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91_HB2926 LRB9109279JSpcA 1 AN ACT to amend the Currency Exchange Act by changing 2 Section 4.1. 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 Section 4.1 as follows: 7 (205 ILCS 405/4.1) (from Ch. 17, par. 4809) 8 Sec. 4.1. Investigation. The General Assembly finds and 9 declares that community currency exchanges provide important 10 and vital services to Illinois citizens, that the number of 11 community currency exchanges should be reviewed, but not 12 limited, in accordance with the needs of the communities they 13 are to serve, and that it is in the public interest to 14 promote and foster the community currency exchange business 15 and to insure the financial stability thereof. Upon receipt 16 of an application for a license for a community currency 17 exchange, the Director shall cause a review
an investigation18 of the potential need of the community for the establishment 19 of a community currency exchange at the location specified in 20 the application and the effect that granting the license will 21 have on the financial stability of other community currency 22 exchanges that may be serving the community in which the 23 business of the applicant is proposed to be conducted. 24 "Community", as used in this Act, means a locality where 25 there may or can be available to the people thereof the 26 services of a community currency exchange reasonably 27 accessible to them. If the issuance of a license to engage in28 the community currency exchange business at the location29 specified will not promote the needs and the convenience and30 advantage of the community in which the business of the31 applicant is proposed to be conducted, then the application-2- LRB9109279JSpcA 1 shall be denied.2 (Source: P.A. 83-652.) 3 Section 99. Effective date. This Act takes effect upon 4 becoming law.
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