If an application is denied, the applicant may,
19within 10 days after the date of the notice of denial, make a
20written request to the Secretary for a hearing on the
21application. The hearing shall be set for a date after the
22receipt by the Secretary of the request for a hearing, and
23written notice of the time and place of the hearing shall be
24mailed to the applicant no later than 15 days before the date
25of the hearing. The hearing shall be scheduled for a date
26within 56 days after the date of the receipt of the request for

 

 

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1a hearing. The applicant shall pay the actual cost of making
2the transcript of the hearing prior to the Secretary's issuing
3his or her decision. The Secretary's decision is subject to
4review as provided in Section 22.01 of this Act.
5    An application for an ambulatory currency exchange license
6shall be accompanied by a fee of $100, which fee shall be for
7the cost of investigating the applicant. An approved applicant
8shall not be required to pay the initial investigation fee of
9$100 more than once. When the application for an ambulatory
10currency exchange license has been approved by the Secretary,
11and such applicant so advised, such applicant shall pay an
12annual license fee of $25 for each and every location to be
13served by such applicant; provided that such license fee for an
14approved applicant applying for such a license after July 1st
15of any year shall be $12 for the balance of such year for each
16and every location to be served by such applicant. Such an
17approved applicant for an ambulatory currency exchange
18license, when applying for a license with respect to a
19particular location, shall file with the Secretary, at the time
20of filing an application, a letter of memorandum, which shall
21be in writing and under oath, signed by the owner or authorized
22representative of the business whose employees are to be
23served; such letter or memorandum shall contain a statement
24that such service is desired, and that the person signing the
25same is authorized so to do. The Secretary shall thereupon
26verify the authenticity of the letter or memorandum and the

 

 

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1authority of the person who executed it, to do so.
2    The Department shall have 45 business days to approve or
3deny a currency exchange licensee's request to purchase another
4currency 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
9currency exchanges provide important and vital services to
10Illinois citizens, that the number of community currency
11exchanges should be limited in accordance with the needs of the
12communities they are to serve, and that it is in the public
13interest to promote and foster the community currency exchange
14business and to insure the financial stability thereof.
15    (b) Upon receipt of an application for a license for a
16community currency exchange, the Secretary shall cause an
17investigation 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

 

 

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1where there may or can be available to the people thereof the
2services of a community currency exchange reasonably
3accessible to them.
4    (d) If the issuance of a license to engage in the community
5currency exchange business at the location specified will not
6promote the needs and the convenience and advantage of the
7community in which the business of the applicant is proposed to
8be conducted, then the application shall be denied.
9    (e) As a part of the investigation, the Secretary shall,
10within 15 business days after receipt of an application, notify
11in writing all currency exchanges located within a one-half
12mile radius of the proposed new currency exchange in any
13municipality with a population of 500,000 or more or located
14within a one-mile radius of the proposed new currency exchange
15outside a municipality with a population of 500,000 or more of
16the application and the proposed location. Within 15 business
17days after the notice, any currency exchange as described in
18paragraph (2) of subsection (b) of this Section may notify the
19Secretary it intends to protest the application. If the
20currency exchange intends to protest the application, then the
21currency exchange shall, within 30 days after notifying the
22Secretary, provide the Secretary with any information
23requested to substantiate that granting the license would have
24a material and negative effect upon the financial stability of
25the existing currency exchange or would not promote the needs
26and the convenience and advantage of the community. Once the

 

 

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1investigation is completed, the Secretary shall, within 15
2business days thereafter, notify any currency exchange as
3described in paragraph (2) of subsection (b) of this Section of
4the determination to approve or deny the application. The
5determination shall sufficiently detail the facts that led to
6the 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
11laws, rules, and regulations relating to the detection and
12prevention of money laundering, including, as applicable, 31
13C.F.R. 103.20, 103.22, 103.23, 103.27, 103.28, 103.29, 103.33,
14103.37, and 103.41.
15    (b) Every licensee shall maintain an anti-money laundering
16program in accordance with 31 C.F.R. 103.125. The program shall
17be reviewed and updated as necessary to ensure that the program
18continues to be effective in detecting and deterring money
19laundering 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
23operate a community currency exchange the applicant shall file
24annually with and have approved by the Secretary a surety bond,

 

 

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1issued by a bonding company authorized to do business in this
2State in the principal sum of $25,000 for each licensed
3location, up to a maximum aggregate principal sum of $350,000
4for each licensee regardless of the number of licenses held.
5Such bond shall run to the Secretary and shall be for the
6benefit of any creditors of such licensee currency exchange for
7any liability incurred by the licensee currency exchange on any
8money orders, including any fees and penalties incurred by the
9remitter should the money order be returned unpaid, issued or
10sold by the licensee in the ordinary course of its business
11currency exchange and for any liability incurred by the
12licensee currency exchange for any sum or sums due to any payee
13or endorsee of any check, draft or money order left with the
14licensee in the ordinary course of its business currency
15exchange for collection, and for any liability to the public
16incurred by the licensee in the ordinary course of its business
17currency exchange in connection with the rendering of any of
18the services referred to in Section 3 of this Act.
19    To protect the public and allow for the effective
20underwriting of bonds, the surety bond shall not cover money
21orders issued and other liabilities incurred by a currency
22exchange for its own account or that of its controlling
23persons, including money orders issued or liabilities incurred
24by the currency exchange to obtain cash for its own operations,
25to pay for the currency exchange's own bills or liabilities or
26that of its controlling persons, or to obtain things of value

 

 

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1for the currency exchange or its controlling persons,
2regardless of whether such things of value are used in the
3currency exchange's operations or sold by the currency
4exchange.
5    From time to time the Secretary may determine the amount of
6liabilities as described herein and shall require the licensee
7to file a bond in an additional sum if the same is determined
8to be necessary in accordance with the requirements of this
9Section. 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
13satisfactory to the Secretary that the community currency
14exchange licensee is covered by a blanket bond that covers
15multiple licensees who are members of a statewide association
16of community currency exchanges or licensees. Such a blanket
17bond must be issued by a bonding company authorized to do
18business in this State and in a principal aggregate sum of not
19less 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
22orders at any location with regard to which it is issued a
23license pursuant to this Act, including existing licensed
24locations, without the necessity of a further application or
25hearing and without regard to any exceptions contained in
26existing licenses, upon the filing with the Secretary of a

 

 

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1surety bond approved by the Secretary and issued by a bonding
2company or insurance company authorized to do business in
3Illinois, in the principal sum of $100,000. Such bond may be a
4blanket bond covering all locations at which the ambulatory
5currency exchange may sell or issue money orders, and shall run
6to the Secretary for the use and benefit of any creditors of
7such ambulatory currency exchange for any liability incurred by
8the ambulatory currency exchange on any money orders issued or
9sold by it to the public in the ordinary course of its
10business. Such bond shall be renewed annually. If after the
11expiration of one year from the date of approval of such bond
12by the Secretary, it shall appear that the average amount of
13such liability during the year has exceeded $100,000, the
14Secretary shall require the licensee to furnish a bond for the
15ensuing year, to be approved by the Secretary, for an
16additional principal sum of $1,000 for each $1,000 of such
17liability or fraction thereof in excess of the original
18$100,000, except that the maximum amount of such bond shall not
19be 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
24his application for a license has been approved, file with and
25have approved by the Secretary, a policy or policies of

 

 

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1insurance issued by an insurance company or indemnity company
2authorized to do business under the law of this State, which
3shall insure the applicant against loss by theft, burglary,
4robbery or forgery in a principal sum as hereinafter provided;
5if the average amount of cash and liquid funds to be kept on
6hand at the licensed location in the office of the community
7currency 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,
10the policy or policies shall be for an additional principal sum
11of $500 for each $1,000 or fraction thereof of such excess over
12the original $10,000. From time to time, the Secretary may
13determine the amount of cash and liquid funds on hand at the
14licensed location in the office of any community currency
15exchange and shall require the licensee to submit additional
16policies if the same are determined to be necessary in
17accordance with the requirements of this Section.
18    However, any licensee community currency exchange licensed
19under this Act may meet the insurance requirements of this
20subsection (a) by submitting evidence satisfactory to the
21Secretary that the licensee is covered by a blanket insurance
22policy that covers multiple licensees. The blanket insurance
23policy: (i) shall insure the licensee against loss by theft,
24robbery, or forgery; (ii) shall be issued by an insurance
25company authorized to do business in this State; and (iii)
26shall be in the principal sum of an amount equal to the maximum

 

 

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1amount required under this Section for any one licensee covered
2by the insurance policy.
3    Any such policy or policies, with respect to forgery, may
4carry a condition that the community currency exchange assumes
5the first $1,000 of each claim thereunder.
6    (b) Before an ambulatory currency exchange shall sell or
7issue money orders, it shall file with and have approved by the
8Secretary, a policy or policies of insurance issued by an
9insurance company or indemnity company authorized to do
10business under the laws of this State, which shall insure such
11ambulatory currency exchange against loss by theft, burglary,
12robbery, forgery or embezzlement in the principal sum of not
13less than $500,000. If the average amount of cash and liquid
14funds to be kept on hand during the year will exceed $500,000,
15the policy or policies shall be for an additional principal sum
16of $500 for each $1,000 or fraction thereof in excess of
17$500,000. From time to time the Secretary may determine the
18amount of cash and liquid funds kept on hand by an ambulatory
19currency exchange and shall require it to submit such
20additional policies as are determined to be required within the
21limits of this Section. No ambulatory currency exchange subject
22to this Section shall be required to furnish more than one
23policy of insurance if the policy furnished insures it against
24the foregoing losses at all locations served by it.
25    Any such policy may contain a condition that the insured
26assumes a portion of the loss, provided the insured shall file

 

 

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1with such policy a sworn financial statement indicating its
2ability to act as self-insurer in the amount of such deductible
3portion of the policy without prejudice to the safety of any
4funds belonging to its customers. If the Secretary is not
5satisfied as to the financial ability of the ambulatory
6currency exchange, he may require it to deposit cash or United
7States Government Bonds in the amount of part or all of the
8deductible 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
12community currency exchange shall have, at all times, a minimum
13of $5,000 for each currency exchange license it holds of its
14own cash funds available for the uses and purposes of its
15currency exchange business and said minimum sum shall be
16exclusive of and in addition to funds received for exchange or
17transfer; and in addition thereto each such licensee shall at
18all times have on hand an amount of liquid funds sufficient to
19pay on demand all outstanding money orders issued by it.
20Whenever a licensee holds more than one community currency
21exchange license, the aggregate of the minimum liquid funds
22required under this Section 7 for all of such licensee's
23licensed locations may be held by the licensee in a single
24account in the licensee's name, provided that the total liquid
25funds equals a minimum of $5,000 multiplied by the number of

 

 

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1licenses held by that licensee.
2    In the event a receiver is appointed in accordance with
3Section 15.1 of this Act, and the Secretary determines that the
4business of the currency exchange should be liquidated, and if
5it shall appear that the said minimum sum was not on hand or
6available at the time of the appointment of the receiver, then
7the receiver shall have the right to recover in any court of
8competent jurisdiction from the owner or owners of such
9currency exchange, or from the stockholders and directors
10thereof if such currency exchange was operated by a
11corporation, or from the members if the currency exchange was
12operated as a limited liability company, said sum or that part
13thereof which was not on hand or available at the time of the
14appointment of such receiver. Nothing contained in this Section
15shall limit or impair the liability of any bonding or insurance
16company on any bond or insurance policy relating to such
17community currency exchange issued pursuant to the
18requirements of this Act, nor shall anything contained herein
19limit or impair such other rights or remedies as the receiver
20may 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
24issue tokens to be used in lieu of money for the purchase of
25goods or services from any enterprise, except that currency

 

 

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1exchanges may engage in the distribution of food stamps as
2authorized 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;
6review. The applicant or , and its controlling persons
7officers, directors and stockholders, if a corporation, and its
8managers and members, if a liability company, shall be vouched
9for by 2 reputable citizens of this State setting forth that
10the individual mentioned is (a) personally known to them to be
11trustworthy and reputable, (b) that he has business experience
12qualifying him to competently conduct, operate, own or become
13associated with a currency exchange, (c) that he has a good
14business reputation and is worthy of a license. Thereafter, the
15Secretary shall, upon approval of the application filed with
16him, issue to the applicant, qualifying under this Act, a
17license to operate a currency exchange. If it is a license for
18a community currency exchange, the same shall be valid only at
19the place of business specified in the application. If it is a
20license for an ambulatory currency exchange, it shall entitle
21the applicant to operate only at the location or locations
22specified in the application, provided the applicant shall
23secure separate and additional licenses for each of such
24locations. Such licenses shall remain in full force and effect,
25until they are surrendered by the licensee, or revoked, or

 

 

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1expire, as herein provided. If the Secretary shall not so
2approve, he shall not issue such license or licenses and shall
3notify the applicant of such denial, retaining the full
4investigation fee to cover the cost of investigating the
5community currency exchange applicant. The Secretary shall
6approve or deny every application hereunder within 90 days from
7the filing of a complete application; except that in respect to
8an application by an approved ambulatory currency exchange for
9a license with regard to a particular location to be served by
10it, the same shall be approved or denied within 20 days from
11the filing thereof. If the application is denied, the Secretary
12shall send by United States mail notice of such denial to the
13applicant at the address set forth in the application.
14    If an application is denied, the applicant may, within 10
15days from the date of the notice of denial, make written
16request to the Secretary for a hearing on the application, and
17the Secretary shall set a time and place for the hearing. The
18hearing shall be set for a date after the receipt by the
19Secretary of the request for hearing, and written notice of the
20time and place of the hearing shall be mailed to the applicant
21at least 15 days before the date of the hearing. The applicant
22shall pay the actual cost of making the transcript of the
23hearing prior to the Secretary's issuing his decision following
24the hearing. If, following the hearing, the application is
25denied, the Secretary shall, within 20 days thereafter prepare
26and keep on file in his office a written order of denial

 

 

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1thereof, which shall contain his findings with respect thereto
2and the reasons supporting the denial, and shall send by United
3States Mail a copy thereof to the applicant at the address set
4forth in the application, within 5 days after the filing of
5such order. A review of any such decision may be had as
6provided 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
10exchange, shall state the name of the licensee and the address
11of at which the licensed location business is to be conducted.
12Such license, or and its annual renewal, shall be kept
13conspicuously posted in the licensed location place of business
14of the licensee and shall not be transferable or assignable. If
15issued for an ambulatory currency exchange, it shall so state,
16and shall state the name and principal office office address of
17the licensee, and the name and address of the location or
18locations to be served by the licensee, and shall not be
19transferable 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
23maintained under the same community currency exchange license,
24but the Secretary may issue more than one license to the same

 

 

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1licensee upon compliance with the provisions of this Act
2governing an original issuance of a license, for each new
3license.
4    Whenever a community currency exchange or an ambulatory
5currency exchange shall wish to change its name in its license,
6it shall file an application for approval thereof with the
7Secretary, and if the change is approved by the Secretary he
8shall attach to the license, in writing, a rider stating the
9licensee's new name.
10    If an ambulatory currency exchange has serviced a licensed
11location for 2 years or longer and the employer whose employees
12are served at that location has moved his place of business,
13the currency exchange may continue its service to the employees
14of that employer at the new address of that employer's place of
15business by filing a notice of the change of address with the
16Secretary and by relinquishing its license to conduct its
17business at the employer's old address upon receipt of a
18license to conduct its business at the employer's new address.
19Nothing in this Act shall preclude or prevent an ambulatory
20currency exchange from filing an application to conduct its
21business at the old address of an employer who moved his place
22of business after the ambulatory currency exchange receives a
23license to conduct its business at the employer's new address
24through the filing of a notice of its change of address with
25the Secretary and the relinquishing of its license to conduct
26its business at the employer's old address.

 

 

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1    Whenever a currency exchange wishes to make any other
2change in the address set forth in any of its licenses, it
3shall apply to the Secretary for approval of such change of
4address. Every application for approval of a change of address
5shall be treated by the Secretary in the same manner as is
6otherwise provided in this Act for the treatment of proposed
7places of business or locations as contained in new
8applications for licenses; and if any fact or condition then
9exists with respect to the application for change of address,
10which fact or condition would otherwise authorize denial of a
11new application for a license because of the address of the
12proposed location or place of business, then such application
13for change of address shall not be approved. Whenever a
14community currency exchange wishes to sell its physical assets,
15it may do so, however, if the assets are sold with the
16intention of continuing the operation of a community currency
17exchange, the purchaser or purchasers must first make
18application to the Secretary for licensure in accordance with
19Section Sections 4 and 10 of this Act. If the Secretary shall
20not so approve, he shall not issue such license and shall
21notify the applicant or applicants of such denial. The
22investigation fee for a change of location is $500.
23    The provisions of Sections 4.1A and Section 10 of this Act
24with reference to notice, hearing and review apply to
25applications filed pursuant to this Section.
26(Source: P.A. 97-315, eff. 1-1-12.)
 

 

 

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1    (205 ILCS 405/14)  (from Ch. 17, par. 4823)
2    Sec. 14. Every licensee, shall, on or before November 15,
3pay to the Secretary the annual license fee or fees for the
4next succeeding calendar year and shall at the same time file
5with the Secretary the annual report required by Section 16 of
6this Act, and the annual bond or bonds, and the insurance
7policy or policies as and if required by this Act. The annual
8license fee for each community currency exchange is $200, prior
9to January 1, 2012. After January 1, 2012 the fee shall be
10$300. After January 1, 2014 the fee shall be $400 for each
11licensee and $400 for each additional licensed location. The
12annual license fee for each location served by an ambulatory
13currency 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,
17after 15 business days' days notice by registered or certified
18mail to the licensee at the address set forth in the license,
19or by email or facsimile transmission if such other method is
20previously designated by the licensee, stating the
21contemplated action and in general the grounds therefore, fine
22the licensee an amount not exceeding $1,000 per violation or
23revoke or suspend any license issued if he or she finds that:
24        (a) the licensee has failed to pay the annual license

 

 

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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
20a license under this Section shall state (i) the specific
21nature 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
24may, within 15 business days from the date of the notice,
25request a hearing pursuant to Section 22.01 of this Act; (v)
26that the licensee may, within 15 business days after the

 

 

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1notice, take corrective action to mitigate any fine or
2contemplated action; and (vi) the specific corrective action to
3be taken.
4    Consistent with the provisions of this Act, the Secretary
5may, after weighing any harm to the public, the seriousness of
6the offense, and the history of the licensee, fine a licensee
7an amount graduated up to $1,000 per violation.
8    No license shall be revoked until the licensee has had
9notice of a hearing on the proposed revocation and an
10opportunity to be heard. The Secretary shall send a copy of the
11order, finding, or decision of revocation by United States
12mail, or by email or facsimile transmission, if such other
13method is previously designated by the licensee, to the
14licensee at the address set forth in the license or to such
15other email address or facsimile transmission phone number
16previously designated by the licensee, within 5 days after the
17order or decision is entered. A review of any such order,
18finding, or decision is available under Section 22.01 of this
19Act.
20    The Secretary may fine, suspend or revoke only the
21particular license or licenses for particular places of
22business or locations with respect to which grounds for
23revocation may occur or exist; except that if he shall find
24that such grounds for revocation are of general application to
25all places of business or locations, or that such grounds for
26fines, suspension or revocation have occurred or exist with

 

 

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1respect to a substantial number of places of business or
2locations, he may fine, suspend or revoke all of the licenses
3issued to such licensee.
4    An order assessing a fine, an order revoking or suspending
5a license, or an order denying renewal of a license shall take
6effect on service of the order unless the licensee requests a
7hearing pursuant to this Section , in writing, within 15 days
8after the date of service. In the event a hearing is requested,
9the order shall be stayed until a final administrative order is
10entered. If the licensee requests a hearing, the Secretary
11shall schedule a hearing within 30 days after the request for a
12hearing unless otherwise agreed to by the parties. The hearing
13shall be held at the time and place designated by the
14Secretary.
15    The Secretary and any administrative law judge designated
16by him or her shall have the power to administer oaths and
17affirmations, subpoena witnesses and compel their attendance,
18take evidence, and require the production of books, papers,
19correspondence, and other records or information that he or she
20considers relevant or material to the inquiry.
21    In case of contumacy or refusal of a witness to obey a
22subpoena, any circuit court of this State whose jurisdiction
23encompasses where the hearing is located may issue an order
24requiring such witness to appear before the Secretary or the
25hearing officer, to produce documentary evidence, or to give
26testimony touching the matter in question; and the court may

 

 

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1punish any failures to obey such orders of the court as
2contempt.
3    A licensee may surrender any license by delivering to the
4Secretary written notice that he, they or it thereby surrenders
5such license, but such surrender shall not affect such
6licensee's civil or criminal liability for acts committed prior
7to such surrender, or affect the liability on his, their or its
8bond or bonds, or his, their or its policy or policies of
9insurance, required by this Act, or entitle such licensee to a
10return of any part of the annual license fee or fees.
11    Every license issued hereunder shall remain in force until
12the same shall expire, or shall have been surrendered,
13suspended or revoked in accordance with this Act, but the
14Secretary may on his own motion, issue new licenses to a
15licensee whose license or licenses shall have been revoked if
16no fact or condition then exists which clearly would have
17warranted the Secretary in refusing originally the issuance of
18such 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
22such books, accounts and records as will enable the Secretary
23to determine whether such licensee is complying with the
24provisions of this Act and with the rules, regulations and
25directions made by the Secretary hereunder.

 

 

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1    Each licensee shall record or cause to be recorded the
2following information with respect to each money order it sells
3or issues: (1) The amount; (2) the month and year of sale or
4issuance; and (3) the serial number.
5    Each licensee shall preserve the record required by this
6subsection for at least 7 years or until the money order to
7which it pertains is returned to the licensee. Each money order
8returned to the licensee shall be preserved for not less than 3
9years from the month and year of sale or issuance by the
10licensee. The licensee shall keep the record, or an authentic
11microfilm copy thereof, required to be preserved by this
12subsection within this state at its principal office or other a
13place readily accessible to the Secretary and his
14representatives. If a licensee sells or transfers his business
15at a location or an address, his obligations under this
16paragraph devolve upon the successor licensee and subsequent
17successor licensees, if any, at such location or address. If a
18licensee ceases to do business in this state, he shall deposit
19the records and money orders he is required to preserve, with
20the 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
24currency exchange license shall have a permanent address as
25evidenced by a lease of at least 6 six months duration or other

 

 

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1suitable evidence of permanency, and the license issued,
2pursuant to the application shall be valid only at that address
3in the application or any new address approved by the
4Secretary. A letter of intent for a lease shall suffice for
5inclusion with the application, and evidence of an executed
6lease shall be considered ministerial in nature, to be
7furnished once the investigation is completed and the approval
8is 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
12reasonable rules, directions, orders, decisions and findings
13as the execution and enforcement of the provisions of this Act
14require, and as are not inconsistent within this Act. All such
15rules, directions, orders, decisions and findings shall be
16filed and entered by the Secretary in an indexed permanent book
17or record, or electronic record, with the effective date
18thereof suitably indicated, and such book or record shall be a
19public document. All rules and directions, which are of a
20general character, shall be made available in electronic form
21to all licensees within 10 days after filing and all licensees
22shall receive by mail notice of any changes. Copies of all
23findings, orders and decisions shall be mailed to the parties
24affected thereby by United States mail within 5 days of such
25filing.

 

 

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1    The Department shall adopt rules concerning classes of
2violations, which may include continuing violations of this
3Act, 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,
7whenever the Secretary is required to give notice to any
8applicant or licensee, such requirement shall be complied with
9if, within the time fixed herein, such notice shall be enclosed
10in an envelope plainly addressed to such applicant or licensee,
11as the case may be, at the address set forth in the application
12or licensee's principal office license, as the case may be,
13United States postage fully prepaid, and deposited, registered
14or certified, in the United States mail.
15    Notice may also be provided to an applicant or licensee by
16telephone facsimile to the person or electronically via email
17to the telephone number or email address designated by an
18applicant 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
22cease and desist order to any currency exchange or other person
23doing business without the required license, when in the
24opinion of the Secretary, the currency exchange or other person

 

 

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1is violating or is about to violate any provision of this Act
2or any rule or requirement imposed in writing by the
3Department. The cease and desist order shall specify the
4activity or activities that the Department is seeking the
5currency exchange or other person doing business without the
6required license to cease and desist.
7    The cease and desist order permitted by this Section may be
8issued prior to a hearing.
9    The Secretary shall serve notice of his or her action,
10including, but not limited to, a statement of reasons for the
11action, either personally or by certified mail, return receipt
12requested. Service by certified mail shall be deemed completed
13(i) when the notice is deposited in the U.S. mail, received, or
14delivery is refused, or (ii) one business day after the United
15States Postal Service has attempted delivery, whichever is
16earlier.
17    Within 10 days after service of a cease and desist order,
18the licensee or other person may request, in writing, a
19hearing. The Secretary shall schedule a hearing within 30 days
20after the request for a hearing unless otherwise agreed to by
21the parties.
22    If it is determined that the Secretary has the authority to
23issue the cease and desist order, he or she may issue such
24orders as reasonably necessary to correct, eliminate, or remedy
25such conduct.
26    The powers vested in the Secretary by this Section are

 

 

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1additional to any and all other powers and remedies vested in
2the Secretary by law, and nothing in this Section shall be
3construed as requiring that the Secretary shall employ the
4power conferred in this Section instead of or as a condition
5precedent to the exercise of any other power or remedy vested
6in the Secretary.
7    The currency exchange, or other person doing business
8without the required license, shall pay the actual costs of the
9hearing.
10(Source: P.A. 97-315, eff. 1-1-12.)
 
11    Section 99. Effective date. This Act takes effect January
121, 2016.