Full Text of HB0159 97th General Assembly
HB0159eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Currency Exchange Act is amended by changing | 5 | | Sections 1, 2, 3, 3.1, 3.2, 3.3, 4, 4.1, 4.2, 4.3, 5, 6, 7, 10, | 6 | | 11, 12, 13, 13.1, 14, 14.1, 15, 15.1, 15.1a, 15.1b, 15.1d, | 7 | | 15.2, 16, 17, 18, 19, 19.3, 19.4, 20, 21, and 22.01 and by | 8 | | adding Section 29.5 as follows:
| 9 | | (205 ILCS 405/1) (from Ch. 17, par. 4802)
| 10 | | Sec. 1. Definitions; application of Act. | 11 | | (a) For the purposes of this Act:
| 12 | | "Community currency exchange" means
any person, firm, | 13 | | association, partnership, limited liability company, or
| 14 | | corporation, except an
ambulatory currency exchange as | 15 | | hereinafter defined, banks incorporated
under the laws of this | 16 | | State and National Banks organized pursuant to the
laws of the | 17 | | United States, engaged in the business or service of, and
| 18 | | providing facilities for, cashing checks, drafts, money orders | 19 | | or any other
evidences of money acceptable to such community | 20 | | currency exchange, for a
fee or service charge or other | 21 | | consideration, or engaged in the business of
selling or issuing | 22 | | money orders under his or their or its name, or any
other money | 23 | | orders (other than United States Post Office money orders,
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| 1 | | Postal Telegraph Company money orders, or Western Union | 2 | | Telegraph Company
money orders), or engaged in both such | 3 | | businesses, or engaged in performing
any one or more of the | 4 | | foregoing services.
| 5 | | "Department" means the Department of Financial and | 6 | | Professional Regulation. | 7 | | "Director" means the Director of the Division of Financial | 8 | | Institutions of the Department of Financial and Professional | 9 | | Regulation. | 10 | | "Division of Financial Institutions" means the Division of | 11 | | Financial Institutions of the Department of Financial and | 12 | | Professional Regulation. | 13 | | "Ambulatory Currency Exchange" means any person, firm, | 14 | | association,
partnership, limited liability company, or | 15 | | corporation, except banks organized under the laws of this
| 16 | | State and National Banks organized pursuant to the laws of the | 17 | | United
States, engaged in one or both of the foregoing | 18 | | businesses, or engaged in
performing any one or more of the | 19 | | foregoing services, solely on the
premises of the employer | 20 | | whose employees are being served.
| 21 | | "Location" when used with reference to an ambulatory | 22 | | currency exchange
means the premises of the employer whose | 23 | | employees are or are to be served
by an ambulatory currency | 24 | | exchange.
| 25 | | " Secretary Director " means the Secretary Director of | 26 | | Financial and Professional Regulation or a person authorized by |
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| 1 | | the Secretary or this Act to act in the Secretary's stead | 2 | | Financial Institutions . All references in this Act to the | 3 | | Secretary shall be deemed to include the Director, as a person | 4 | | authorized by the Secretary or this Act to assume | 5 | | responsibility for the oversight of the functions of the | 6 | | Department relative to the regulatory supervision of community | 7 | | currency exchanges and ambulatory currency exchanges under | 8 | | this Act.
| 9 | | (b) Nothing in this Act shall be held to apply to any | 10 | | person, firm,
association, partnership, limited liability | 11 | | company, or corporation who is
engaged primarily in the
| 12 | | business of transporting for hire, bullion, currency, | 13 | | securities,
negotiable or non-negotiable documents, jewels or | 14 | | other property of great
monetary value and who in the course of | 15 | | such business and only as an
incident thereto, cashes checks, | 16 | | drafts, money orders or other evidences of
money directly for, | 17 | | or for the employees of and with the funds of and at a
cost only | 18 | | to, the person, firm, association, partnership, limited | 19 | | liability
company, or corporation for
whom he or it is then | 20 | | actually transporting such bullion, currency,
securities, | 21 | | negotiable or non-negotiable documents, jewels, or other
| 22 | | property of great monetary value, pursuant to a written | 23 | | contract for such
transportation and all incidents thereof, nor | 24 | | shall it apply to any person,
firm, association, partnership, | 25 | | limited liability company, or corporation
engaged in the | 26 | | business of
selling tangible personal property at retail who, |
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| 1 | | in the course of such
business and only as an incident thereto, | 2 | | cashes checks, drafts, money
orders or other evidences of | 3 | | money.
| 4 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 5 | | (205 ILCS 405/2) (from Ch. 17, par. 4803)
| 6 | | Sec. 2. License required; violation; injunction. No | 7 | | person, firm,
association, partnership, limited liability
| 8 | | company,
or corporation shall
engage in the business of a | 9 | | community currency exchange or in the business
of an ambulatory | 10 | | currency exchange without first securing a license to do
so | 11 | | from the Secretary Director .
| 12 | | Any person, firm, association, partnership, limited | 13 | | liability company, or corporation issued a
license to do so by | 14 | | the Secretary Director shall have authority to operate a
| 15 | | community currency exchange or an ambulatory currency | 16 | | exchange, as defined
in Section 1 hereof.
| 17 | | Any person, firm, association, partnership, limited | 18 | | liability company, or
corporation licensed as and engaged in | 19 | | the business of a community currency
exchange shall at a | 20 | | minimum offer the service of cashing checks, or drafts,
or | 21 | | money orders, or any other evidences of money acceptable to | 22 | | such currency exchange.
| 23 | | No ambulatory currency exchange and no community currency | 24 | | exchange shall
be conducted on any street, sidewalk or highway | 25 | | used by the public, and no
license shall be issued therefor. An |
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| 1 | | ambulatory currency exchange shall be
required to and shall | 2 | | secure a license or licenses for the conduct of its
business at | 3 | | each and every location served by it, as provided in Section 4
| 4 | | hereof, whether the services at any such location are rendered | 5 | | for or
without a fee, service charge or other consideration. | 6 | | Each plant or
establishment is deemed a separate location. No | 7 | | license issued for the
conduct of its business at one location | 8 | | shall authorize the conduct of its
business at any other | 9 | | location, nor shall any license authorize the
rendering of | 10 | | services by an ambulatory currency exchange to persons other
| 11 | | than the employees of the employer named therein. If the | 12 | | employer named in
such license shall move his business from the | 13 | | address therein set forth,
such license shall thereupon expire, | 14 | | unless the Secretary Director has approved a
change of address | 15 | | for such location, as provided in Section 13.
| 16 | | Any person, firm, association, partnership, limited | 17 | | liability company, or
corporation that violates
this Section | 18 | | shall be guilty of a Class A misdemeanor, and the Attorney
| 19 | | General or the State's Attorney of the county in which the | 20 | | violation occurs
shall file a complaint in the Circuit Court of | 21 | | the county to restrain the
violation.
| 22 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 23 | | (205 ILCS 405/3) (from Ch. 17, par. 4804)
| 24 | | Sec. 3. Powers of community currency exchanges. No | 25 | | community or
ambulatory currency exchange shall be
permitted to |
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| 1 | | accept money or evidences of money as a deposit to be
returned | 2 | | to the depositor or upon the depositor's order . ; and no No
| 3 | | community or ambulatory currency exchange shall be permitted to | 4 | | act as
bailee or agent for persons, firms, partnerships, | 5 | | limited liability
companies, associations or
corporations to | 6 | | hold money or evidences thereof or the proceeds
therefrom for | 7 | | the use and benefit of the owners thereof, and deliver
such | 8 | | money or proceeds of evidence of money upon request and | 9 | | direction
of such owner or owners . A community or ambulatory | 10 | | currency exchange is permitted to engage in, and charge a fee | 11 | | for, the following activities, either directly or as a | 12 | | third-party agent: (i) cashing of checks, drafts, money orders, | 13 | | or any other evidences of money acceptable to the currency | 14 | | exchange, (ii) selling or issuing money orders, (iii) obtaining | 15 | | reports, certificates, governmental permits, licenses, and | 16 | | vital statistics and the preparation of necessary applications | 17 | | to obtain the same, (iv) the sale and distribution of bond | 18 | | cards, (v) obtaining, distributing, providing, or selling: | 19 | | State vehicle registration renewals, title transfers and tax | 20 | | remittance forms, city vehicle licenses, and other | 21 | | governmental services, (vi) photocopying and sending and | 22 | | receiving facsimile transmissions, (vii) notary service either | 23 | | by the proprietor of the currency exchange or any currency | 24 | | exchange employee, authorized by the State to act as a notary | 25 | | public, (viii) issuance of travelers checks obtained by the | 26 | | currency exchange from a banking institution under a trust |
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| 1 | | receipt, (ix) accepting for payment utility and other | 2 | | companies' bills, (x) issuance and acceptance of any | 3 | | third-party debit, credit, or stored value card and loading or | 4 | | unloading, (xi) on-premises automated cash dispensing | 5 | | machines, (xii) sale of rolled coin and paper money, (xiii) | 6 | | exchange of foreign currency through a third-party, (xiv) sale | 7 | | of cards, passes, or tokens for public transit, (xv) providing | 8 | | mail box service, (xvi) sale of phone cards and other pre-paid | 9 | | telecommunication services, (xvii) on-premises public | 10 | | telephone, (xviii) sale of U.S. postage, (xix) money | 11 | | transmission through a licensed third-party money transmitter, | 12 | | (xx) sale of candy, gum, other packaged foods, soft drinks, and | 13 | | other products and services by means of on-premises vending | 14 | | machines, and (xxi) other products and services as may be | 15 | | approved by the Secretary. ; provided, that nothing contained | 16 | | herein shall
prevent a community or an ambulatory currency | 17 | | exchange from obtaining
state automobile and city vehicle | 18 | | licenses for a fee or service charge,
or from rendering a | 19 | | photostat service, or from rendering a notary
service either by | 20 | | the proprietor of the currency exchange or any one of
its | 21 | | employees, authorized by the State of Illinois to act as a | 22 | | notary
public, or from selling travelers cheques obtained by | 23 | | the currency
exchange from a banking institution under a trust | 24 | | receipt, or from
issuing money orders or from accepting for | 25 | | payment utility bills.
Any community or ambulatory currency | 26 | | exchange may enter into an
agreement s with any utility and |
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| 1 | | other companies to act as its the companies'
agent for the | 2 | | acceptance of payment of utility and other
companies' bills | 3 | | without charge
to the utility customer and,
acting under such | 4 | | agreement, may receipt for payments in the
names of the utility | 5 | | and other companies. Any community or
ambulatory currency | 6 | | exchange may also receive payment of
utility and other | 7 | | companies' bills for remittance to companies
with which it has | 8 | | no such agency agreement and may charge a fee
for such service | 9 | | but may not, in such cases, issue a receipt for such
payment in | 10 | | the names of the utility and other companies.
However, funds | 11 | | received by currency exchanges for remittance
to utility and | 12 | | other companies with which the currency exchange
has no agency | 13 | | agreement shall be forwarded to the appropriate
utility and | 14 | | other companies by the currency exchange before the
end of the | 15 | | next business day. | 16 | | For the purpose of this Section, "utility and other | 17 | | companies" means any utility company and other company with | 18 | | which the currency exchange may or may not have a contractual | 19 | | agreement and for which the currency exchange accepts payments | 20 | | from consumers for remittance to the utility or other company | 21 | | for the payment of bills.
| 22 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 23 | | (205 ILCS 405/3.1) (from Ch. 17, par. 4805)
| 24 | | Sec. 3.1.
Nothing in this Act shall prevent a currency | 25 | | exchange from
rendering State or Federal income tax service; |
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| 1 | | nor shall the rendering of
such service be considered a | 2 | | violation of this Act if such service be
rendered either by the | 3 | | proprietor , or any of his employees , or a licensed, regulated | 4 | | tax service approved by the Internal Revenue Service . For the | 5 | | purpose of this Section, "tax service" does not mean to make or | 6 | | offer to make a refund anticipation loan as defined by the Tax | 7 | | Refund Anticipation Loan Disclosure Act.
| 8 | | (Source: Laws 1949, p. 336.)
| 9 | | (205 ILCS 405/3.2) (from Ch. 17, par. 4806)
| 10 | | Sec. 3.2.
Community currency exchanges and ambulatory | 11 | | currency
exchanges may engage in the distribution of | 12 | | Supplemental Nutrition Assistance Program (SNAP) benefits food | 13 | | stamps in
accordance with such regulations as are made by the | 14 | | Secretary Director .
| 15 | | (Source: P.A. 80-439.)
| 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 | 19 | | Director from authorizing
a currency exchange, group of | 20 | | currency exchanges, or association of currency exchanges | 21 | | currency exchanges to render additional services to the public | 22 | | if the services
are consistent with the provisions of this Act, | 23 | | are within its meaning,
are in the best interest of the public, | 24 | | and benefit the general welfare. A currency exchange, group of |
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| 1 | | currency exchanges, or association of currency exchanges must | 2 | | request, in writing, the Secretary's approval of the additional | 3 | | service prior to rendering such additional service to the | 4 | | public. Any approval under this Section shall be deemed an | 5 | | approval for all currency exchanges. Any currency exchange | 6 | | wishing to provide an additional service as approved by the | 7 | | Secretary must provide notice to the Secretary 30 days prior to | 8 | | offering the approved additional service to the public. The | 9 | | Secretary may charge an additional service investigation fee of | 10 | | $500 per application. The Secretary may, at his or her | 11 | | discretion, revoke any authorization under this Section on 60 | 12 | | days written notice to the currency exchange.
| 13 | | (b) (Blank). Nothing in this Act shall prevent a community | 14 | | currency exchange
from selling candy, gum, other packaged | 15 | | foods, and soft drinks by means
of vending machines on its | 16 | | premises.
| 17 | | (Source: P.A. 87-258; 88-583, eff. 8-12-94.)
| 18 | | (205 ILCS 405/4) (from Ch. 17, par. 4808)
| 19 | | Sec. 4. License application; contents; fees. Application | 20 | | for such
license shall be in writing under oath and in
the form | 21 | | prescribed and furnished by the Secretary Director . Each | 22 | | application shall
contain the following:
| 23 | | (a) The full name and address (both of residence and place | 24 | | of business)
of the applicant, and if the applicant is a | 25 | | partnership, limited liability
company, or association, of
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| 1 | | every member thereof, and the name and business address if the | 2 | | applicant is
a corporation;
| 3 | | (b) The county and municipality, with street and number, if | 4 | | any, where
the community currency exchange is to be conducted, | 5 | | if the application is
for a community currency exchange | 6 | | license;
| 7 | | (c) If the application is for an ambulatory currency | 8 | | exchange license,
the name and address of the employer at each | 9 | | location to be served by it;
and
| 10 | | (d) The applicant's occupation or profession; a detailed | 11 | | statement of
his business experience for the 10 years | 12 | | immediately preceding his
application; a detailed statement of | 13 | | his finances; his present or previous
connection with any other | 14 | | currency exchange; whether he has ever been
involved in any | 15 | | civil or criminal litigation, and the material facts
pertaining | 16 | | thereto; whether he has ever been committed to any penal
| 17 | | institution or admitted to an institution for the care and | 18 | | treatment of
mentally ill persons; and the nature of | 19 | | applicant's occupancy of the
premises to be licensed where the | 20 | | application is for a community currency
exchange license. If | 21 | | the applicant is a partnership, the information
specified | 22 | | herein shall be required of each partner. If the applicant is a
| 23 | | corporation, the said information shall be required of each | 24 | | officer,
director and stockholder thereof along with | 25 | | disclosure of their ownership
interests.
If the applicant is a | 26 | | limited liability company, the information required by
this |
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| 1 | | Section shall be provided with respect to each member and | 2 | | manager along
with disclosure of their ownership interests.
| 3 | | A community currency exchange license application shall be
| 4 | | accompanied by a fee of $500 , prior to January 1, 2012. After | 5 | | January 1, 2012 the fee shall be $750. After January 1, 2014 | 6 | | the fee shall be $1,000. for the cost of investigating the | 7 | | applicant. If the ownership of a
licensee changes, in whole or | 8 | | in part, a new application must be filed pursuant
to this | 9 | | Section along with a $500 fee if the licensee's ownership | 10 | | interests
have been transferred
or sold to a new person or | 11 | | entity or a fee of $300 if the licensee's
ownership interests | 12 | | have been transferred or sold to a current holder or
holders of | 13 | | the licensee's ownership interests.
When the application for a
| 14 | | community currency exchange license has been approved by the | 15 | | Secretary Director and
the applicant so advised, an additional | 16 | | sum of
$400 $200 as an annual license
fee for a period | 17 | | terminating on the last day of the current calendar year
shall | 18 | | be paid to the Secretary Director by the applicant; provided, | 19 | | that the license
fee for an applicant applying for such a | 20 | | license after July 1st of any year
shall be $200 $100 for the | 21 | | balance of such year.
| 22 | | An application for an ambulatory currency exchange license | 23 | | shall be
accompanied by a fee of $100, which fee shall be for | 24 | | the cost of
investigating the applicant. An approved applicant | 25 | | shall not be required
to pay the initial investigation fee of | 26 | | $100 more than once.
When the application for an ambulatory |
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| 1 | | currency exchange license has
been approved by the Secretary | 2 | | Director , and such applicant so advised, such
applicant shall | 3 | | pay an annual license fee of $25 for each and every
location to | 4 | | be served by such applicant; provided that such license fee for
| 5 | | an approved applicant applying for such a license after July | 6 | | 1st of any
year shall be $12 for the balance of such year for | 7 | | each and every location
to be served by such applicant. Such an
| 8 | | approved applicant for an ambulatory currency exchange | 9 | | license, when
applying for a license with respect to a | 10 | | particular location, shall file
with the Secretary Director , at | 11 | | the time of filing an application, a letter of
memorandum, | 12 | | which shall be in writing and under oath, signed by the owner
| 13 | | or authorized representative of the business whose employees | 14 | | are to be
served; such letter or memorandum shall contain a | 15 | | statement that such
service is desired, and that the person | 16 | | signing the same is authorized so
to do. The Secretary Director | 17 | | shall thereupon verify the authenticity of the letter
or | 18 | | memorandum and the authority of the person who executed it, to | 19 | | do
so.
| 20 | | (Source: P.A. 92-398, eff. 1-1-02.)
| 21 | | (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
| 22 | | Sec. 4.1.
The General Assembly finds and declares that | 23 | | community currency
exchanges provide important and vital | 24 | | services to Illinois citizens, that
the number of community | 25 | | currency exchanges should be limited in accordance
with the |
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| 1 | | needs of the communities they are to serve, and that it is in | 2 | | the
public interest to promote and foster the community | 3 | | currency exchange business
and to insure the financial | 4 | | stability thereof. Upon receipt of an application
for a license | 5 | | for a community
currency exchange, the Secretary Director shall | 6 | | cause an investigation
of the need of the community
for the | 7 | | establishment of a community currency exchange at the location
| 8 | | specified in the application and the effect that granting the | 9 | | license
will have on the financial stability of other community | 10 | | currency exchanges
that may be serving the community in which | 11 | | the business of the applicant
is proposed to be conducted.
| 12 | | "Community", as used in this Act, means a locality where | 13 | | there may or
can be available to the people thereof the | 14 | | services of a community currency
exchange reasonably | 15 | | accessible to them. If the issuance of a license to
engage in | 16 | | the community currency exchange business at the location
| 17 | | specified will not promote the needs and the convenience and | 18 | | advantage
of the community in which the business of the | 19 | | applicant is proposed to be
conducted, then the application | 20 | | shall be denied.
| 21 | | (Source: P.A. 83-652.)
| 22 | | (205 ILCS 405/4.2) (from Ch. 17, par. 4810)
| 23 | | Sec. 4.2.
Whensoever the ownership of any Currency | 24 | | Exchange, theretofore
licensed under the provisions of this | 25 | | Act, shall be held or contained in
any estate subject to the |
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| 1 | | control and supervision of any Administrator,
Executor or | 2 | | Guardian appointed, approved or qualified by any
Court of the | 3 | | State of Illinois, having jurisdiction so to do, such
| 4 | | Administrator, Executor or Guardian may, upon the entry of
an | 5 | | order by such Court granting leave to continue the operation of | 6 | | such
Currency Exchange, apply to the Secretary Director of | 7 | | Financial Institutions for a
license under the provisions of | 8 | | this Act. When any such Administrator,
Executor or Guardian | 9 | | shall apply for a Currency Exchange
License pursuant to the | 10 | | provisions of this Section, and shall otherwise
fully comply | 11 | | with all of the provisions of this Act relating to the
| 12 | | application for a Currency Exchange license, the Secretary | 13 | | Director may issue to such
applicant a Currency Exchange | 14 | | license. Any Currency Exchange license
theretofore issued to a | 15 | | Currency Exchange, for which an application for a
license shall | 16 | | be sought under the provisions of this Section, if not
| 17 | | previously surrendered, lapsed, or revoked, shall be | 18 | | surrendered, revoked
or otherwise terminated before a license | 19 | | shall be issued pursuant to
application made therefor under | 20 | | this Section.
| 21 | | (Source: P.A. 92-16, eff. 6-28-01.)
| 22 | | (205 ILCS 405/4.3) (from Ch. 17, par. 4811)
| 23 | | Sec. 4.3.
Upon receipt of an application from an ambulatory | 24 | | currency
exchange for the conduct of its business at a location | 25 | | to be served by
it, the Secretary Director of Financial |
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| 1 | | Institutions shall
cause an investigation to be made to | 2 | | determine whether to issue
said license. No fee shall be | 3 | | charged for the investigation of an
application for a location | 4 | | license. The
Secretary Director shall employ the following | 5 | | criteria
in making his determination:
| 6 | | (1) the economic benefit and convenience to the persons to | 7 | | be
served at the location for which a license has been | 8 | | requested;
| 9 | | (2) the effect that granting a license will have on the
| 10 | | financial stability of community currency exchanges;
| 11 | | (3) safety benefits, if any, which may accrue from the | 12 | | granting of the
location license;
| 13 | | (4) the effects, if any, which granting of a license will
| 14 | | have on traffic, and traffic congestion in the immediate area
| 15 | | of the location to be served;
| 16 | | (5) such other factors as the Secretary Director shall deem | 17 | | proper and relevant.
| 18 | | (Source: P.A. 85-1356.)
| 19 | | (205 ILCS 405/5) (from Ch. 17, par. 4812)
| 20 | | Sec. 5. Bond; condition; amount.
| 21 | | (a) Before any license shall be issued
to a community
| 22 | | currency exchange the applicant shall file annually with and
| 23 | | have approved by the Secretary Director a surety bond, issued | 24 | | by a bonding
company authorized to do business in this State in | 25 | | the principal sum
of $25,000 $10,000 . Such bond shall run to |
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| 1 | | the Secretary Director and shall
be for the benefit of any | 2 | | creditors of such currency exchange
for any liability incurred | 3 | | by the currency exchange on any
money orders , including any | 4 | | fees and penalties incurred by the remitter should the money | 5 | | order be returned unpaid, issued or sold by the currency | 6 | | exchange and for
any liability incurred by the currency | 7 | | exchange for any sum or
sums due to any payee or endorsee of | 8 | | any check, draft or money
order left with the currency exchange | 9 | | for collection, and for
any liability incurred by the currency | 10 | | exchange in connection
with the rendering of any of the | 11 | | services referred to in
Section 3 of this Act.
| 12 | | From time to time the Secretary Director may determine the | 13 | | amount of liabilities
as described herein and shall require the | 14 | | licensee to file a bond in an
additional sum if the same is | 15 | | determined to be necessary in accordance with
the requirements | 16 | | of this Section. In no case shall the bond be less than
the | 17 | | initial $25,000 $10,000 , nor more than the outstanding | 18 | | liabilities.
| 19 | | (b) In lieu of the surety bond requirements of subsection | 20 | | (a), a community
currency exchange licensee may submit evidence | 21 | | satisfactory to the Secretary Director
that the community | 22 | | currency exchange licensee is covered by a blanket bond that
| 23 | | covers multiple licensees who are members of a statewide | 24 | | association of
community currency exchanges. Such a blanket | 25 | | bond must be issued by a bonding
company authorized to do | 26 | | business in this State and in a principal aggregate
sum of not |
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| 1 | | less than $3,000,000 as of May 1, 2012, and not less than | 2 | | $4,000,000 as of May 1, 2014 $2,000,000 .
| 3 | | (c) An ambulatory currency exchange may sell or issue money | 4 | | orders
at any location with regard to which it
is issued a | 5 | | license pursuant to this Act, including existing
licensed | 6 | | locations, without the necessity of a further
application or | 7 | | hearing and without regard to any exceptions
contained in | 8 | | existing licenses, upon the filing with
the Secretary Director | 9 | | of a surety bond approved by the Secretary Director and issued | 10 | | by a bonding
company
or insurance company authorized to do | 11 | | business in Illinois,
in the principal sum of $100,000. Such | 12 | | bond may be a blanket
bond covering all locations at which the | 13 | | ambulatory currency
exchange may sell or issue money orders,
| 14 | | and shall run to the Secretary Director for the
use and benefit | 15 | | of any creditors of such ambulatory currency
exchange for any | 16 | | liability incurred by the ambulatory currency
exchange on any | 17 | | money orders issued or sold by it.
Such bond shall be renewed | 18 | | annually. If after
the expiration of one year from the date of | 19 | | approval of such
bond by the Secretary Director , it shall | 20 | | appear that the average amount
of such liability during the | 21 | | year has exceeded $100,000,
the Secretary Director shall | 22 | | require the licensee to furnish a bond for
the ensuing year, to | 23 | | be approved by the Secretary Director ,
for an additional | 24 | | principal sum of $1,000 for each $1,000 of
such liability or | 25 | | fraction thereof in excess of the original
$100,000, except | 26 | | that the maximum amount of such bond shall not be required to
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| 1 | | exceed $250,000.
| 2 | | (Source: P.A. 93-614, eff. 11-18-03.)
| 3 | | (205 ILCS 405/6) (from Ch. 17, par. 4813)
| 4 | | Sec. 6. Insurance against loss. | 5 | | (a) Every applicant for a license hereunder
shall, after | 6 | | his
application for a license has been approved, file with and | 7 | | have approved
by the Secretary of Financial and Professional | 8 | | Regulation , a policy or policies of insurance issued by an
| 9 | | insurance company or indemnity company authorized to do | 10 | | business under
the law of this State, which shall insure the | 11 | | applicant against loss by
theft, burglary, robbery or forgery | 12 | | in a principal sum as hereinafter
provided; if the average | 13 | | amount of cash and liquid funds to be kept on
hand in the | 14 | | office of the community currency exchange during the year
will | 15 | | not be in excess of $10,000 the policy or policies shall be in | 16 | | the
principal sum of $10,000. If such average amount will be in | 17 | | excess of
$10,000, the policy or policies shall be for an | 18 | | additional principal sum
of $500 for each $1,000 or fraction | 19 | | thereof of such excess over the
original $10,000. From time to
| 20 | | time, the Secretary may determine the amount of cash and liquid | 21 | | funds on
hand in the office of any community currency exchange | 22 | | and shall require
the licensee to submit additional policies if | 23 | | the same are determined to
be necessary in accordance with the | 24 | | requirements of this Section. | 25 | | However, any community currency exchange licensed under |
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| 1 | | this Act may meet the insurance bonding requirements of this | 2 | | subsection (a) by submitting evidence satisfactory to the | 3 | | Secretary that the licensee is covered by a blanket insurance | 4 | | policy bond that covers multiple licensees. The blanket | 5 | | insurance policy bond : (i) shall insure the licensee against | 6 | | loss by theft, robbery, or forgery; (ii) shall be issued by an | 7 | | insurance a bonding company authorized to do business in this | 8 | | State; and (iii) shall be in the principal sum of an amount | 9 | | equal to the maximum amount required under this Section for any | 10 | | one licensee covered by the insurance policy bond .
| 11 | | Any such policy or policies, with respect to forgery, may | 12 | | carry a
condition that the community currency exchange assumes | 13 | | the first $1,000 of
each claim thereunder.
| 14 | | (b) Before an ambulatory currency exchange shall sell or
| 15 | | issue money orders,
it shall file with and
have approved by the | 16 | | Secretary, a policy or policies of
insurance issued by an | 17 | | insurance company or indemnity company
authorized to do | 18 | | business under the laws of this State, which
shall insure such | 19 | | ambulatory currency exchange against loss
by theft, burglary, | 20 | | robbery, forgery or embezzlement in the
principal sum of not | 21 | | less than $500,000. If the average amount
of cash and liquid | 22 | | funds to be kept on hand during the year
will exceed $500,000, | 23 | | the policy or policies shall be for an
additional principal sum | 24 | | of $500 for each $1,000 or fraction
thereof in excess of | 25 | | $500,000. From time to time the Secretary may determine
the | 26 | | amount of cash and liquid funds kept on hand by an ambulatory
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| 1 | | currency exchange and shall require it to submit such | 2 | | additional
policies as are determined to be required within the | 3 | | limits of
this Section. No ambulatory currency exchange subject | 4 | | to
this Section shall be required to furnish more than one | 5 | | policy
of insurance if the policy furnished insures it against | 6 | | the
foregoing losses at all locations served by it.
| 7 | | Any such policy may contain a condition that the insured
| 8 | | assumes a portion of the loss, provided the insured shall file
| 9 | | with such policy a sworn financial statement indicating its
| 10 | | ability to act as self-insurer in the amount of such deductible
| 11 | | portion of the policy without prejudice to the safety of any
| 12 | | funds belonging to its customers. If the Secretary is not
| 13 | | satisfied as to the financial ability of the ambulatory | 14 | | currency
exchange, he may require it to deposit cash or United | 15 | | States Government
Bonds in the amount of part or
all of the | 16 | | deductible portion of the policy.
| 17 | | (Source: P.A. 94-538, eff. 1-1-06.)
| 18 | | (205 ILCS 405/7) (from Ch. 17, par. 4814)
| 19 | | Sec. 7. Available funds; minimum amount. Each community | 20 | | currency
exchange shall have, at all times, a
minimum of $5,000 | 21 | | sum of its own cash funds available for the uses and
purposes | 22 | | of its business and said minimum sum shall be exclusive of and
| 23 | | in addition to funds received for exchange or transfer; and in | 24 | | addition
thereto each such licensee shall at all times have on | 25 | | hand an amount of
liquid funds sufficient to pay on demand all |
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| 1 | | outstanding money orders
issued by it. Prior to January 1, | 2 | | 1979, this minimum sum shall be $4,000.
After January 1, 1979, | 3 | | this minimum sum shall be $5,000.
| 4 | | In the event a receiver is appointed in accordance with | 5 | | Section 15.1
of this Act, and the Secretary Director determines | 6 | | that the business of the
currency exchange should be | 7 | | liquidated, and if it shall appear that the
said minimum sum | 8 | | was not on hand or available at the time of the
appointment of | 9 | | the receiver, then the receiver shall have the right to
recover | 10 | | in any court of competent jurisdiction from the owner or owners
| 11 | | of such currency exchange, or from the stockholders and | 12 | | directors
thereof if such currency exchange was operated by a | 13 | | corporation, or from the
members if the currency exchange was | 14 | | operated as a limited liability company,
said
sum or that part | 15 | | thereof which was not on hand or available at the time
of the | 16 | | appointment of such receiver. Nothing contained in this Section
| 17 | | shall limit or impair the liability of any bonding or insurance | 18 | | company
on any bond or insurance policy relating to such | 19 | | community currency
exchange issued pursuant to the | 20 | | requirements of this Act, nor shall
anything contained herein | 21 | | limit or impair such other rights or remedies
as the receiver | 22 | | may otherwise have.
| 23 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 24 | | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| 25 | | Sec. 10. Qualifications of applicant; denial of license; |
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| 1 | | review. The
applicant, and its officers, directors and
| 2 | | stockholders, if a corporation,
and its managers and members, | 3 | | if a liability company, shall be vouched for
by 2 reputable | 4 | | citizens of this State setting forth
that the individual | 5 | | mentioned is (a) personally known to them to be
trustworthy and | 6 | | reputable, (b) that he has business experience qualifying
him | 7 | | to competently conduct, operate, own or become associated with | 8 | | a
currency exchange, (c) that he has a good business reputation | 9 | | and is worthy
of a license. Thereafter, the Secretary Director | 10 | | shall, upon approval of the
application filed with him, issue | 11 | | to the applicant, qualifying under this
Act, a license to | 12 | | operate a currency exchange. If it is a license for a
community | 13 | | currency exchange, the same shall be valid only at the place of
| 14 | | business specified in the application. If it is a license for | 15 | | an ambulatory
currency exchange, it shall entitle the applicant | 16 | | to operate only at the
location or locations specified in the | 17 | | application, provided the applicant
shall secure separate and | 18 | | additional licenses for each of such locations.
Such licenses | 19 | | shall remain in full force and effect, until they are
| 20 | | surrendered by the licensee, or revoked, or expire, as herein | 21 | | provided. If
the Secretary Director shall not so approve, he | 22 | | shall not issue such license or
licenses and shall notify the | 23 | | applicant of such denial, retaining the full
investigation fee | 24 | | to cover the cost of investigating the community
currency | 25 | | exchange applicant. The
Secretary Director shall approve or | 26 | | deny every application hereunder within 90 days
from the filing |
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| 1 | | of a complete application thereof ; except that in respect to an | 2 | | application by an
approved ambulatory currency exchange for a | 3 | | license with regard to a
particular location to be served by | 4 | | it, the same shall be approved or
denied within 20 days from | 5 | | the filing thereof. If the application is
denied, the Secretary | 6 | | Director shall send by United States mail notice of such denial
| 7 | | to the applicant at the address set forth in the application.
| 8 | | If an application is denied, the applicant may, within 10 | 9 | | days from the
date of the notice of denial, make written | 10 | | request to the Secretary Director for a
hearing on the | 11 | | application, and the Secretary Director shall set a time and | 12 | | place for
the hearing. The hearing shall be set for a date | 13 | | after the receipt by the
Secretary Director of the request for | 14 | | hearing, and written notice of the time and
place of the | 15 | | hearing shall be mailed to the applicant at least 15 days
| 16 | | before the date of the hearing. The applicant shall pay the | 17 | | actual cost of
making the transcript of the hearing prior to | 18 | | the Secretary's Director's issuing his
decision following the | 19 | | hearing. If, following the hearing, the application
is denied, | 20 | | the Secretary Director shall, within 20 days thereafter prepare | 21 | | and keep
on file in his office a written order of denial | 22 | | thereof, which shall
contain his findings with respect thereto | 23 | | and the reasons supporting the
denial, and shall send by United | 24 | | States Mail a copy thereof to the
applicant at the address set | 25 | | forth in the application, within 5 days after
the filing of | 26 | | such order. A review of any such decision may be had as
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| 1 | | provided in Section 22.01 of this Act.
| 2 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 3 | | (205 ILCS 405/11) (from Ch. 17, par. 4819)
| 4 | | Sec. 11.
Such license, if issued for a community currency | 5 | | exchange, shall
state the name of the licensee and the address | 6 | | at which the business is to
be conducted. Such license , and its | 7 | | annual renewal, shall be kept conspicuously posted in the place
| 8 | | of business of the licensee and shall not be transferable or | 9 | | assignable. If
issued for an ambulatory currency exchange, it | 10 | | shall so state, and shall
state the name and office address of | 11 | | the licensee, and the name and address
of the location or | 12 | | locations to be served by the licensee, and shall not be
| 13 | | transferable and assignable.
| 14 | | (Source: Laws 1951, p. 562.)
| 15 | | (205 ILCS 405/12) (from Ch. 17, par. 4820)
| 16 | | Sec. 12.
If the Secretary Director shall find at any time | 17 | | that the bond required by Section 5 is insecure
or exhausted or | 18 | | otherwise doubtful, an additional bond in like amount to be
| 19 | | approved by the Secretary Director shall be filed by the | 20 | | licensee within 30 days
after written demand therefor upon the | 21 | | licensee by the Secretary Director .
| 22 | | (Source: Laws 1957, p. 320.)
| 23 | | (205 ILCS 405/13) (from Ch. 17, par. 4821)
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| 1 | | Sec. 13.
No more than one place of business shall be | 2 | | maintained under
the same community currency exchange license, | 3 | | but the Secretary Director may issue
more than one license to | 4 | | the same licensee upon compliance with the
provisions of this | 5 | | Act governing an original issuance of a license, for
each new | 6 | | license.
| 7 | | Whenever a community currency exchange or an ambulatory | 8 | | currency
exchange shall wish to change its name in its license, | 9 | | it shall file an
application for approval thereof with the | 10 | | Secretary Director , and if the change is
approved by the | 11 | | Secretary Director he shall attach to the license, in writing, | 12 | | a
rider stating the licensee's new name.
| 13 | | If an ambulatory currency exchange has serviced a licensed | 14 | | location for
2 years or longer and the employer whose employees | 15 | | are served at that location
has moved his place of business, | 16 | | the currency exchange may continue its
service to the employees | 17 | | of that employer at the new address of that employer's
place of | 18 | | business by filing a notice of the change of address with the | 19 | | Secretary Director
and by relinquishing its license to conduct | 20 | | its business at the employer's
old address upon receipt of a | 21 | | license to conduct its business at the employer's
new address. | 22 | | Nothing in this Act shall preclude or prevent an ambulatory
| 23 | | currency exchange from filing an application to conduct its | 24 | | business at
the old address of an employer who moved his place | 25 | | of business after the
ambulatory currency exchange receives a | 26 | | license to conduct its business
at the employer's new address |
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| 1 | | through the filing of a notice of its change
of address with | 2 | | the Secretary Director and the relinquishing of its license to | 3 | | conduct
its business at the employer's old address.
| 4 | | Whenever a currency exchange wishes to make any other | 5 | | change in the address
set forth in any of its licenses, it | 6 | | shall apply to the Secretary Director for approval
of such | 7 | | change of address.
Every application for approval of a change | 8 | | of address shall be treated by
the Secretary Director in the | 9 | | same manner as is otherwise provided in this Act for
the | 10 | | treatment of proposed places of business or locations as | 11 | | contained in
new applications for licenses; and if any fact or | 12 | | condition then exists
with respect to the application for | 13 | | change of address, which fact or condition
would otherwise | 14 | | authorize denial of a new application for a license because
of | 15 | | the address of the proposed location or place of business, then | 16 | | such
application for change of address shall not be approved. | 17 | | Whenever a
community currency exchange wishes to sell its | 18 | | physical assets, it may do
so, however, if the assets are sold | 19 | | with the intention of continuing the
operation of a community | 20 | | currency exchange, the purchaser or purchasers
must first make | 21 | | application to the Secretary Director for licensure in | 22 | | accordance
with Sections 4 and 10 of this Act. If the Secretary | 23 | | Director shall not so approve,
he shall not issue such license | 24 | | and shall notify the applicant or
applicants of such denial. | 25 | | The investigation fee for a change of location
is $500. shall | 26 | | be $75 on September 22, 1987 and until July 1, 1988, and $125 |
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| 1 | | on July
1, 1988 and until July 1, 1989, and $150 on and after | 2 | | July 1, 1989.
| 3 | | The provisions of Section 10 with reference to notice, | 4 | | hearing and review
apply to applications filed pursuant to this | 5 | | Section.
| 6 | | (Source: P.A. 85-1209.)
| 7 | | (205 ILCS 405/13.1) (from Ch. 17, par. 4822)
| 8 | | Sec. 13.1. Consolidation of business locations. Whenever 2 | 9 | | or more
licensees desire to consolidate their places
of | 10 | | business, they shall make application for such consolidation to | 11 | | the
Secretary Director upon a form provided by him or her . This | 12 | | application shall state: (a) the
name to be adopted and the | 13 | | location at which the business is to be located,
which name and | 14 | | location shall be the same as one of the consolidating
| 15 | | licensees; (b) that the owners or all partners or all | 16 | | stockholders or all
members, as the
case may be, of the | 17 | | licensees involved in the contemplated consolidation,
have | 18 | | approved the application; (c) a certification by the secretary, | 19 | | if any
of the licensees be corporations, that the contemplated | 20 | | consolidation has
been approved by all of the stockholders at a | 21 | | properly convened
stockholders meeting; (d) other relevant | 22 | | information the Secretary Director may
require. Simultaneously | 23 | | with the approval of the application by the
Secretary Director , | 24 | | the licensee or licensees who will cease doing business shall:
| 25 | | (a) surrender their license or licenses to the Secretary |
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| 1 | | Director ; (b) transfer all
of their assets and liabilities to | 2 | | the licensee continuing to operate by
virtue of the | 3 | | application; (c) apply to the Secretary of State, if they be
| 4 | | corporations, for surrender of their corporate charter in | 5 | | accordance with
the provisions of the Business Corporation Act | 6 | | of 1983.
| 7 | | An application for consolidation shall be approved or | 8 | | rejected by the
Secretary Director within 30 days after receipt | 9 | | by him of such application and
supporting documents required | 10 | | thereunder. The Secretary shall impose a consolidation fee of | 11 | | $100 per application.
| 12 | | Such consolidation shall not affect suits pending in which | 13 | | the
surrendering licensees are parties; nor shall such | 14 | | consolidation affect
causes of action nor the rights of persons | 15 | | in particular; nor shall suits
brought against such licensees | 16 | | in their former names be abated for that
cause.
| 17 | | Nothing contained herein shall limit or prohibit any action | 18 | | or remedy
available to a licensee or to the Secretary Director | 19 | | under Sections 15, 15.1 to 15.1e
or 15.2 of this Act.
| 20 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 21 | | (205 ILCS 405/14) (from Ch. 17, par. 4823)
| 22 | | Sec. 14.
Every licensee, shall, on or before November 15, | 23 | | pay to the
Secretary Director the annual license fee or fees | 24 | | for the next succeeding calendar
year and shall at the same | 25 | | time file with the Secretary Director the annual report
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| 1 | | required by Section 16 of this Act, and the annual bond or | 2 | | bonds, and the
insurance policy or policies as and if required | 3 | | by this Act. The annual
license fee for each community currency | 4 | | exchange is $200, prior to January 1, 2012. After January 1, | 5 | | 2012 the fee shall be $300. After January 1, 2014 the fee shall | 6 | | be $400. shall be
$150 on the effective date of this amendatory | 7 | | Act of 1987 and
until January 1, 1989, and $180 on January 1, | 8 | | 1989 and until January 1,
1990, and $200 on and after January | 9 | | 1, 1990. The annual
license fee for each location served by an | 10 | | ambulatory currency exchange
shall be $25.
| 11 | | (Source: P.A. 85-708.)
| 12 | | (205 ILCS 405/14.1)
| 13 | | Sec. 14.1.
All moneys received by the Department of | 14 | | Financial Institutions
under this Act shall be deposited in the | 15 | | Financial Institutions Fund created
under Section 6z-26 of the | 16 | | State Finance Act.
| 17 | | (Source: P.A. 88-13.)
| 18 | | (205 ILCS 405/15) (from Ch. 17, par. 4824)
| 19 | | Sec. 15.
The Secretary may, after 15 days notice by | 20 | | registered or certified mail to the licensee at the address set | 21 | | forth in the license stating the contemplated action and in | 22 | | general the grounds therefore, fine the licensee an amount not | 23 | | exceeding $1,000 per violation or revoke or suspend any license | 24 | | issued if he or she finds that Director may, upon 10 days |
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| 1 | | notice to the licensee
by United States mail directed to the | 2 | | licensee at the address set forth
in the license, stating the | 3 | | contemplated action and in general the
grounds therefor, and | 4 | | upon reasonable opportunity to be heard prior to
such action, | 5 | | fine, suspend or revoke any license issued hereunder if he | 6 | | shall find that :
| 7 | | (a) the The licensee has failed to pay the annual | 8 | | license fee or to
maintain in effect the required bond or | 9 | | bonds or insurance policy or
policies or to comply with any | 10 | | order, decision, or finding of the
Director made pursuant | 11 | | to this Act ; or that
| 12 | | (b) the licensee has failed to comply with any | 13 | | provision of this Act or any order, decision, finding, | 14 | | rule, regulation, or direction of the Secretary lawfully | 15 | | made under the authority of this Act; or | 16 | | (c) the The licensee has violated any provision of this | 17 | | Act or any
regulation or direction made by the Secretary | 18 | | Director under this Act; or that
| 19 | | (d) any (c) Any fact or condition exists which, if it | 20 | | had existed at the
time of the original application for | 21 | | such license, would have warranted
the Secretary Director | 22 | | in refusing the issuance of the license; or that
| 23 | | (e) the (d) The licensee has not operated the currency | 24 | | exchange or at the
location licensed, for a period of 60 | 25 | | sixty consecutive days, unless the
licensee was prevented | 26 | | from operating during such period by reason of
events or |
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| 1 | | acts beyond the licensee's control.
| 2 | | Prior to suspension or revocation of the licenses issued | 3 | | hereunder, the
Director may but is not required to fine a | 4 | | licensee up to a maximum of $100 a day.
| 5 | | The Secretary Director may fine, suspend or revoke only the | 6 | | particular license or licenses for
particular places of | 7 | | business or locations with respect to which grounds
for | 8 | | revocation may occur or exist; except that if he shall find | 9 | | that
such grounds for revocation are of general application to | 10 | | all places of
business or locations, or that such grounds for | 11 | | fines, suspension or revocation
have occurred
or exist with | 12 | | respect to a substantial number of places of business or
| 13 | | locations, he may fine, suspend or revoke all of the licenses | 14 | | issued to such licensee. | 15 | | An order assessing a fine, an order revoking or suspending | 16 | | a license, or an order denying renewal of a license shall take | 17 | | effect on service of the order unless the licensee requests a | 18 | | hearing, in writing, within 15 days after the date of service. | 19 | | In the event a hearing is requested, the order shall be stayed | 20 | | until a final administrative order is entered. If the licensee | 21 | | requests a hearing, the Secretary shall schedule a hearing | 22 | | within 30 days after the request for a hearing unless otherwise | 23 | | agreed to by the parties. The hearing shall be held at the time | 24 | | and place designated by the Secretary. | 25 | | The Secretary and any administrative law judge designated | 26 | | by him or her shall have the power to administer oaths and |
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| 1 | | affirmations, subpoena witnesses and compel their attendance, | 2 | | take evidence, and require the production of books, papers, | 3 | | correspondence, and other records or information that he or she | 4 | | considers relevant or material to the inquiry. | 5 | | In case of contumacy or refusal of a witness to obey a | 6 | | subpoena, any circuit court of this State whose jurisdiction | 7 | | encompasses where the hearing is located may issue an order | 8 | | requiring such witness to appear before the Secretary or the | 9 | | hearing officer, to produce documentary evidence, or to give | 10 | | testimony touching the matter in question; and the court may | 11 | | punish any failures to obey such orders of the court as | 12 | | contempt.
| 13 | | A licensee may surrender any license by delivering to the | 14 | | Secretary Director
written notice that he, they or it thereby | 15 | | surrenders such license, but
such surrender shall not affect | 16 | | such licensee's civil or criminal
liability for acts committed | 17 | | prior to such surrender, or affect the
liability on his, their | 18 | | or its bond or bonds, or his, their or its
policy or policies | 19 | | of insurance, required by this Act, or entitle such
licensee to | 20 | | a return of any part of the annual license fee or fees.
| 21 | | Every license issued hereunder shall remain in force until | 22 | | the same
shall expire, or shall have been surrendered, | 23 | | suspended or revoked in accordance
with this Act, but the | 24 | | Secretary Director may on his own motion, issue new
licenses to | 25 | | a licensee whose license or licenses shall have been revoked
if | 26 | | no fact or condition then exists which clearly would have |
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| 1 | | warranted
the Secretary Director in refusing originally the | 2 | | issuance of such license under
this Act.
| 3 | | No license shall be revoked until the licensee has had | 4 | | notice of a
hearing thereon and an opportunity to be heard. | 5 | | When any license is so
revoked, the Director shall within | 6 | | twenty (20) days thereafter, prepare
and keep on file in his | 7 | | office, a written order or decision of
revocation which shall | 8 | | contain his findings with respect thereto and the
reasons | 9 | | supporting the revocation and shall send by United States mail | 10 | | a
copy thereof to the licensee at the address set forth in the | 11 | | license
within five (5) days after the filing in his office of | 12 | | such order,
finding or decision. A review of any such order, | 13 | | finding or decision may
be had as provided in Section 22.01 of | 14 | | this Act.
| 15 | | (Source: P.A. 80-1101.)
| 16 | | (205 ILCS 405/15.1) (from Ch. 17, par. 4825)
| 17 | | Sec. 15.1.
If the Secretary Director determines that any | 18 | | licensee is insolvent or is violating this Act, or if the | 19 | | owner, executor, or successor in interest of a currency | 20 | | exchange abandons the currency exchange, he or she shall | 21 | | appoint a receiver, who shall, under his
or her direction, for | 22 | | the purpose of receivership, take possession of and title to
| 23 | | the books, records , and assets of every description of the | 24 | | community
currency exchange. The Secretary may Director shall | 25 | | require of the receiver such security
as he or she deems proper |
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| 1 | | and, upon appointment of the receiver, shall have
published, | 2 | | once each week for 4 consecutive weeks in a newspaper having a
| 3 | | general circulation in the community, a notice calling on all | 4 | | persons who
have claims against the community currency | 5 | | exchange, to present them to the
receiver.
| 6 | | Within 10 days after the receiver takes possession of the | 7 | | property, the
licensee may apply to the Circuit Court of the | 8 | | county where the community currency exchange is located | 9 | | Sangamon County to enjoin
further proceedings in the premises.
| 10 | | The receiver may operate the community currency exchange | 11 | | until the
Secretary Director determines that possession should | 12 | | be restored to the licensee or
that the business should be | 13 | | liquidated.
| 14 | | (Source: Laws 1961, p. 3522.)
| 15 | | (205 ILCS 405/15.1a) (from Ch. 17, par. 4826)
| 16 | | Sec. 15.1a.
If the Secretary Director determines that a | 17 | | business in
receivership should be liquidated, he shall direct | 18 | | the Attorney General
to file a complaint in the Circuit Court | 19 | | of the county in which such
community currency exchange is | 20 | | located, in the name of the People of the
State of Illinois, | 21 | | for the orderly liquidation and dissolution of the
community | 22 | | currency exchange and for an injunction restraining the
| 23 | | licensee or the officers and directors thereof from continuing | 24 | | the
operation of the community currency exchange.
| 25 | | The receiver shall, 30 days from the day the Secretary |
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| 1 | | Director determines that
the business should be liquidated, | 2 | | file with the Secretary Director and with the
clerk of such | 3 | | court as has charge of the liquidation, a correct list of
all | 4 | | creditors who have not presented their claims. The list shall | 5 | | show
the amount of the claim after allowing all just credits, | 6 | | deductions and
set-offs as shown by the books of the currency | 7 | | exchange. These claims
shall be deemed proven unless objections | 8 | | are filed by some interested
party within the time fixed by the | 9 | | Secretary Director or court that has charge of
the liquidation.
| 10 | | (Source: P.A. 79-1361.)
| 11 | | (205 ILCS 405/15.1b) (from Ch. 17, par. 4827)
| 12 | | Sec. 15.1b. Liquidation; distribution; priority. The | 13 | | General Assembly
finds and declares that community currency
| 14 | | exchanges provide important and vital services to Illinois | 15 | | citizens. The
General Assembly also finds that in providing | 16 | | such services, community currency
exchanges transact extensive | 17 | | business involving check cashing and the writing
of money | 18 | | orders in communities in which banking services are generally
| 19 | | unavailable. It is therefore declared to be the policy of this | 20 | | State that customers who
receive these services must be | 21 | | protected from insolvencies of currency
exchanges and | 22 | | interruptions of services. To carry out this policy and to | 23 | | insure that
customers of community currency exchanges are | 24 | | protected in the event it
is determined that a community | 25 | | currency exchange in receivership should
be liquidated in |
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| 1 | | accordance with Section 15.1a of this Act, the Secretary | 2 | | Director
shall make a distribution of moneys collected by the | 3 | | receiver in the following
order of priority: First, allowed | 4 | | claims for the actual necessary expenses
of the receivership of | 5 | | the community currency exchange being liquidated,
including | 6 | | (a) reasonable receiver fees and receiver's attorney's fees | 7 | | approved
by the Secretary Director , (b) all expenses of any | 8 | | preliminary or other examinations
into the condition of the | 9 | | community currency exchange or receivership,
(c) all expenses | 10 | | incurred by the Secretary Director which are incident to | 11 | | possession
and control of any property or records of the | 12 | | community currency exchange, and
(d) reasonable expenses | 13 | | incurred by the Secretary Director as the result of business
| 14 | | agreements or contractual arrangements necessary to insure | 15 | | that the services
of the community currency exchanges are | 16 | | delivered to the community without
interruption. Said business | 17 | | agreements or contractual arrangements may
include, but are not | 18 | | limited to, agreements made by the Secretary Director , or by
| 19 | | the Receiver with the approval of the Secretary Director , with | 20 | | banks, money order
companies, bonding companies and other types | 21 | | of financial institutions;
Second, allowed claims by a | 22 | | purchaser of money orders issued on demand of
the community | 23 | | currency exchange being liquidated; Third, allowed claims
| 24 | | arising by virtue of and to the extent of the amount a utility | 25 | | customer
deposits with the community currency exchange being | 26 | | liquidated which are
not remitted to the utility company; |
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| 1 | | Fourth,
allowed claims arising by virtue of and to the extent | 2 | | of the amount paid
by a purchaser of Illinois license plates, | 3 | | vehicle stickers sold for
State and municipal governments in | 4 | | Illinois, and temporary
Illinois registration permits | 5 | | purchased at the currency exchange being
liquidated; Fifth, | 6 | | allowed unsecured claims for
wages or salaries, excluding | 7 | | vacation, severance and sick leave pay earned
by employee | 8 | | earned within 90 days prior to the appointment of a Receiver;
| 9 | | Sixth, secured claims; Seventh, allowed unsecured claims of any | 10 | | tax, and interest and penalty on
the tax; Eighth Seventh , | 11 | | allowed unsecured claims other than a kind specified in
| 12 | | paragraph one, two and three of this Section, filed with the | 13 | | Secretary Director within
the time the Secretary Director fixes | 14 | | for filing claims; Ninth Eighth , allowed unsecured
claims, | 15 | | other than a kind specified in paragraphs one, two and three of | 16 | | this
Section filed with the Secretary Director after the time | 17 | | fixed for filing claims
by the Secretary Director ; Tenth Ninth , | 18 | | allowed creditor
claims asserted by an owner, member, or | 19 | | stockholder of the community
currency exchange
in liquidation; | 20 | | Eleventh Tenth , after one year from the final dissolution of | 21 | | the
currency exchange, all assets not used to satisfy allowed | 22 | | claims shall be
distributed pro rata to the owner, owners, | 23 | | members, or stockholders of the
currency exchange.
| 24 | | The Secretary Director shall pay all claims of equal | 25 | | priority according to the schedule
set out above, and shall not | 26 | | pay claims of lower priority until all higher
priority claims |
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| 1 | | are satisfied. If insufficient assets are available to
meet all | 2 | | claims of equal priority, those assets shall be distributed pro
| 3 | | rata among those claims. All unclaimed assets of a currency | 4 | | exchange shall
be deposited with the Secretary Director to be | 5 | | paid out by him when proper claims
therefor are presented to | 6 | | the Secretary Director . If there are funds remaining after the | 7 | | conclusion of a receivership of an abandoned currency exchange, | 8 | | the remaining funds shall be considered unclaimed property and | 9 | | remitted to the State Treasurer under the Uniform Disposition | 10 | | of Unclaimed Property Act.
| 11 | | (Source: P.A. 90-545, eff. 1-1-98.)
| 12 | | (205 ILCS 405/15.1d) (from Ch. 17, par. 4829)
| 13 | | Sec. 15.1d.
At the close of a receivership, the receiver | 14 | | shall turn over to
the Secretary Director all books of account | 15 | | and ledgers of such currency exchange for
preservation. All | 16 | | records of such receiverships heretofore and hereafter
| 17 | | received by the Secretary Director shall be held by him or her | 18 | | for a period of 2 years after
the close of the receivership and | 19 | | at the termination of the 2 year period
may then be destroyed.
| 20 | | All expenses of the receivership, including reasonable | 21 | | receiver's and attorney's
fees approved by the Secretary | 22 | | Director , and all expenses
of any preliminary or other | 23 | | examinations into the condition of the
community currency | 24 | | exchange or receivership, and all expenses incident to
the | 25 | | possession and control of any property or records of the |
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| 1 | | community
currency exchange incurred by the Secretary Director | 2 | | shall be paid out of the assets
of the community currency | 3 | | exchange. The foregoing expenses shall be paid
prior to and | 4 | | ahead of all claims.
| 5 | | (Source: P.A. 83-345.)
| 6 | | (205 ILCS 405/15.2) (from Ch. 17, par. 4831)
| 7 | | Sec. 15.2.
No community currency exchange shall determine | 8 | | its affairs and
close up its business unless it shall first | 9 | | deposit with the Secretary Director an
amount of money equal to | 10 | | the whole of its debts, liabilities and lawful
demands against | 11 | | it including the costs and expenses of this proceeding, and
| 12 | | shall surrender to the Secretary Director its community | 13 | | currency exchange license,
and shall file with the Secretary | 14 | | Director a statement of termination signed by the
licensee of | 15 | | such community currency exchange, containing a pronouncement | 16 | | of
intent to close up its business and liquidate its | 17 | | liabilities, and also
containing a sworn list itemizing in full | 18 | | all such debts, liabilities and
lawful demands against it. | 19 | | Corporate licensees shall attach to, and make a
part of such | 20 | | statement of termination, a copy of a resolution providing for
| 21 | | the determination and closing up of the licensee's affairs, | 22 | | certified by
the secretary of such licensee and duly adopted at | 23 | | a shareholders' meeting
by the holders of at least two-thirds | 24 | | of the outstanding shares entitled to
vote at such meeting. | 25 | | Upon the filing with the Secretary Director of a statement of
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| 1 | | termination the Secretary Director shall cause notice thereof | 2 | | to be published once
each week for three consecutive weeks in a | 3 | | public newspaper of general
circulation published in the city | 4 | | or village where such community currency
exchange is located, | 5 | | and if no newspaper shall be there published, then in
a public | 6 | | newspaper of general circulation nearest to said city or | 7 | | village;
and such publication shall give notice that the debts, | 8 | | liabilities and
lawful demands against such community currency | 9 | | exchange will be redeemed by
the Secretary Director on demand | 10 | | in writing made by the owner thereof, at any time
within three | 11 | | years from the date of first publication. After the expiration
| 12 | | of such three year period, the Secretary Director shall return | 13 | | to the person or
persons designated in the statement of | 14 | | termination to receive such
repayment and in the proportion | 15 | | therein specified, any balance of money
then remaining in his | 16 | | possession, if any there be, after first deducting
therefrom | 17 | | all unpaid costs and expenses incurred in connection with this
| 18 | | proceeding. The Secretary Director shall receive for his | 19 | | services, exclusive of costs
and expenses, two per cent of any | 20 | | amount up to $5,000.00, and one per cent
of any amount in | 21 | | excess of $5,000.00, deposited with him hereunder by any
one | 22 | | community currency exchange. Nothing contained herein shall | 23 | | affect or
impair the liability of any bonding or insurance | 24 | | company on any bond or
insurance policy issued under this Act | 25 | | relating to such community currency
exchange.
| 26 | | (Source: Laws 1957, p. 320.)
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| 1 | | (205 ILCS 405/16) (from Ch. 17, par. 4832)
| 2 | | Sec. 16. Annual report; investigation; costs. | 3 | | (a) Each licensee shall
annually, on or before the 1st day | 4 | | of
March, file a report with the Secretary Director for the
| 5 | | calendar year period
from January 1st through December 31st, | 6 | | except that the
report filed on or before March 15, 1990 shall | 7 | | cover the period from
October 1, 1988 through December 31, | 8 | | 1989, (which
shall be used only for
the official purposes of | 9 | | the Director) giving such relevant information
as the Secretary | 10 | | Director may reasonably require concerning, and for the purpose
| 11 | | of examining, the business and operations during the preceding | 12 | | fiscal
year period of each licensed currency exchange conducted | 13 | | by such
licensee within the State. Such report shall be made | 14 | | under oath and
shall be in the form prescribed by the | 15 | | Secretary. The Secretary Director and the Director may at
any | 16 | | time , and shall at least once in each year , investigate the | 17 | | currency
exchange business of any licensee and of every person, | 18 | | partnership,
association, limited liability company, and | 19 | | corporation who or which shall
be engaged in the
business of | 20 | | operating a currency exchange. For that purpose, the
Secretary | 21 | | Director shall have free access to the offices and places of | 22 | | business
and to such records of all such persons, firms, | 23 | | partnerships,
associations, limited liability companies and | 24 | | members thereof, and
corporations and to the officers and | 25 | | directors thereof
that shall relate to such currency exchange |
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| 1 | | business.
The investigation may be conducted in conjunction | 2 | | with representatives of
other State agencies or agencies of | 3 | | another state or of the United States as
determined by the | 4 | | Secretary Director .
The Secretary Director may
at any time | 5 | | inspect the locations
served by an ambulatory currency | 6 | | exchange, for the purpose of
determining whether such currency | 7 | | exchange is complying with the
provisions of this Act at each | 8 | | location served. The Secretary Director may require
by subpoena | 9 | | the attendance of and examine under oath all persons whose
| 10 | | testimony he may require relative to such business, and in such | 11 | | cases
the Secretary Director , or any qualified representative | 12 | | of the Secretary Director whom the
Secretary Director may | 13 | | designate, may administer oaths to all such persons called
as | 14 | | witnesses, and the Secretary Director , or any such qualified | 15 | | representative of
the Secretary Director , may conduct such | 16 | | examinations, and there shall be paid to
the Secretary Director | 17 | | for each such examination a fee of $250 $225 for each day
or | 18 | | part
thereof for each qualified representative designated and | 19 | | required to
conduct the examination; provided, however, that in | 20 | | the case of an
ambulatory currency exchange, such fee shall be | 21 | | $150 $75 for each day or part
thereof and shall not be | 22 | | increased by reason
of the number of locations served by it . | 23 | | (b) Confidentiality. All information collected by the | 24 | | Department in the course of an examination or investigation of | 25 | | an ambulatory or community currency exchange or applicant, | 26 | | including, by not limited to, any complaint against an |
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| 1 | | ambulatory or community currency exchange filed with the | 2 | | Department, and information collected to investigate any such | 3 | | complaint shall be maintained for the confidential use of the | 4 | | Department and shall not be disclosed. The Department may not | 5 | | disclose such information to anyone other than law enforcement | 6 | | officials, other regulatory agencies that have an appropriate | 7 | | regulatory interest as determined by the Secretary, or to a | 8 | | party presenting a lawful subpoena to the Department. | 9 | | Information and documents disclosed to a federal, State, | 10 | | county, or local law enforcement agency shall not be disclosed | 11 | | by the agency for any purpose to any other agency or person. A | 12 | | formal complaint filed against a licensee by the Department or | 13 | | any order issued by the Department against a licensee shall be | 14 | | a public record, except as otherwise prohibited by law.
| 15 | | (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
| 16 | | (205 ILCS 405/17) (from Ch. 17, par. 4833)
| 17 | | Sec. 17. A. Every licensee shall keep and use in his | 18 | | business such books,
accounts and records as will enable the | 19 | | Secretary Director to determine whether such
licensee is | 20 | | complying with the provisions of this Act and with the rules,
| 21 | | regulations and directions made by the Secretary Director | 22 | | hereunder.
| 23 | | B. Each licensee shall record or cause to be recorded the | 24 | | following
information with respect to each money order it sells | 25 | | or issues: (1) The
amount; (2) the month and year of sale or |
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| 1 | | issuance; and (3) the serial
number.
| 2 | | Each licensee shall preserve the record required by this | 3 | | subsection for
at least 7 17 years or until the money order to | 4 | | which it pertains is returned
to the licensee. Each money order | 5 | | returned to the licensee shall be
preserved for not less than 3 | 6 | | years from the month and year of sale or
issuance by the | 7 | | licensee. The licensee shall keep the record, or an
authentic | 8 | | microfilm copy thereof, required to be preserved by this
| 9 | | subsection within this state at a place readily accessible to | 10 | | the Secretary Director
and his representatives. If a licensee | 11 | | sells or transfers his business at a
location or an address, | 12 | | his obligations under this paragraph devolve upon
the successor | 13 | | licensee and subsequent successor licensees, if any, at such
| 14 | | location or address. If a licensee ceases to do business in | 15 | | this state, he
shall deposit the records and money orders he is | 16 | | required to preserve, with
the Secretary Director .
| 17 | | (Source: Laws 1963, p. 1634.)
| 18 | | (205 ILCS 405/18) (from Ch. 17, par. 4834)
| 19 | | Sec. 18.
The applicant for a community currency exchange | 20 | | license shall have
a permanent address as evidenced by a lease | 21 | | of at least six months duration
or other suitable evidence of | 22 | | permanency, and the license issued, pursuant
to the application | 23 | | shall be valid only at that address or any new address
approved | 24 | | by the Secretary Director .
| 25 | | (Source: Laws 1957, p. 320.)
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| 1 | | (205 ILCS 405/19) (from Ch. 17, par. 4835)
| 2 | | Sec. 19.
The Department Director may make and enforce such | 3 | | reasonable rules , relevant
regulations , directions, orders, | 4 | | decisions and findings as the execution and enforcement of the | 5 | | provisions of this Act require, and as are not inconsistent | 6 | | within this Act. may be necessary
for the execution and | 7 | | enforcement of this Act and the purposes sought to be
attained | 8 | | herein. All such rules regulations , directions, orders, | 9 | | decisions and
findings shall be filed and entered by the | 10 | | Secretary Director in an indexed permanent
book or record, or | 11 | | electronic record, with the effective date thereof suitably | 12 | | indicated, and
such book or record shall be a public document. | 13 | | All rules regulations and
directions, which are of a general | 14 | | character, shall be made available in electronic form to all | 15 | | licensees within 10 days after filing and all licensees shall | 16 | | receive by mail notice of any changes. printed and copies
| 17 | | thereof mailed to all licensees within 10 days after filing as | 18 | | aforesaid.
Copies of all findings, orders and decisions shall | 19 | | be mailed to the parties
affected thereby by United States mail | 20 | | within 5 days of such filing.
| 21 | | (Source: Laws 1957, p. 320.)
| 22 | | (205 ILCS 405/19.3) (from Ch. 17, par. 4838)
| 23 | | Sec. 19.3. (A) The General Assembly hereby finds and | 24 | | declares: community
currency exchanges and ambulatory currency |
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| 1 | | exchanges provide important and
vital services to Illinois | 2 | | citizens. In so doing, they transact extensive
business | 3 | | involving check cashing and the writing of money orders in | 4 | | communities
in which banking services are generally | 5 | | unavailable. Customers of currency
exchanges who receive these | 6 | | services must be protected from being charged
unreasonable and | 7 | | unconscionable rates for cashing checks and purchasing
money | 8 | | orders. The Illinois Department of Financial and Professional | 9 | | Regulation Institutions has the
responsibility for regulating | 10 | | the operations of currency exchanges and has
the expertise to | 11 | | determine reasonable maximum rates to be charged for check
| 12 | | cashing and money order purchases. Therefore, it is in the | 13 | | public interest,
convenience, welfare and good to have the | 14 | | Department establish reasonable
maximum rate schedules for | 15 | | check cashing and the issuance of money orders
and to require | 16 | | community and ambulatory currency exchanges to prominently
| 17 | | display to the public the fees charged for all services.
The | 18 | | Secretary Director shall review, each year, the cost of | 19 | | operation of the Currency
Exchange Section Division and the | 20 | | revenue generated from currency exchange
examinations and | 21 | | report to the General Assembly if the need exists for an
| 22 | | increase in the fees mandated by this Act to maintain the | 23 | | Currency Exchange Section
Division at a fiscally | 24 | | self-sufficient level. The Secretary Director shall include
in | 25 | | such report the total amount of funds remitted to the State and | 26 | | delivered
to the State Treasurer by currency exchanges pursuant |
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| 1 | | to the Uniform
Disposition of Unclaimed Property Act.
| 2 | | (B) The Secretary Director shall, by rules adopted in | 3 | | accordance with the Illinois
Administrative Procedure Act, | 4 | | expeditiously formulate and issue schedules of
reasonable | 5 | | maximum rates which can be charged for check cashing and | 6 | | writing of
money orders by community currency exchanges and | 7 | | ambulatory currency exchanges.
| 8 | | (1) In determining the maximum rate schedules for the | 9 | | purposes of this
Section the Secretary Director shall take | 10 | | into account:
| 11 | | (a) Rates charged in the past for the cashing of | 12 | | checks and the issuance
of money orders by community | 13 | | and ambulatory currency exchanges.
| 14 | | (b) Rates charged by banks or other business | 15 | | entities for rendering the
same or similar services and | 16 | | the factors upon which those rates are based.
| 17 | | (c) The income, cost and expense of the operation | 18 | | of currency exchanges.
| 19 | | (d) Rates charged by currency exchanges or other | 20 | | similar entities
located in other states for the same | 21 | | or similar services and the factors upon
which those | 22 | | rates are based.
| 23 | | (e) Rates charged by the United States Postal | 24 | | Service for the issuing
of money orders and the factors | 25 | | upon which those rates are based.
| 26 | | (f) A reasonable profit for a currency exchange |
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| 1 | | operation.
| 2 | | (2) (a) The schedule of reasonable maximum rates | 3 | | established pursuant
to this Section may be modified by the | 4 | | Secretary Director from time to time pursuant
to rules | 5 | | adopted in accordance with the Illinois Administrative | 6 | | Procedure Act.
| 7 | | (b) Upon the filing of a verified petition setting | 8 | | forth allegations
demonstrating reasonable cause to | 9 | | believe that the schedule of maximum rates
previously | 10 | | issued and promulgated should be adjusted, the Secretary | 11 | | Director shall
expeditiously:
| 12 | | (i) reject the petition if it fails to demonstrate | 13 | | reasonable cause to
believe that an adjustment is | 14 | | necessary; or
| 15 | | (ii) conduct such hearings, in accordance with | 16 | | this Section, as may be
necessary to determine whether | 17 | | the petition should be granted in whole or in
part.
| 18 | | (c) No petition may be filed pursuant to subparagraph | 19 | | (a) of paragraph
(2) of subsection (B) unless:
| 20 | | (i) at least nine months have expired since the | 21 | | last promulgation of
schedules of maximum rates; and
| 22 | | (ii) at least one-fourth of all community currency | 23 | | exchange licensees
join in a petition or, in the case | 24 | | of ambulatory currency exchanges, a licensee
or | 25 | | licensees authorized to serve at least 100 locations | 26 | | join in a petition.
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| 1 | | (3) Any currency exchange may charge lower fees than those | 2 | | of the
applicable maximum fee schedule after filing with the | 3 | | Secretary Director a schedule of
fees it proposes to use.
| 4 | | (Source: P.A. 91-16, eff. 7-1-99.)
| 5 | | (205 ILCS 405/19.4) (from Ch. 17, par. 4839)
| 6 | | Sec. 19.4.
The fees charged by community and ambulatory | 7 | | currency exchanges
for rendering any service authorized by this | 8 | | Act shall be prominently displayed
on the premises of the | 9 | | community currency exchange or at the location served
by the | 10 | | ambulatory currency exchange in such fashion as shall be | 11 | | required
by the Secretary Director .
| 12 | | (Source: P.A. 81-964.)
| 13 | | (205 ILCS 405/20) (from Ch. 17, par. 4840)
| 14 | | Sec. 20.
Every person having taken an oath in any | 15 | | proceeding or matter
wherein an oath is required by this Act, | 16 | | who shall swear willfully wilfully ,
corruptly or falsely in a | 17 | | matter material to the issue or point in
question, or shall | 18 | | suborn any other person to swear as aforesaid, shall be
guilty | 19 | | of perjury or subornation of perjury, as the case may be.
| 20 | | (Source: Laws 1943, vol. 1, p. 233 .)
| 21 | | (205 ILCS 405/21) (from Ch. 17, par. 4841)
| 22 | | Sec. 21.
Except as otherwise provided for in this Act, | 23 | | whenever the
Secretary Director is required to give notice to |
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| 1 | | any applicant or licensee, such
requirement shall be complied | 2 | | with if, within the time fixed herein, such
notice shall be | 3 | | enclosed in an envelope plainly addressed to such applicant
or | 4 | | licensee, as the case may be, at the address set forth in the
| 5 | | application or license, as the case may be, United States | 6 | | postage fully
prepaid, and deposited, registered or certified , | 7 | | in the United States mail.
| 8 | | Notice may also be provided to an applicant or licensee by | 9 | | telephone facsimile to the person or electronically via email | 10 | | to the telephone number or email address designated by an | 11 | | applicant or licensee in writing. | 12 | | (Source: Laws 1957, p. 320.)
| 13 | | (205 ILCS 405/22.01) (from Ch. 17, par. 4843)
| 14 | | Sec. 22.01.
All final administrative decisions of the | 15 | | Secretary Director hereunder
shall be subject to judicial | 16 | | review pursuant to the provisions of the Administrative
Review | 17 | | Law, and all amendments and
modifications thereof, and the | 18 | | rules adopted pursuant thereto. The term
"administrative | 19 | | decision" is defined as in Section 3-101 of the Code of
Civil | 20 | | Procedure. The person seeking judicial review shall pay to the | 21 | | Secretary Director
the costs of preparing and certifying the | 22 | | record of proceedings before the
Secretary Director .
| 23 | | (Source: P.A. 82-783.)
| 24 | | (205 ILCS 405/29.5 new) |
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| 1 | | Sec. 29.5. Cease and desist. The Secretary may issue a | 2 | | cease and desist order to any currency exchange or other person | 3 | | doing business without the required license, when in the | 4 | | opinion of the Secretary, the currency exchange or other person | 5 | | is violating or is about to violate any provision of this Act | 6 | | or any rule or requirement imposed in writing by the | 7 | | Department. The cease and desist order shall specify the | 8 | | activity or activities that the Department is seeking the | 9 | | currency exchange or other person doing business without the | 10 | | required license to cease and desist. | 11 | | The cease and desist order permitted by this Section may be | 12 | | issued prior to a hearing. | 13 | | The Secretary shall serve notice of his or her action, | 14 | | including, but not limited to, a statement of reasons for the | 15 | | action, either personally or by certified mail, return receipt | 16 | | requested. Service by certified mail shall be deemed completed | 17 | | when the notice is deposited in the U.S. mail. | 18 | | Within 10 days after service of a cease and desist order, | 19 | | the licensee or other person may request, in writing, a | 20 | | hearing. The Secretary shall schedule a hearing within 30 days | 21 | | after the request for a hearing unless otherwise agreed to by | 22 | | the parties. | 23 | | If it is determined that the Secretary has the authority to | 24 | | issue the cease and desist order, he or she may issue such | 25 | | orders as reasonably necessary to correct, eliminate, or remedy | 26 | | such conduct. |
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| 1 | | The powers vested in the Secretary by this Section are | 2 | | additional to any and all other powers and remedies vested in | 3 | | the Secretary by law, and nothing in this Section shall be | 4 | | construed as requiring that the Secretary shall employ the | 5 | | power conferred in this Section instead of or as a condition | 6 | | precedent to the exercise of any other power or remedy vested | 7 | | in the Secretary. | 8 | | The currency exchange, or other person doing business | 9 | | without the required license, shall pay the actual costs of the | 10 | | hearing. | 11 | | (205 ILCS 405/10.1 rep.)
| 12 | | (205 ILCS 405/22.03 rep.)
| 13 | | (205 ILCS 405/25 rep.)
| 14 | | Section 10. The Currency Exchange Act is amended by | 15 | | repealing Sections 10.1, 22.03, and 25.
| 16 | | Section 99. Effective date. This Act takes effect January | 17 | | 1, 2012. |
|