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Public Act 92-0398
SB862 Enrolled LRB9203379JScsA
AN ACT concerning the regulation of certain financial
activities.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Currency Exchange Act is amended by
changing Sections 4 and 16 as follows:
(205 ILCS 405/4) (from Ch. 17, par. 4808)
Sec. 4. License application; contents; fees. Application
for such license shall be in writing under oath and in the
form prescribed and furnished by the Director. Each
application shall contain the following:
(a) The full name and address (both of residence and
place of business) of the applicant, and if the applicant is
a partnership, limited liability company, or association, of
every member thereof, and the name and business address if
the applicant is a corporation;
(b) The county and municipality, with street and number,
if any, where the community currency exchange is to be
conducted, if the application is for a community currency
exchange license;
(c) If the application is for an ambulatory currency
exchange license, the name and address of the employer at
each location to be served by it; and
(d) The applicant's occupation or profession; a detailed
statement of his business experience for the 10 years
immediately preceding his application; a detailed statement
of his finances; his present or previous connection with any
other currency exchange; whether he has ever been involved in
any civil or criminal litigation, and the material facts
pertaining thereto; whether he has ever been committed to any
penal institution or admitted to an institution for the care
and treatment of mentally ill persons; and the nature of
applicant's occupancy of the premises to be licensed where
the application is for a community currency exchange license.
If the applicant is a partnership, the information specified
herein shall be required of each partner. If the applicant is
a corporation, the said information shall be required of each
officer, director and stockholder thereof along with
disclosure of their ownership interests. If the applicant is
a limited liability company, the information required by this
Section shall be provided with respect to each member and
manager along with disclosure of their ownership interests.
A community currency exchange license application shall
be accompanied by a fee of $150 on the effective date of this
amendatory Act of 1987 and until January 1, 1989, and $180 on
January 1, 1989 and until January 1, 1990, and $500 on and
after January 1, 1990 which fee shall be for the cost of
investigating the applicant. If the ownership of a licensee
changes, in whole or in part, a new application must be filed
pursuant to this Section along with a $500 fee if the
licensee's ownership interests have been transferred or sold
to a new person or entity or a fee of $300 if the licensee's
ownership interests have been transferred or sold to a
current holder or holders of the licensee's ownership
interests. When the application for a community currency
exchange license has been approved by the Director and the
applicant so advised, an additional sum of $150 on the
effective date of this amendatory Act of 1987 and until
January 1, 1989, and $180 on January 1, 1989 and until
January 1, 1990, and $200 on and after January 1, 1990 as an
annual license fee for a period terminating on the last day
of the current calendar year shall be paid to the Director by
the applicant; provided, that the license fee for an
applicant applying for such a license after July 1st of any
year shall be $75 on the effective date of this amendatory
Act of 1987 and until July 1, 1988, and $90 on July 1, 1988
and until July 1, 1989, and $100 on and after July 1, 1989
for the balance of such year.
An application for an ambulatory currency exchange
license shall be accompanied by a fee of $100, which fee
shall be for the cost of investigating the applicant. An
approved applicant shall not be required to pay the initial
investigation fee of $100 more than once. When the
application for an ambulatory currency exchange license has
been approved by the Director, and such applicant so advised,
such applicant shall pay an annual license fee of $25 for
each and every location to be served by such applicant;
provided that such license fee for an approved applicant
applying for such a license after July 1st of any year shall
be $12 for the balance of such year for each and every
location to be served by such applicant. Such an approved
applicant for an ambulatory currency exchange license, when
applying for a license with respect to a particular location,
shall file with the Director, at the time of filing an
application, a letter of memorandum, which shall be in
writing and under oath, signed by the owner or authorized
representative of the business whose employees are to be
served; such letter or memorandum shall contain a statement
that such service is desired, and that the person signing the
same is authorized so to do. The Director shall thereupon
verify the authenticity of the letter or memorandum and the
authority of the person who executed it, to do so.
(Source: P.A. 90-545, eff. 1-1-98.)
(205 ILCS 405/16) (from Ch. 17, par. 4832)
Sec. 16. Annual report; investigation; costs. Each
licensee shall annually, on or before the 1st day of March,
file a report with the Director for the calendar year period
from January 1st through December 31st, except that the
report filed on or before March 15, 1990 shall cover the
period from October 1, 1988 through December 31, 1989, (which
shall be used only for the official purposes of the Director)
giving such relevant information as the Director may
reasonably require concerning, and for the purpose of
examining, the business and operations during the preceding
fiscal year period of each licensed currency exchange
conducted by such licensee within the State. Such report
shall be made under oath and shall be in the form prescribed
by the Director and the Director may at any time and shall at
least once in each year investigate the currency exchange
business of any licensee and of every person, partnership,
association, limited liability company, and corporation who
or which shall be engaged in the business of operating a
currency exchange. For that purpose, the Director shall have
free access to the offices and places of business and to such
records of all such persons, firms, partnerships,
associations, limited liability companies and members
thereof, and corporations and to the officers and directors
thereof that shall relate to such currency exchange business.
The investigation may be conducted in conjunction with
representatives of other State agencies or agencies of
another state or of the United States as determined by the
Director. The Director may at any time inspect the locations
served by an ambulatory currency exchange, for the purpose of
determining whether such currency exchange is complying with
the provisions of this Act at each location served. The
Director may require by subpoena the attendance of and
examine under oath all persons whose testimony he may require
relative to such business, and in such cases the Director, or
any qualified representative of the Director whom the
Director may designate, may administer oaths to all such
persons called as witnesses, and the Director, or any such
qualified representative of the Director, may conduct such
examinations, and there shall be paid to the Director for
each such examination a fee of $150 for each day or part
thereof for each qualified representative designated and
required to conduct the examination; provided, however, that
in the case of an ambulatory currency exchange, such fee
shall be $75 for each day or part thereof and shall not be
increased by reason of the number of locations served by it.
(Source: P.A. 90-545, eff. 1-1-98.)
Section 10. The Sales Finance Agency Act is amended by
changing Sections 6 and 10 as follows:
(205 ILCS 660/6) (from Ch. 17, par. 5206)
Sec. 6. A license fee of $300 for the applicant's
principal place of business and $100 for each additional
place of business for which a license is sought must be
submitted with an application for license made before July 1
of any year. If application for a license is made on July 1
or thereafter, a license fee of $150 for the principal place
of business and of $50 for each additional place of business
must accompany the application. Each license remains in
force until surrendered, suspended, or revoked. If the
application for license is denied, the original license fee
shall be retained by the State in reimbursement of its costs
of investigating that application.
Before the license is granted, the applicant shall prove
in form satisfactory to the Director, that the applicant has
a positive net worth of a minimum of $30,000.
A licensee must pay to the Department, and the Department
must receive, by December 1 of each year, the renewal license
application on forms prescribed by the Director and $300 for
the license for his principal place of business and $100 for
each additional license held as a renewal license fee for the
succeeding calendar year. Failure to pay the license fee
within the time prescribed automatically revokes renewal of
the license.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/10) (from Ch. 17, par. 5223)
Sec. 10. Denial, revocation, fine, or suspension of
license.
(a) The Director may revoke or suspend a license or fine
a licensee if the licensee violates any provisions of this
Act.
(b) In every case in which a license is revoked or
suspended, a licensee is fined, or an application for a
license or renewal of a license is denied, the Director shall
serve notice of his or her action, including a statement of
the reasons for the action either personally or by certified
mail, return receipt requested. Service by certified mail
shall be deemed completed when the notice is deposited in the
U.S. mail.
(c) An order revoking or suspending a license or an
order denying renewal of a license shall take effect upon
service of the order, unless the licensee requests, in
writing, within 10 days after the date of service, a hearing.
In the event a hearing is requested, the order shall be
stayed until a final administrative order is entered.
(d) If the licensee requests a hearing, the Director
shall schedule a hearing within 30 days after the request for
a hearing unless otherwise agreed to by the parties.
(e) The hearing shall be held at the time and place
designated by the Director. The Director and any
administrative law judge designated by him or her shall have
the power to administer oaths and affirmations, subpoena
witnesses and compel their attendance, take evidence, and
require the production of books, papers, correspondence, and
other records or information that he or she considers
relevant or material to the inquiry.
(f) The costs for the administrative hearing shall be
set by rule.
(g) The Director shall have the authority to prescribe
rules for the administration of this Section.
(Source: P.A. 90-437, eff. 1-1-98.)
Section 15. The Consumer Installment Loan Act is amended
by changing Sections 2, 8, and 11 as follows:
(205 ILCS 670/2) (from Ch. 17, par. 5402)
Sec. 2. Application; fees; positive net worth.
Application for such license shall be in writing, and in the
form prescribed by the Director. Such applicant at the time
of making such application shall pay to the Director the sum
of $300 as an application fee and the additional sum of $300
as an annual license fee, for a period terminating on the
last day of the current calendar year; provided that if the
application is filed after June 30th in any year, such
license fee shall be 1/2 of the annual license fee for such
year.
Before the license is granted, every applicant shall
prove in form satisfactory to the Director that the applicant
has and will maintain a positive net worth of a minimum of
$30,000. Every applicant and licensee shall maintain a
surety bond in the principal sum of $25,000 $1,000 issued by
a bonding company authorized to do business in this State and
which shall be approved by the Director. Such bond shall run
to the Director and shall be for the benefit of any consumer
person who incurs damages as a result of any violation of the
Act or rules by the actions of a licensee and who is lawfully
awarded such damages pursuant to an appropriate court order.
If the Director finds at any time that a bond is of
insufficient size, is insecure, exhausted, or otherwise
doubtful, an additional bond in such amount as determined by
the Director shall be filed by the licensee within 30 days
after written demand therefor by the Director. "Net worth"
means total assets minus total liabilities.
(Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)
(205 ILCS 670/8) (from Ch. 17, par. 5408)
Sec. 8. Annual license fee - Expenses. Every licensee
shall, on or Before the 15th day of each December, a licensee
must pay to the Director, and the Department must receive,
the annual license fee required by Section 2 for the next
succeeding calendar year. The license shall expire on the
first of January unless the license fee has been paid prior
thereto.
In addition to such license fee, the reasonable expense
of any examination, investigation or custody by the Director
under any provisions of this Act shall be borne by the
licensee.
If a licensee fails to renew his or her license by the
31st day of December, it shall automatically expire and the
licensee is not entitled to a hearing; however, the Director,
in his or her discretion, may reinstate an expired license
upon payment of the annual renewal fee and proof of good
cause for failure to renew.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 670/11) (from Ch. 17, par. 5411)
Sec. 11. Books and records - Reports.
(a) Every licensee shall retain and use in his business
or at another location approved by the Director such records
as are required by the Director to enable the Director to
determine whether the licensee is complying with the
provisions of this Act and the rules and regulations
promulgated pursuant to this Act. Every licensee shall
preserve the records of any loan for at least 2 years after
making the final entry for such loan. Accounting systems
maintained in whole or in part by mechanical or electronic
data processing methods which provide information equivalent
to that otherwise required and follow generally accepted
accounting principles are acceptable for that purpose, if
approved by the Director in writing.
(b) Each licensee shall annually, on or before the first
day of March, file a report with the Director giving such
relevant information as the Director may reasonably require
concerning the business and operations during the preceding
calendar year of each licensed place of business conducted by
the licensee. The report must be received by the Department
on or before March 1. The report shall be made under oath
and in a form prescribed by the Director. Whenever a licensee
operates 2 or more licensed offices or whenever 2 or more
affiliated licensees operate licensed offices, a composite
report of such group of licensed offices may be filed in lieu
of individual reports. The Director may make and publish
annually an analysis and recapitulation of such reports. The
Director may fine each licensee $25 for each day beyond March
1 such report is filed.
(Source: P.A. 90-437, eff. 1-1-98.)
Passed in the General Assembly May 23, 2001.
Approved August 16, 2001.
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