Bill Text: IL HB0159 | 2011-2012 | 97th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.

Sponsorship: Partisan Bill (Democrat 3)

Status: (Passed) 2011-08-12 - Public Act . . . . . . . . . 97-0315 [HB0159 Detail]

Download: Illinois-2011-HB0159-Amended.html

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Rep. Monique D. Davis

Filed: 4/5/2011

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AMENDMENT TO HOUSE BILL 159
AMENDMENT NO. ______. Amend House Bill 159, AS AMENDED,
with reference to page and line numbers of House Amendment No.
1 as follows:
on page 9, by replacing lines 9 and 10 with the following:
"proprietor, or any of his employees, or a licensed, regulated
tax service approved by the Internal Revenue Service. For the
purpose of this Section, "tax service" does not mean to make or
offer to"; and
on page 10, line 1, by replacing "currency exchanges" with "a
currency exchange, group of currency exchanges, or association
of currency exchanges currency exchanges"; and
on page 10, line 5, by replacing "The currency exchange" with
"A currency exchange, group of currency exchanges, or
association of currency exchanges"; and

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on page 10, line 7, after "public." by inserting the following:
"Any approval under this Section shall be deemed an approval
for all currency exchanges. Any currency exchange wishing to
provide an additional service as approved by the Secretary must
provide notice to the Secretary 30 days prior to offering the
approved additional service to the public."; and
on page 10, line 9, by replacing "$100" with "$500"; and
on page 10, line 10, by replacing "30" with "60"; and
on page 10, by replacing lines 12 through 14 with the
following:
"(b) (Blank). Nothing in this Act shall prevent a community
currency exchange from selling candy, gum, other packaged
foods, and soft drinks by means of vending machines on its
premises."; and
on page 12, line 2, by replacing "$1,000 $500" with the
following:
"$500, prior to January 1, 2012. After January 1, 2012 the fee
shall be $750. After January 1, 2014 the fee shall be $1,000.";
and
on page 12, line 17, by replacing "$250" with "$200"; and

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on page 17, line 23, by replacing "$4,000,000" with "$3,000,000
as of May 1, 2012, and not less than $4,000,000 as of May 1,
2014"; and
on page 29, line 5, by replacing "may" with "shall"; and
on page 29, line 24, by replacing "is $400" with "is $200,
prior to January 1, 2012. After January 1, 2012 the fee shall
be $300. After January 1, 2014 the fee shall be $400."; and
on page 31, by replacing lines 21 through 23 with the
following:
"Prior to suspension or revocation of the license issued
hereunder, the Director may but is not required to fine a
licensee up to a maximum of $100 a day."; and
on page 32, line 11, by replacing "10" with "15"; and
on page 43, by replacing line 16 with the following:
"(b) Confidentiality. All information collected by the
Department in the course of an"; and
on page 43, by replacing lines 18 through 20 with the
following:
"currency exchange or applicant, including, by not limited to,

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any complaint against an ambulatory or community currency
exchange filed with the Department, and information collected
to investigate any such complaint shall be"; and
on page 43, line 23, by deleting "the licensee,"; and
on page 44, by replacing lines 3 through 8 with the following:
"by the agency for any purpose to any other agency or person. A
formal complaint filed against a licensee by the Department or
any order issued by the Department against a licensee shall be
a public record, except as otherwise prohibited by law."; and
on page 51, line 24, after "Department." by inserting "The
cease and desist order shall specify the activity or activities
that the Department is seeking the currency exchange or other
person doing business without the required license to cease and
desist.".