Illinois General Assembly - Bill Status for SB1882

Amends the Currency Exchange Act. Makes changes in provisions concerning the definitions under the Act, licensure requirements, powers of community currency exchanges, additional services, license applications, fees, anti-money laundering requirements, bonds, insurance against loss, fines, revocation of licenses, and violations. Effective immediately.

Removes a provision that provides that, for the purposes of a specified provision, any lawful service shall be presumed to be consistent with the provisions of the Act, in the best interest of the public, and benefit the general welfare.

Replaces everything after the enacting clause. Reinserts the language of the introduced bill with the following changes: provides that a currency exchange may issue and accept gift cards; provides that a currency exchange may offer, for no charge and with no required transaction, advertising upon and about the premises and distribution to consumers of advertising and other materials of any legal product or service that is not misleading to the public; removes a provision providing that any lawful service shall be presumed to be consistent with the provisions of the Act, in the best interest of the public, and to benefit the general welfare; provides that a currency exchange protesting a application approval, if located within a one-half mile radius of the proposed new currency exchange in any municipality with a population of 500,000 or more or within a one-mile radius of any existing licensee located in any municipality with a population less than 500,000, may appeal the granting of the application under the Administrative Procedure Act; makes changes to the timeline for notification of specified currency exchanges of the proposed location of a new currency exchange; makes changes to the Secretary of Financial and Professional Regulation's authority to fine a licensee or suspend or revoke licenses under the Act; provides that the Department shall adopt rules concerning continuing violations of this Act and factors in mitigation of violations and establishing classes of violations by seriousness and adverse impact on the public; corrects reference from "currency exchange" to "licensee"; makes other changes; changes the effective date to January 1, 2016.

Provides that the Secretary of Financial and Professional Regulation shall, within 15 business days after receipt of an application, notify in writing all currency exchanges located within a one-half mile radius of the proposed new currency exchange in any municipality with a population of 500,000 or more or located within a one-mile radius of the proposed new currency exchange outside a municipality with a population of 500,000 or more of the application and the proposed location. Removes a provision concerning specified currency exchanges appealing the granting of an application under the Administrative Procedure Act. Provides that the Department of Financial and Professional Regulation shall adopt rules concerning classes of violations, which may include continuing violations of the Act, and factors in mitigation of violations.

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