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90_HB0103 205 ILCS 405/1 from Ch. 17, par. 4802 205 ILCS 405/3 from Ch. 17, par. 4804 205 ILCS 405/4.3 from Ch. 17, par. 4811 205 ILCS 405/10 from Ch. 17, par. 4817 Amends the Currency Exchange Act. Provides that ambulatory currency exchanges may provide services to senior citizens and welfare recipients at their homes, at public housing sites, or on any private property. Provides that all criteria established for determining whether to grant a location license shall be considered equally. Requires written findings to be made in connection with the denial of an application for a location license. Effective immediately. LRB9000740JSgc LRB9000740JSgc 1 AN ACT to amend the Currency Exchange Act by changing 2 Sections 1, 3, 4.3, and 10. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Currency Exchange Act is amended by 6 changing Sections 1, 3, 4.3, and 10 as follows: 7 (205 ILCS 405/1) (from Ch. 17, par. 4802) 8 Sec. 1. Definitions. For the purposes of this Act: 9 "Community currency ex change" means any person, firm, 10 association, partnership or corporation, except an ambulatory 11 currency exchange as hereinafter defined, banks incorporated 12 under the laws of this State and National Banks organized 13 pursuant to the laws of the United States, engaged in the 14 business or service of, and providing facilities for, cashing 15 checks, drafts, money orders or any other evidences of money 16 acceptable to such community currency exchange, for a fee or 17 service charge or other consideration, or engaged in the 18 business of selling or issuing money orders under his or 19 their or its name, or any other money orders (other than 20 United States Post Office money orders, Postal Telegraph 21 Company money orders, or Western Union Telegraph Company 22 money orders), or engaged in both such businesses, or engaged 23 in performing any one or more of the foregoing services. 24 "Ambulatory Currency Exchange" means any person, firm, 25 association, partnership or corporation, except banks 26 organized under the laws of this State and National Banks 27 organized pursuant to the laws of the United States, engaged 28 in one or both of the foregoing businesses, or engaged in 29 performing any one or more of the foregoing services, (i) 30 solely on the premises of the employer whose employees are 31 being served or (ii) if the services are cashing checks, -2- LRB9000740JSgc 1 drafts, money orders, or any other evidences of money for 2 senior citizens or Illinois welfare recipients, at their 3 homes, at public housing sites, or on any private property. 4 "Location" when used with reference to an ambulatory 5 currency exchange means the premises of the employer whose 6 employees are or are to be served by an ambulatory currency 7 exchange, or any private property. 8 "Director" means the Director of Financial Institutions. 9 Nothing in this Act shall be held to apply to any person, 10 firm, association, partnership, or corporation who is engaged 11 primarily in the business of transporting for hire, bullion, 12 currency, securities, negotiable or non-negotiable documents, 13 jewels or other property of great monetary value and who in 14 the course of such business and only as an incident thereto, 15 cashes checks, drafts, money orders or other evidences of 16 money directly for, or for the employees of and with the 17 funds of and at a cost only to, the person, firm, 18 association, partnership or corporation for whom he or it is 19 then actually transporting such bullion, currency, 20 securities, negotiable or non-negotiable documents, jewels, 21 or other property of great monetary value, pursuant to a 22 written contract for such transportation and all incidents 23 thereof, nor shall it apply to any person, firm, association, 24 partnership or corporation engaged in the business of selling 25 tangible personal property at retail who, in the course of 26 such business and only as an incident thereto, cashes checks, 27 drafts, money orders or other evidences of money. 28 (Source: Laws 1959, p. 2264.) 29 (205 ILCS 405/3) (from Ch. 17, par. 4804) 30 Sec. 3. Currency exchange powers. No community or 31 ambulatory currency exchange shall be permitted to accept 32 money or evidences of money as a deposit to be returned to 33 the depositor or upon the depositor's order; and no community -3- LRB9000740JSgc 1 or ambulatory currency exchange shall be permitted to act as 2 bailee or agent for persons, firms, partnerships, 3 associations or corporations to hold money or evidences 4 thereof or the proceeds therefrom for the use and benefit of 5 the owners thereof, and deliver such money or proceeds of 6 evidence of money upon request and direction of such owner or 7 owners; provided, that nothing contained herein shall prevent 8 a community or an ambulatory currency exchange from obtaining 9 state automobile and city vehicle licenses for a fee or 10 service charge, or from rendering a photostat service, or 11 from rendering a notary service either by the proprietor of 12 the currency exchange or any one of its employees, authorized 13 by the State of Illinois to act as a notary public, or from 14 selling travelers cheques obtained by the currency exchange 15 from a banking institution under a trust receipt, or from 16 issuing money orders or from accepting for payment utility 17 bills, or from cashing checks, drafts, money orders, or any 18 other evidences of money for senior citizens or for Illinois 19 welfare recipients at their homes, at public housing sites, 20 or on any private property. Any community or ambulatory 21 currency exchange may enter into an agreement with any 22 utility and other companies to act as its agent for the 23 acceptance of payment of utility and other companies' bills 24 without charge to the utility customer and, acting under such 25 agreement, may receipt for payments in the names of the 26 utility and other companies. Any community or ambulatory 27 currency exchange may also receive payment of utility and 28 other companies' bills for remittance to companies with which 29 it has no such agency agreement and may charge a fee for such 30 service but may not, in such cases, receipt for such payment 31 in the names of the utility and other companies. However, 32 funds received by currency exchanges for remittance to 33 utility and other companies with which the currency exchange 34 has no agency agreement shall be forwarded to the appropriate -4- LRB9000740JSgc 1 utility and other companies by the currency exchange before 2 the end of the next business day. 3 (Source: P.A. 80-445.) 4 (205 ILCS 405/4.3) (from Ch. 17, par. 4811) 5 Sec. 4.3. Ambulatory currency exchanges; application 6 investigation. Upon receipt of an application from an 7 ambulatory currency exchange for the conduct of its business 8 at a location to be served by it, the Director of Financial 9 Institutions shall cause an investigation to be made to 10 determine whether to issue the
saidlicense. No fee shall be 11 charged for the investigation of an application for a 12 location license. The Director shall consider each of employ13 the following criteria equally in making his determination: 14 (1) the economic benefit and convenience to the persons 15 to be served at the location for which a license has been 16 requested; 17 (2) the effect that granting a license will have on the18 financial stability of community currency exchanges;19 (3)safety benefits, if any, which may accrue from the 20 granting of the location license; 21 (3) (4)the effects, if any, which granting of a license 22 will have on traffic, and traffic congestion in the immediate 23 area of the location to be served; 24 (4) (5)such other factors as the Director shall 25 consider deemproper and relevant, provided that these 26 factors relate solely to giving maximum convenience and 27 economic benefit to the users of the service. 28 (Source: P.A. 85-1356.) 29 (205 ILCS 405/10) (from Ch. 17, par. 4817) 30 Sec. 10. Qualifications of applicant. The applicant, and 31 its officers, directors and stockholders, if a corporation, 32 shall be vouched for by 2 reputable citizens of this State -5- LRB9000740JSgc 1 setting forth that the individual mentioned is (a) personally 2 known to them to be trustworthy and reputable, (b) that the 3 applicant hehas business experience qualifying him or her to 4 competently conduct, operate, own or become associated with a 5 currency exchange, (c) that the applicant hehas a good 6 business reputation and is worthy of a license. Thereafter, 7 the Director shall, upon approval of the application filed 8 with him or her, issue to the applicant, qualifying under 9 this Act, a license to operate a currency exchange. If it is 10 a license for a community currency exchange, the same shall 11 be valid only at the place of business specified in the 12 application. If it is a license for an ambulatory currency 13 exchange, it shall entitle the applicant to operate only at 14 the location or locations specified in the application, 15 provided the applicant shall secure separate and additional 16 licenses for each of the suchlocations. The Suchlicenses 17 shall remain in full force and effect, until they are 18 surrendered by the licensee, or revoked, or expire, as herein19 provided under this Section. If the Director shall not so 20 approve, he or she shall not issue the suchlicense or 21 licenses and shall notify the applicant of the suchdenial, 22 retaining the full investigation fee to cover the cost of 23 investigating the community currency exchange applicant. The 24 Director shall approve or deny every application under this 25 Act hereunderwithin 90 days from the filing of the 26 application thereof; except that in respect to an application 27 by an approved ambulatory currency exchange for a license 28 with regard to a particular location to be served by it, the 29 same shall be approved or denied within 20 business days from 30 the filing of the application thereof. If the application is 31 denied, the Director shall make a written finding with 32 respect to each of the criteria under Section 4.3 of this Act 33 explaining the decision for denial of the license. The 34 Director shall send by United States mail no later than the -6- LRB9000740JSgc 1 twentieth business day from the filing of the finding, notice 2 of such approval or denial to the applicant at the address 3 set forth in the application. 4 If an application is denied, the applicant may, within 10 5 days from the date of the notice of denial, make written 6 request to the Director for a hearing on the application, and 7 the Director shall set a time and place for the hearing. The 8 hearing shall be set for a date after the receipt by the 9 Director of the request for hearing, and written notice of 10 the time and place of the hearing shall be mailed to the 11 applicant at least 15 days before the date of the hearing. 12 The applicant shall pay the actual cost of making the 13 transcript of the hearing before prior tothe Director issues 14 the Director's issuing hisdecision following the hearing. 15 If, following the hearing, the application is denied, the 16 Director shall, within 20 days after the application is 17 denied thereafterprepare and keep on file in the Director's 18 hisoffice a written order of the denial thereof, that which19 shall contain the Director's hisfindings with respect to 20 each of the criteria under Section 4.3 of this Act thereto21 and the reasons supporting the denial, and shall send by 22 United States Mail a copy thereof to the applicant at the 23 address set forth in the application, within 5 days after the 24 filing of the suchorder. A review of any denial such25 decision may be had as provided in Section 22.01 of this Act. 26 The use of the term "shall" in this Section designates a 27 mandatory duty, not a discretionary power. 28 (Source: P.A. 85-1356.) 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.
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