101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3115

 

Introduced 2/6/2020, by Sen. Robert Peters

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 405/10  from Ch. 17, par. 4817
205 ILCS 405/3.2 rep.
205 ILCS 405/9 rep.

    Amends the Currency Exchange Act. Requires that an applicant for a license to operate a currency exchange must provide a statement that the business is in good standing with the State of Illinois and in compliance with the Department of Revenue. Repeals a provision that allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and a provision that prohibits community currency exchanges and ambulatory currency exchanges from issuing tokens to be used instead of money for the purchase of goods or services from any enterprise.


LRB101 16231 BMS 65604 b

 

 

A BILL FOR

 

SB3115LRB101 16231 BMS 65604 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Currency Exchange Act is amended by changing
5Section 10 as follows:
 
6    (205 ILCS 405/10)  (from Ch. 17, par. 4817)
7    Sec. 10. Qualifications of applicant; denial of license;
8review. The applicant or its controlling persons shall be
9vouched for by 2 reputable citizens of this State setting forth
10that the individual mentioned is (a) personally known to them
11to be trustworthy and reputable, (b) that he has business
12experience qualifying him to competently conduct, operate, own
13or become associated with a currency exchange, and (c) that he
14has a good business reputation and is worthy of a license. The
15applicant shall also provide a statement that the business is
16in good standing with the State of Illinois and in compliance
17with the Department of Revenue. Thereafter, the Secretary
18shall, upon approval of the application filed with him, issue
19to the applicant, qualifying under this Act, a license to
20operate a currency exchange. If it is a license for a community
21currency exchange, the same shall be valid only at the place of
22business specified in the application. If it is a license for
23an ambulatory currency exchange, it shall entitle the applicant

 

 

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1to operate only at the location or locations specified in the
2application, provided the applicant shall secure separate and
3additional licenses for each of such locations. Such licenses
4shall remain in full force and effect, until they are
5surrendered by the licensee, or revoked, or expire, as herein
6provided. If the Secretary shall not so approve, he shall not
7issue such license or licenses and shall notify the applicant
8of such denial, retaining the full investigation fee to cover
9the cost of investigating the community currency exchange
10applicant. The Secretary shall approve or deny every
11application hereunder within 90 days from the filing of a
12complete application; except that in respect to an application
13by an approved ambulatory currency exchange for a license with
14regard to a particular location to be served by it, the same
15shall be approved or denied within 20 days from the filing
16thereof. If the application is denied, the Secretary shall send
17by United States mail notice of such denial to the applicant at
18the address set forth in the application.
19    If an application is denied, the applicant may, within 10
20days from the date of the notice of denial, make written
21request to the Secretary for a hearing on the application, and
22the Secretary shall set a time and place for the hearing. The
23hearing shall be set for a date after the receipt by the
24Secretary of the request for hearing, and written notice of the
25time and place of the hearing shall be mailed to the applicant
26at least 15 days before the date of the hearing. The applicant

 

 

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1shall pay the actual cost of making the transcript of the
2hearing prior to the Secretary's issuing his decision following
3the hearing. If, following the hearing, the application is
4denied, the Secretary shall, within 20 days thereafter prepare
5and keep on file in his office a written order of denial
6thereof, which shall contain his findings with respect thereto
7and the reasons supporting the denial, and shall send by United
8States Mail a copy thereof to the applicant at the address set
9forth in the application, within 5 days after the filing of
10such order. A review of any such decision may be had as
11provided in Section 22.01 of this Act.
12(Source: P.A. 99-445, eff. 1-1-16.)
 
13    (205 ILCS 405/3.2 rep.)
14    (205 ILCS 405/9 rep.)
15    Section 10. The Currency Exchange Act is amended by
16repealing Sections 3.2 and 9.