93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4591


 
Introduced 02/04/04, by Robert Rita
 
SYNOPSIS AS INTRODUCED:
 		














205 ILCS 405/3
  from Ch. 17, par. 4804








    Amends provisions of the Currency Exchange Act authorizing  a community or ambulatory currency exchange that receives payment of utility and other companies' bills for remittance to companies with which it has no agency agreement to charge a fee for that service.  Provides that the fee may not  exceed $1.



















LRB093 15334 SAS 40936 b




















 


 


A BILL FOR









 














HB4591

LRB093 15334 SAS 40936 b









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    AN ACT concerning financial regulation.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Currency Exchange Act is amended  by changing 
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Section 3 as follows:
 



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    (205 ILCS 405/3)  (from Ch. 17, par. 4804)



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    Sec. 3. Powers of community currency exchanges. No 
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community or
ambulatory currency exchange shall be
permitted to 
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accept money or evidences of money as a deposit to be
returned 
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to the depositor or upon the depositor's order; and no

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community or ambulatory currency exchange shall be permitted to 
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act as
bailee or agent for persons, firms, partnerships, 
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limited liability
companies, associations or
corporations to 
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hold money or evidences thereof or the proceeds
therefrom for 
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the use and benefit of the owners thereof, and deliver
such 
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money or proceeds of evidence of money upon request and 
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direction
of such owner or owners; provided, that nothing 
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contained herein shall
prevent a community or an ambulatory 
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currency exchange from obtaining
state automobile and city 
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vehicle licenses for a fee or service charge,
or from rendering 
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a photostat service, or from rendering a notary
service either 
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by the proprietor of the currency exchange or any one of
its 
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employees, authorized by the State of Illinois to act as a 
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notary
public, or from selling travelers cheques obtained by 
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the currency
exchange from a banking institution under a trust 
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receipt, or from
issuing money orders or from accepting for 
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payment utility bills.
Any community or ambulatory currency 
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exchange may enter into an
agreement with any utility and other 
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companies to act as its
agent for the acceptance of payment of 
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utility and other
companies' bills without charge
to the 
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utility customer and,
acting under such agreement, may receipt 
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for payments in the
names of the utility and other companies.  
 


 









HB4591
- 2 -
LRB093 15334 SAS 40936 b







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Any community or
ambulatory currency exchange may also receive 
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payment of
utility and other companies' bills for remittance to 
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companies
with which it has no such agency agreement and may 
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charge a fee
for such service not to exceed $1 but may not, in 
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such cases, receipt for such
payment in the names of the 
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utility and other companies.
However, funds received by 
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currency exchanges for remittance
to utility and other 
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companies with which the currency exchange
has no agency 
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agreement shall be forwarded to the appropriate
utility and 
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other companies by the currency exchange before the
end of the 
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next business day.

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(Source: P.A. 90-545, eff. 1-1-98.)