Illinois General Assembly - Bill Status for SB1882
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 Bill Status of SB1882  99th General Assembly


Short Description:  CURRENCY EXCHANGE

Senate Sponsors
Sen. Don Harmon, Antonio Muñoz and Michael E. Hastings

House Sponsors
(Rep. Lou Lang - Marcus C. Evans, Jr.)

Last Action
DateChamber Action
  8/21/2015SenatePublic Act . . . . . . . . . 99-0445

Statutes Amended In Order of Appearance
205 ILCS 405/1from Ch. 17, par. 4802
205 ILCS 405/2from Ch. 17, par. 4803
205 ILCS 405/3from Ch. 17, par. 4804
205 ILCS 405/3.3from Ch. 17, par. 4807
205 ILCS 405/4from Ch. 17, par. 4808
205 ILCS 405/4.1from Ch. 17, par. 4809
205 ILCS 405/4.1B new
205 ILCS 405/5from Ch. 17, par. 4812
205 ILCS 405/6from Ch. 17, par. 4813
205 ILCS 405/7from Ch. 17, par. 4814
205 ILCS 405/9from Ch. 17, par. 4816
205 ILCS 405/10from Ch. 17, par. 4817
205 ILCS 405/11from Ch. 17, par. 4819
205 ILCS 405/13from Ch. 17, par. 4821
205 ILCS 405/14from Ch. 17, par. 4823
205 ILCS 405/15from Ch. 17, par. 4824
205 ILCS 405/17from Ch. 17, par. 4833
205 ILCS 405/18from Ch. 17, par. 4834
205 ILCS 405/21from Ch. 17, par. 4841
205 ILCS 405/29.5


Synopsis As Introduced
Amends the Currency Exchange Act. Makes changes in provisions concerning the definitions under the Act, licensure requirements, powers of community currency exchanges, additional services, license applications, fees, anti-money laundering requirements, bonds, insurance against loss, fines, revocation of licenses, and violations. Effective immediately.

Senate Committee Amendment No. 1
Removes a provision that provides that, for the purposes of a specified provision, any lawful service shall be presumed to be consistent with the provisions of the Act, in the best interest of the public, and benefit the general welfare.

Senate Floor Amendment No. 2
Adds reference to:
205 ILCS 405/19

Replaces everything after the enacting clause. Reinserts the language of the introduced bill with the following changes: provides that a currency exchange may issue and accept gift cards; provides that a currency exchange may offer, for no charge and with no required transaction, advertising upon and about the premises and distribution to consumers of advertising and other materials of any legal product or service that is not misleading to the public; removes a provision providing that any lawful service shall be presumed to be consistent with the provisions of the Act, in the best interest of the public, and to benefit the general welfare; provides that a currency exchange protesting a application approval, if located within a one-half mile radius of the proposed new currency exchange in any municipality with a population of 500,000 or more or within a one-mile radius of any existing licensee located in any municipality with a population less than 500,000, may appeal the granting of the application under the Administrative Procedure Act; makes changes to the timeline for notification of specified currency exchanges of the proposed location of a new currency exchange; makes changes to the Secretary of Financial and Professional Regulation's authority to fine a licensee or suspend or revoke licenses under the Act; provides that the Department shall adopt rules concerning continuing violations of this Act and factors in mitigation of violations and establishing classes of violations by seriousness and adverse impact on the public; corrects reference from "currency exchange" to "licensee"; makes other changes; changes the effective date to January 1, 2016.

Senate Floor Amendment No. 3
Provides that the Secretary of Financial and Professional Regulation shall, within 15 business days after receipt of an application, notify in writing all currency exchanges located within a one-half mile radius of the proposed new currency exchange in any municipality with a population of 500,000 or more or located within a one-mile radius of the proposed new currency exchange outside a municipality with a population of 500,000 or more of the application and the proposed location. Removes a provision concerning specified currency exchanges appealing the granting of an application under the Administrative Procedure Act. Provides that the Department of Financial and Professional Regulation shall adopt rules concerning classes of violations, which may include continuing violations of the Act, and factors in mitigation of violations.

Actions 
DateChamber Action
  2/20/2015SenateFiled with Secretary by Sen. Don Harmon
  2/20/2015SenateFirst Reading
  2/20/2015SenateReferred to Assignments
  2/26/2015SenateAdded as Co-Sponsor Sen. Antonio Muñoz
  3/11/2015SenateAssigned to Financial Institutions
  3/18/2015SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Don Harmon
  3/18/2015SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/24/2015SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/25/2015SenateSenate Committee Amendment No. 1 Adopted
  3/25/2015SenateDo Pass as Amended Financial Institutions; 010-000-000
  3/25/2015SenatePlaced on Calendar Order of 2nd Reading March 26, 2015
  3/25/2015SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/15/2015SenateSecond Reading
  4/15/2015SenatePlaced on Calendar Order of 3rd Reading April 16, 2015
  4/17/2015SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Don Harmon
  4/17/2015SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/21/2015SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  4/22/2015SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
  4/22/2015SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Don Harmon
  4/22/2015SenateSenate Floor Amendment No. 3 Referred to Assignments
  4/22/2015SenateSenate Floor Amendment No. 3 Be Approved for Consideration Assignments
  4/22/2015SenateRecalled to Second Reading
  4/22/2015SenateSenate Floor Amendment No. 2 Adopted; Harmon
  4/22/2015SenateSenate Floor Amendment No. 3 Adopted; Harmon
  4/22/2015SenatePlaced on Calendar Order of 3rd Reading
  4/22/2015SenateThird Reading - Passed; 053-000-000
  4/23/2015HouseArrived in House
  4/23/2015HouseChief House Sponsor Rep. Lou Lang
  4/23/2015HouseFirst Reading
  4/23/2015HouseReferred to Rules Committee
  5/4/2015HouseAssigned to Financial Institutions Committee
  5/8/2015HouseCommittee Deadline Extended-Rule 9(b) May 15, 2015
  5/14/2015HouseDo Pass / Short Debate Financial Institutions Committee; 021-000-000
  5/14/2015HousePlaced on Calendar 2nd Reading - Short Debate
  5/14/2015HouseAdded Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/18/2015HouseSecond Reading - Short Debate
  5/18/2015HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/22/2015HouseFinal Action Deadline Extended-9(b) May 31, 2015
  5/29/2015HouseThird Reading - Short Debate - Passed 114-000-000
  5/29/2015SenatePassed Both Houses
  6/26/2015SenateSent to the Governor
  8/21/2015SenateGovernor Approved
  8/21/2015SenateEffective Date January 1, 2016
  8/21/2015SenatePublic Act . . . . . . . . . 99-0445

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