Full Text of HB2962 102nd General Assembly
HB2962 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB2962 Introduced 2/19/2021, by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED: |
| 205 ILCS 405/10 | from Ch. 17, par. 4817 | 205 ILCS 405/3.2 rep. | | 205 ILCS 405/9 rep. | |
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Amends the Currency Exchange Act. Requires that an applicant for a license to operate a currency exchange must provide a statement that the business is in good standing with the State of Illinois and in compliance with the Department of Revenue. Repeals a provision that allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and a provision that prohibits community currency exchanges and ambulatory currency exchanges from issuing tokens to be used instead of money for the purchase of goods or services from any enterprise.
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| | A BILL FOR |
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| | | HB2962 | | LRB102 13798 BMS 19148 b |
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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 | 5 | | changing Section 10 as follows:
| 6 | | (205 ILCS 405/10) (from Ch. 17, par. 4817)
| 7 | | Sec. 10. Qualifications of applicant; denial of license; | 8 | | review. The
applicant or its controlling persons shall be | 9 | | vouched for
by 2 reputable citizens of this State setting | 10 | | forth
that the individual mentioned is (a) personally known to | 11 | | them to be
trustworthy and reputable, (b) that he has business | 12 | | experience qualifying
him to competently conduct, operate, own | 13 | | or become associated with a
currency exchange, and (c) that he | 14 | | has a good business reputation and is worthy
of a license. The | 15 | | applicant shall also provide a statement that the business is | 16 | | in good standing with the State of Illinois and in compliance | 17 | | with the Department of Revenue. Thereafter, the Secretary | 18 | | shall, upon approval of the
application filed with him, issue | 19 | | to the applicant, qualifying under this
Act, a license to | 20 | | operate a currency exchange. If it is a license for a
community | 21 | | currency exchange, the same shall be valid only at the place of
| 22 | | business specified in the application. If it is a license for | 23 | | an ambulatory
currency exchange, it shall entitle the |
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| 1 | | applicant to operate only at the
location or locations | 2 | | specified in the application, provided the applicant
shall | 3 | | secure separate and additional licenses for each of such | 4 | | locations.
Such licenses shall remain in full force and | 5 | | effect, until they are
surrendered by the licensee, or | 6 | | revoked, or expire, as herein provided. If
the Secretary shall | 7 | | not so approve, he shall not issue such license or
licenses and | 8 | | shall notify the applicant of such denial, retaining the full
| 9 | | investigation fee to cover the cost of investigating the | 10 | | community
currency exchange applicant. The
Secretary shall | 11 | | approve or deny every application hereunder within 90 days
| 12 | | from the filing of a complete application; except that in | 13 | | respect to an application by an
approved ambulatory currency | 14 | | exchange for a license with regard to a
particular location to | 15 | | be served by it, the same shall be approved or
denied within 20 | 16 | | days from the filing thereof. If the application is
denied, | 17 | | the Secretary shall send by United States mail notice of such | 18 | | denial
to the applicant at the address set forth in the | 19 | | application.
| 20 | | If an application is denied, the applicant may, within 10 | 21 | | days from the
date of the notice of denial, make written | 22 | | request to the Secretary for a
hearing on the application, and | 23 | | the Secretary shall set a time and place for
the hearing. The | 24 | | hearing shall be set for a date after the receipt by the
| 25 | | Secretary of the request for hearing, and written notice of | 26 | | the time and
place of the hearing shall be mailed to the |
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| 1 | | applicant at least 15 days
before the date of the hearing. The | 2 | | applicant shall pay the actual cost of
making the transcript | 3 | | of the hearing prior to the Secretary's issuing his
decision | 4 | | following the hearing. If, following the hearing, the | 5 | | application
is denied, the Secretary shall, within 20 days | 6 | | thereafter prepare and keep
on file in his office a written | 7 | | order of denial thereof, which shall
contain his findings with | 8 | | respect thereto and the reasons supporting the
denial, and | 9 | | shall send by United States Mail a copy thereof to the
| 10 | | applicant at the address set forth in the application, within | 11 | | 5 days after
the filing of such order. A review of any such | 12 | | decision may be had as
provided in Section 22.01 of this Act.
| 13 | | (Source: P.A. 99-445, eff. 1-1-16 .)
| 14 | | (205 ILCS 405/3.2 rep.)
| 15 | | (205 ILCS 405/9 rep.)
| 16 | | Section 10. The Currency Exchange Act is amended by | 17 | | repealing Sections 3.2 and 9.
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