Illinois General Assembly - Full Text of SB1882
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Full Text of SB1882  99th General Assembly

SB1882sam002 99TH GENERAL ASSEMBLY

Sen. Don Harmon

Filed: 4/17/2015

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 1882

2    AMENDMENT NO. ______. Amend Senate Bill 1882 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Currency Exchange Act is amended by
5changing Sections 1, 2, 3, 3.3, 4, 4.1, 5, 6, 7, 9, 10, 11, 13,
614, 15, 17, 18, 19, 21, and 29.5 and by adding Section 4.1B as
7follows:
 
8    (205 ILCS 405/1)  (from Ch. 17, par. 4802)
9    Sec. 1. Definitions; application of Act.
10    (a) For the purposes of this Act:
11    "Community currency exchange" means any person, firm,
12association, partnership, limited liability company, or
13corporation, except an ambulatory currency exchange as
14hereinafter defined, banks incorporated under the laws of this
15State and National Banks organized pursuant to the laws of the
16United States, engaged in the business or service of, and

 

 

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1providing facilities for, cashing checks, drafts, money orders
2or any other evidences of money acceptable to such community
3currency exchange, for a fee or service charge or other
4consideration, or engaged in the business of selling or issuing
5money orders under his or their or its name, or any other money
6orders (other than United States Post Office money orders,
7Postal Telegraph Company money orders, or Western Union
8Telegraph Company money orders), or engaged in both such
9businesses, or engaged in performing any one or more of the
10foregoing services.
11    "Controlling person" means an officer, director, or person
12owning or holding power to vote 10% or more of the outstanding
13voting securities of a licensee or the power to vote the
14securities of another controlling person of the licensee. For
15the purposes of determining the percentage of a licensee
16controlled by a controlling person, the person's interest shall
17be combined with the interest of any other person controlled,
18directly or indirectly, by that person or by a spouse, parent,
19or child of that person.
20    "Department" means the Department of Financial and
21Professional Regulation.
22    "Director" means the Director of the Division of Financial
23Institutions of the Department of Financial and Professional
24Regulation.
25    "Division of Financial Institutions" means the Division of
26Financial Institutions of the Department of Financial and

 

 

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1Professional Regulation.
2    "Ambulatory Currency Exchange" means any person, firm,
3association, partnership, limited liability company, or
4corporation, except banks organized under the laws of this
5State and National Banks organized pursuant to the laws of the
6United States, engaged in one or both of the foregoing
7businesses, or engaged in performing any one or more of the
8foregoing services, solely on the premises of the employer
9whose employees are being served.
10    "Licensee" means any person, firm, association,
11partnership, limited liability company, or corporation issued
12one or more licenses by the Secretary under this Act.
13    "Licensed location" means the premises at which a licensee
14is authorized to operate a community currency exchange to offer
15to the public services, products, or activities under this Act.
16    "Location" when used with reference to an ambulatory
17currency exchange means the premises of the employer whose
18employees are or are to be served by an ambulatory currency
19exchange.
20    "Principal office" means the physical business address,
21which shall not be a post office box, of a licensee at which
22the (i) Department may contact the licensee and (ii) records
23required under this Act are maintained.
24    "Secretary" means the Secretary of Financial and
25Professional Regulation or a person authorized by the Secretary
26or this Act to act in the Secretary's stead. All references in

 

 

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1this Act to the Secretary shall be deemed to include the
2Director, as a person authorized by the Secretary or this Act
3to assume responsibility for the oversight of the functions of
4the Department relative to the regulatory supervision of
5community currency exchanges and ambulatory currency exchanges
6under this Act.
7    (b) Nothing in this Act shall be held to apply to any
8person, firm, association, partnership, limited liability
9company, or corporation who is engaged primarily in the
10business of transporting for hire, bullion, currency,
11securities, negotiable or non-negotiable documents, jewels or
12other property of great monetary value and who in the course of
13such business and only as an incident thereto, cashes checks,
14drafts, money orders or other evidences of money directly for,
15or for the employees of and with the funds of and at a cost only
16to, the person, firm, association, partnership, limited
17liability company, or corporation for whom he or it is then
18actually transporting such bullion, currency, securities,
19negotiable or non-negotiable documents, jewels, or other
20property of great monetary value, pursuant to a written
21contract for such transportation and all incidents thereof, nor
22shall it apply to any person, firm, association, partnership,
23limited liability company, or corporation engaged in the
24business of selling tangible personal property at retail who,
25in the course of such business and only as an incident thereto,
26cashes checks, drafts, money orders or other evidences of

 

 

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1money.
2(Source: P.A. 97-315, eff. 1-1-12.)
 
3    (205 ILCS 405/2)  (from Ch. 17, par. 4803)
4    Sec. 2. License required; violation; injunction. No
5person, firm, association, partnership, limited liability
6company, or corporation shall engage in the business of a
7community currency exchange or in the business of an ambulatory
8currency exchange without first securing a license to do so
9from the Secretary.
10    Any licensee person, firm, association, partnership,
11limited liability company, or corporation issued a license to
12do so by the Secretary shall have authority to operate one or
13more a community currency exchanges exchange or an ambulatory
14currency exchanges exchange, as defined in Section 1 of this
15Act hereof.
16    Any licensee person, firm, association, partnership,
17limited liability company, or corporation licensed as and
18engaged in the business of a community currency exchange shall
19at a minimum offer the service of cashing checks, or drafts, or
20money orders, or any other evidences of money acceptable to
21such currency exchange.
22    No ambulatory currency exchange and no community currency
23exchange shall be conducted on any street, sidewalk or highway
24used by the public, and no license shall be issued therefor. An
25ambulatory currency exchange shall be required to and shall

 

 

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1secure a license or licenses for the conduct of its business at
2each and every location served by it, as provided in Section 4
3hereof, whether the services at any such location are rendered
4for or without a fee, service charge or other consideration.
5Each plant or establishment is deemed a separate location. No
6license issued for the conduct of its business at one location
7shall authorize the conduct of its business at any other
8location, nor shall any license authorize the rendering of
9services by an ambulatory currency exchange to persons other
10than the employees of the employer named therein. If the
11employer named in such license shall move his business from the
12address therein set forth, such license shall thereupon expire,
13unless the Secretary has approved a change of address for such
14location, as provided in Section 13.
15    Any person, firm, association, partnership, limited
16liability company, or corporation that violates this Section
17shall be guilty of a Class A misdemeanor, and the Attorney
18General or the State's Attorney of the county in which the
19violation occurs shall file a complaint in the Circuit Court of
20the county to restrain the violation.
21(Source: P.A. 97-315, eff. 1-1-12.)
 
22    (205 ILCS 405/3)  (from Ch. 17, par. 4804)
23    Sec. 3. Powers of community currency exchanges. No
24community or ambulatory currency exchange shall be permitted to
25accept money or evidences of money as a deposit to be returned

 

 

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1to the depositor or upon the depositor's order. No community or
2ambulatory currency exchange shall be permitted to act as
3bailee or agent for persons, firms, partnerships, limited
4liability companies, associations or corporations to hold
5money or evidences thereof or the proceeds therefrom for the
6use and benefit of the owners thereof, and deliver such money
7or proceeds of evidence of money upon request and direction of
8such owner or owners. Nothing in this Act shall prevent a
9currency exchange from accepting any check without regard to
10the date imprinted on the check, subject to Section 4-404 of
11the Uniform Commercial Code, as long as the check is
12immediately cashed, deposited, and processed in the ordinary
13course of business. A community or ambulatory currency exchange
14is permitted to engage in, and charge a fee for, the following
15activities, either directly or as a third-party agent: (i)
16cashing of checks, drafts, money orders, or any other evidences
17of money acceptable to the currency exchange, (ii) selling or
18issuing money orders, (iii) obtaining reports, certificates,
19governmental permits, licenses, and vital statistics and the
20preparation of necessary applications to obtain the same, (iv)
21the sale and distribution of bond cards, (v) obtaining,
22distributing, providing, or selling: State vehicle
23registration renewals, title transfers and tax remittance
24forms, city vehicle licenses, and other governmental services,
25(vi) photocopying and sending and receiving facsimile
26transmissions, (vii) notary service either by the proprietor of

 

 

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1the currency exchange or any currency exchange employee,
2authorized by the State to act as a notary public, (viii)
3issuance of travelers checks obtained by the currency exchange
4from a banking institution under a trust receipt, (ix)
5accepting for payment utility and other companies' bills, (x)
6issuance and acceptance of any third-party debit, credit, gift,
7or stored value card and loading or unloading, (xi) on-premises
8automated cash dispensing machines, (xii) sale of rolled coin
9and paper money, (xiii) exchange of foreign currency through a
10third-party, (xiv) sale of cards, passes, or tokens for public
11transit, (xv) providing mail box service, (xvi) sale of phone
12cards and other pre-paid telecommunication services, (xvii)
13on-premises public telephone, (xviii) sale of U.S. postage,
14(xix) money transmission through a licensed third-party money
15transmitter, (xx) sale of candy, gum, other packaged foods,
16soft drinks, and other products and services by means of
17on-premises vending machines and self-service automated
18terminals, and (xxi) transmittal of documents or information
19upon the request of a consumer, (xxii) providing access to
20consumers of third-party travel reservation and ticketing
21services, and (xxiii) other products and services as may be
22approved by the Secretary. A currency exchange may offer, for
23no charge and with no required transaction, advertising upon
24and about the premises and distribution to consumers of
25advertising and other materials of any legal product or service
26that is not misleading to the public. Any community or

 

 

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1ambulatory currency exchange may enter into agreements with any
2utility and other companies to act as the companies' agent for
3the acceptance of payment of utility and other companies' bills
4without charge to the customer and, acting under such
5agreement, may receipt for payments in the names of the utility
6and other companies. Any community or ambulatory currency
7exchange may also receive payment of utility and other
8companies' bills for remittance to companies with which it has
9no such agency agreement and may charge a fee for such service
10but may not, in such cases, issue a receipt for such payment in
11the names of the utility and other companies. However, funds
12received by currency exchanges for remittance to utility and
13other companies with which the currency exchange has no agency
14agreement shall be forwarded to the appropriate utility and
15other companies by the currency exchange before the end of the
16next business day.
17    For the purpose of this Section, "utility and other
18companies" means any utility company and other company with
19which the currency exchange may or may not have a contractual
20agreement and for which the currency exchange accepts payments
21from consumers for remittance to the utility or other company
22for the payment of bills.
23(Source: P.A. 97-315, eff. 1-1-12.)
 
24    (205 ILCS 405/3.3)  (from Ch. 17, par. 4807)
25    Sec. 3.3. Additional public services.

 

 

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1    (a) Nothing in this Act shall prevent the Secretary from
2authorizing a currency exchange, group of currency exchanges,
3or association of currency exchanges to render additional
4services to the public if the services are consistent with the
5provisions of this Act, are within its meaning, are in the best
6interest of the public, and benefit the general welfare. A
7currency exchange, group of currency exchanges, or association
8of currency exchanges must request, in writing, the Secretary's
9approval of the additional service prior to rendering such
10additional service to the public. Any approval under this
11Section shall be deemed an approval for all currency exchanges.
12Any currency exchange wishing to provide an additional service
13previously approved by the Secretary must provide written
14notice, on a form provided by the Department and available on
15its website, to the Secretary 30 days prior to offering the
16approved additional service to the public. The Secretary may
17charge an additional service investigation fee of $500 per
18application for a new additional service request. The
19additional service request shall be on a form provided by the
20Department and available on the Department's website. Within 15
21days after receipt by the Department of an additional service
22request, the Secretary shall examine the additional service
23request for completeness and notify the requester of any
24defect. The requester must remedy the defect within 10 days
25after the mailing of the notification of the defect by the
26Secretary. Failure to remedy the defect within such time will

 

 

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1void the additional service request. If the Secretary
2determines that the additional service request is complete, the
3Secretary shall have 60 business days to approve or deny the
4additional service request. If the additional service request
5is denied, the Secretary shall send by United States mail
6notice of the denial to the requester at the address set forth
7in the additional service request, together with the reasons
8therefor stated with particularity that the additional service
9is not consistent with the provisions of this Act or in the
10best interest of the public and does not benefit the general
11welfare. If an additional service request is denied, the
12requester may, within 10 days after receipt of the denial, make
13a written request to the Secretary for a hearing on the
14additional service request denial. The hearing shall be set for
15a date after the receipt by the Secretary of the request for a
16hearing, and written notice of the time and place of the
17hearing shall be mailed to the requester no later than 15 days
18before the date of the hearing. The hearing shall be scheduled
19for a date within 56 days after the date of the receipt of the
20request for a hearing. The requester shall pay the actual cost
21of making the transcript of the hearing prior to the
22Secretary's issuing his or her decision following the hearing.
23If the Secretary denies the request for a new additional
24service, a currency exchange shall not offer the new additional
25service until a final administrative order has been entered
26permitting a currency exchange to offer the service. The

 

 

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1Secretary's decision may be subject to review as provided in
2Section 22.01 of this Act. If the Secretary revokes a
3previously approved authorization for an additional service
4request, the Secretary shall provide written notice to all
5affected currency exchange licensees, together with the
6reasons therefor stated with particularity, that the
7additional service is no longer consistent with the provisions
8of this Act or in the best interest of the public and does not
9benefit the general welfare. Upon receipt of the revocation
10notice, a currency exchange licensee, group of currency
11exchange licensees, or association of currency exchanges shall
12have 10 days to make a written request to the Secretary for a
13hearing, and the Department shall have 30 business days to
14schedule a future hearing. Written notice of the time and place
15of the hearing shall be mailed to the licensee no later than 10
16business days before the date of the hearing. The licensee
17shall pay the actual cost of making the transcript prior to the
18Secretary's issuing his or her decision following the hearing.
19The Secretary's decision is subject to review as provided in
20Section 22.01 of this Act.
21    (b) (Blank).
22    (c) If the Secretary revokes authorization for a previously
23approved additional service, the currency exchange may
24continue to offer the additional service until a final
25administrative order has been entered revoking the licensee's
26previously approved authorization.

 

 

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1(Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
 
2    (205 ILCS 405/4)  (from Ch. 17, par. 4808)
3    Sec. 4. License application; contents; fees. A licensee
4shall obtain a separate license for each licensed location.
5Application for such license shall be in writing under oath and
6in the form prescribed and furnished by the Secretary. Each
7application shall contain the following:
8        (a) The applicant's full name and address (both of
9    residence and place of business) if the applicant is a
10    natural person, of the applicant, and if the applicant is a
11    partnership, limited liability company, or association, of
12    every member thereof, and the name and principal office
13    business address if the applicant is a corporation;
14        (b) The county and municipality, with street and
15    number, if any, where the community currency exchange is to
16    be conducted, if the application is for a community
17    currency exchange license;
18        (c) If the application is for an ambulatory currency
19    exchange license, the name and address of the employer at
20    each location to be served by it; and
21        (d) In the case of a licensee's initial license
22    application, the The applicant's occupation or profession;
23    a detailed statement of the applicant's business
24    experience for the 10 years immediately preceding the
25    application; a detailed statement of the applicant's

 

 

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1    finances; the applicant's present or previous connection
2    with any other currency exchange; whether the applicant has
3    ever been involved in any civil or criminal litigation, and
4    the material facts pertaining thereto; whether the
5    applicant has ever been committed to any penal institution
6    or admitted to an institution for the care and treatment of
7    mentally ill persons; and the nature of applicant's
8    occupancy of the premises to be licensed where the
9    application is for a community currency exchange license.
10    If the applicant is a partnership, the information
11    specified herein shall be required of each partner. If the
12    applicant is a corporation or limited liability company,
13    the said information shall be required of each controlling
14    person officer, director and stockholder thereof along
15    with disclosure of their ownership interests. If the
16    applicant is a limited liability company, the information
17    required by this Section shall be provided with respect to
18    each member and manager along with disclosure of their
19    ownership interests.
20    A licensee's initial community currency exchange license
21application shall be accompanied by a fee of $500, prior to
22January 1, 2012. After January 1, 2012 the fee shall be $750.
23After January 1, 2014 the fee shall be $1,000 for the cost of
24investigating the applicant. A licensee's application for
25licenses for additional licensed locations shall be
26accompanied by a fee of $1,000 for each additional license. If

 

 

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1the ownership of a licensee or licensed location changes, in
2whole or in part, a new application must be filed pursuant to
3this Section along with a $500 fee if the licensee's ownership
4interests have been transferred or sold to a new person or
5entity or a fee of $300 if the licensee's ownership interests
6have been transferred or sold to a current holder or holders of
7the licensee's ownership interests. When the application for a
8community currency exchange license has been approved by the
9Secretary and the applicant so advised, an additional sum of
10$400 as an annual license fee for a period terminating on the
11last day of the current calendar year shall be paid to the
12Secretary by the applicant; provided, that the license fee for
13an applicant applying for such a license after July 1st of any
14year shall be $200 for the balance of such year. Upon receipt
15of a community currency exchange license application, the
16Secretary shall examine the application for completeness and
17notify the applicant in writing of any defect within 20 days
18after receipt. The applicant must remedy the defect within 10
19days after the mailing of the notification of the defect by the
20Secretary. Failure to timely remedy the defect will void the
21application. Once the Secretary determines that the
22application is complete, the Secretary shall have 90 business
23days to approve or deny the application. If the application is
24denied, the Secretary shall send by United States mail notice
25of the denial to the applicant at the address set forth in the
26application. If an application is denied, the applicant may,

 

 

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1within 10 days after the date of the notice of denial, make a
2written request to the Secretary for a hearing on the
3application. The hearing shall be set for a date after the
4receipt by the Secretary of the request for a hearing, and
5written notice of the time and place of the hearing shall be
6mailed to the applicant no later than 15 days before the date
7of the hearing. The hearing shall be scheduled for a date
8within 56 days after the date of the receipt of the request for
9a hearing. The applicant shall pay the actual cost of making
10the transcript of the hearing prior to the Secretary's issuing
11his or her decision. The Secretary's decision is subject to
12review as provided in Section 22.01 of this Act.
13    An application for an ambulatory currency exchange license
14shall be accompanied by a fee of $100, which fee shall be for
15the cost of investigating the applicant. An approved applicant
16shall not be required to pay the initial investigation fee of
17$100 more than once. When the application for an ambulatory
18currency exchange license has been approved by the Secretary,
19and such applicant so advised, such applicant shall pay an
20annual license fee of $25 for each and every location to be
21served by such applicant; provided that such license fee for an
22approved applicant applying for such a license after July 1st
23of any year shall be $12 for the balance of such year for each
24and every location to be served by such applicant. Such an
25approved applicant for an ambulatory currency exchange
26license, when applying for a license with respect to a

 

 

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1particular location, shall file with the Secretary, at the time
2of filing an application, a letter of memorandum, which shall
3be in writing and under oath, signed by the owner or authorized
4representative of the business whose employees are to be
5served; such letter or memorandum shall contain a statement
6that such service is desired, and that the person signing the
7same is authorized so to do. The Secretary shall thereupon
8verify the authenticity of the letter or memorandum and the
9authority of the person who executed it, to do so.
10    The Department shall have 45 business days to approve or
11deny a currency exchange licensee's request to purchase another
12currency exchange.
13(Source: P.A. 97-315, eff. 1-1-12; 97-1111, eff. 8-27-12.)
 
14    (205 ILCS 405/4.1)  (from Ch. 17, par. 4809)
15    Sec. 4.1. Application; investigation; community need.
16    (a) The General Assembly finds and declares that community
17currency exchanges provide important and vital services to
18Illinois citizens, that the number of community currency
19exchanges should be limited in accordance with the needs of the
20communities they are to serve, and that it is in the public
21interest to promote and foster the community currency exchange
22business and to insure the financial stability thereof.
23    (b) Upon receipt of an application for a license for a
24community currency exchange, the Secretary shall cause an
25investigation to determine: of

 

 

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1        (1) the need of the community for the establishment of
2    a community currency exchange at the location specified in
3    the application; and
4        (2) the effect that granting the license will have on
5    the financial stability of other community currency
6    exchanges that may be serving the community in which the
7    business of the applicant is proposed to be conducted.
8    (c) "Community", as used in this Act, means a locality
9where there may or can be available to the people thereof the
10services of a community currency exchange reasonably
11accessible to them.
12    (d) If the issuance of a license to engage in the community
13currency exchange business at the location specified will not
14promote the needs and the convenience and advantage of the
15community in which the business of the applicant is proposed to
16be conducted, then the application shall be denied.
17    (e) As a part of the investigation, the Secretary shall,
18within 15 business days after receipt of an application, notify
19in writing all currency exchanges as described in paragraph (2)
20of subsection (b) of this Section of the application and the
21proposed location. Within 15 business days after the notice,
22any currency exchange as described in paragraph (2) of
23subsection (b) of this Section may notify the Secretary it
24intends to protest the application. If the currency exchange
25intends to protest the application, then the currency exchange
26shall, within 30 days after notifying the Secretary, provide

 

 

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1the Secretary with any information requested to substantiate
2that granting the license would have a material and negative
3effect upon the financial stability of the existing currency
4exchange or would not promote the needs and the convenience and
5advantage of the community. Once the investigation is
6completed, the Secretary shall, within 15 business days
7thereafter, notify any currency exchange as described in
8paragraph (2) of subsection (b) of this Section of the
9determination to approve or deny the application. The
10determination shall sufficiently detail the facts that led to
11the determination. The protesting currency exchange, if
12located within a one-half mile radius of the proposed new
13currency exchange in any municipality with a population of
14500,000 or more or within a one-mile radius of any existing
15licensee located in any municipality with a population less
16than 500,000, may appeal the granting of the application under
17the Administrative Procedure Act.
18(Source: P.A. 97-315, eff. 1-1-12.)
 
19    (205 ILCS 405/4.1B new)
20    Sec. 4.1B. Anti-money laundering requirements.
21    (a) Every licensee shall comply with all State and federal
22laws, rules, and regulations relating to the detection and
23prevention of money laundering, including, as applicable, 31
24C.F.R. 103.20, 103.22, 103.23, 103.27, 103.28, 103.29, 103.33,
25103.37, and 103.41.

 

 

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1    (b) Every licensee shall maintain an anti-money laundering
2program in accordance with 31 C.F.R. 103.125. The program shall
3be reviewed and updated as necessary to ensure that the program
4continues to be effective in detecting and deterring money
5laundering activities.
 
6    (205 ILCS 405/5)  (from Ch. 17, par. 4812)
7    Sec. 5. Bond; condition; amount.
8    (a) Before any license shall be issued to a licensee to
9operate a community currency exchange the applicant shall file
10annually with and have approved by the Secretary a surety bond,
11issued by a bonding company authorized to do business in this
12State in the principal sum of $25,000 for each licensed
13location, up to a maximum aggregate principal sum of $350,000
14for each licensee regardless of the number of licenses held.
15Such bond shall run to the Secretary and shall be for the
16benefit of any creditors of such licensee currency exchange for
17any liability incurred by the licensee currency exchange on any
18money orders, including any fees and penalties incurred by the
19remitter should the money order be returned unpaid, issued or
20sold by the licensee in the ordinary course of its business
21currency exchange and for any liability incurred by the
22licensee currency exchange for any sum or sums due to any payee
23or endorsee of any check, draft or money order left with the
24licensee in the ordinary course of its business currency
25exchange for collection, and for any liability to the public

 

 

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1incurred by the licensee in the ordinary course of its business
2currency exchange in connection with the rendering of any of
3the services referred to in Section 3 of this Act.
4    To protect the public and allow for the effective
5underwriting of bonds, the surety bond shall not cover money
6orders issued and other liabilities incurred by a currency
7exchange for its own account or that of its controlling
8persons, including money orders issued or liabilities incurred
9by the currency exchange to obtain cash for its own operations,
10to pay for the currency exchange's own bills or liabilities or
11that of its controlling persons, or to obtain things of value
12for the currency exchange or its controlling persons,
13regardless of whether such things of value are used in the
14currency exchange's operations or sold by the currency
15exchange.
16    From time to time the Secretary may determine the amount of
17liabilities as described herein and shall require the licensee
18to file a bond in an additional sum if the same is determined
19to be necessary in accordance with the requirements of this
20Section. In no case shall the bond be less than the initial
21$25,000, nor more than the outstanding liabilities.
22    (b) In lieu of the surety bond requirements of subsection
23(a), a community currency exchange licensee may submit evidence
24satisfactory to the Secretary that the community currency
25exchange licensee is covered by a blanket bond that covers
26multiple licensees who are members of a statewide association

 

 

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1of community currency exchanges or licensees. Such a blanket
2bond must be issued by a bonding company authorized to do
3business in this State and in a principal aggregate sum of not
4less than $3,000,000 as of May 1, 2012, and not less than
5$4,000,000 as of May 1, 2014.
6    (c) An ambulatory currency exchange may sell or issue money
7orders at any location with regard to which it is issued a
8license pursuant to this Act, including existing licensed
9locations, without the necessity of a further application or
10hearing and without regard to any exceptions contained in
11existing licenses, upon the filing with the Secretary of a
12surety bond approved by the Secretary and issued by a bonding
13company or insurance company authorized to do business in
14Illinois, in the principal sum of $100,000. Such bond may be a
15blanket bond covering all locations at which the ambulatory
16currency exchange may sell or issue money orders, and shall run
17to the Secretary for the use and benefit of any creditors of
18such ambulatory currency exchange for any liability incurred by
19the ambulatory currency exchange on any money orders issued or
20sold by it to the public in the ordinary course of its
21business. Such bond shall be renewed annually. If after the
22expiration of one year from the date of approval of such bond
23by the Secretary, it shall appear that the average amount of
24such liability during the year has exceeded $100,000, the
25Secretary shall require the licensee to furnish a bond for the
26ensuing year, to be approved by the Secretary, for an

 

 

09900SB1882sam002- 23 -LRB099 08659 MGM 34338 a

1additional principal sum of $1,000 for each $1,000 of such
2liability or fraction thereof in excess of the original
3$100,000, except that the maximum amount of such bond shall not
4be required to exceed $250,000.
5(Source: P.A. 97-315, eff. 1-1-12.)
 
6    (205 ILCS 405/6)  (from Ch. 17, par. 4813)
7    Sec. 6. Insurance against loss.
8    (a) Every applicant for a license hereunder shall, after
9his application for a license has been approved, file with and
10have approved by the Secretary, a policy or policies of
11insurance issued by an insurance company or indemnity company
12authorized to do business under the law of this State, which
13shall insure the applicant against loss by theft, burglary,
14robbery or forgery in a principal sum as hereinafter provided;
15if the average amount of cash and liquid funds to be kept on
16hand at the licensed location in the office of the community
17currency exchange during the year will not be in excess of
18$10,000 the policy or policies shall be in the principal sum of
19$10,000. If such average amount will be in excess of $10,000,
20the policy or policies shall be for an additional principal sum
21of $500 for each $1,000 or fraction thereof of such excess over
22the original $10,000. From time to time, the Secretary may
23determine the amount of cash and liquid funds on hand at the
24licensed location in the office of any community currency
25exchange and shall require the licensee to submit additional

 

 

09900SB1882sam002- 24 -LRB099 08659 MGM 34338 a

1policies if the same are determined to be necessary in
2accordance with the requirements of this Section.
3    However, any licensee community currency exchange licensed
4under this Act may meet the insurance requirements of this
5subsection (a) by submitting evidence satisfactory to the
6Secretary that the licensee is covered by a blanket insurance
7policy that covers multiple licensees. The blanket insurance
8policy: (i) shall insure the licensee against loss by theft,
9robbery, or forgery; (ii) shall be issued by an insurance
10company authorized to do business in this State; and (iii)
11shall be in the principal sum of an amount equal to the maximum
12amount required under this Section for any one licensee covered
13by the insurance policy.
14    Any such policy or policies, with respect to forgery, may
15carry a condition that the community currency exchange assumes
16the first $1,000 of each claim thereunder.
17    (b) Before an ambulatory currency exchange shall sell or
18issue money orders, it shall file with and have approved by the
19Secretary, a policy or policies of insurance issued by an
20insurance company or indemnity company authorized to do
21business under the laws of this State, which shall insure such
22ambulatory currency exchange against loss by theft, burglary,
23robbery, forgery or embezzlement in the principal sum of not
24less than $500,000. If the average amount of cash and liquid
25funds to be kept on hand during the year will exceed $500,000,
26the policy or policies shall be for an additional principal sum

 

 

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1of $500 for each $1,000 or fraction thereof in excess of
2$500,000. From time to time the Secretary may determine the
3amount of cash and liquid funds kept on hand by an ambulatory
4currency exchange and shall require it to submit such
5additional policies as are determined to be required within the
6limits of this Section. No ambulatory currency exchange subject
7to this Section shall be required to furnish more than one
8policy of insurance if the policy furnished insures it against
9the foregoing losses at all locations served by it.
10    Any such policy may contain a condition that the insured
11assumes a portion of the loss, provided the insured shall file
12with such policy a sworn financial statement indicating its
13ability to act as self-insurer in the amount of such deductible
14portion of the policy without prejudice to the safety of any
15funds belonging to its customers. If the Secretary is not
16satisfied as to the financial ability of the ambulatory
17currency exchange, he may require it to deposit cash or United
18States Government Bonds in the amount of part or all of the
19deductible portion of the policy.
20(Source: P.A. 97-315, eff. 1-1-12.)
 
21    (205 ILCS 405/7)  (from Ch. 17, par. 4814)
22    Sec. 7. Available funds; minimum amount. Each licensee
23community currency exchange shall have, at all times, a minimum
24of $5,000 for each currency exchange license it holds of its
25own cash funds available for the uses and purposes of its

 

 

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1currency exchange business and said minimum sum shall be
2exclusive of and in addition to funds received for exchange or
3transfer; and in addition thereto each such licensee shall at
4all times have on hand an amount of liquid funds sufficient to
5pay on demand all outstanding money orders issued by it.
6Whenever a licensee holds more than one community currency
7exchange license, the aggregate of the minimum liquid funds
8required under this Section 7 for all of such licensee's
9licensed locations may be held by the licensee in a single
10account in the licensee's name, provided that the total liquid
11funds equals a minimum of $5,000 multiplied by the number of
12licenses held by that licensee.
13    In the event a receiver is appointed in accordance with
14Section 15.1 of this Act, and the Secretary determines that the
15business of the currency exchange should be liquidated, and if
16it shall appear that the said minimum sum was not on hand or
17available at the time of the appointment of the receiver, then
18the receiver shall have the right to recover in any court of
19competent jurisdiction from the owner or owners of such
20currency exchange, or from the stockholders and directors
21thereof if such currency exchange was operated by a
22corporation, or from the members if the currency exchange was
23operated as a limited liability company, said sum or that part
24thereof which was not on hand or available at the time of the
25appointment of such receiver. Nothing contained in this Section
26shall limit or impair the liability of any bonding or insurance

 

 

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1company on any bond or insurance policy relating to such
2community currency exchange issued pursuant to the
3requirements of this Act, nor shall anything contained herein
4limit or impair such other rights or remedies as the receiver
5may otherwise have.
6(Source: P.A. 97-315, eff. 1-1-12.)
 
7    (205 ILCS 405/9)  (from Ch. 17, par. 4816)
8    Sec. 9. No community or ambulatory currency exchange shall
9issue tokens to be used in lieu of money for the purchase of
10goods or services from any enterprise, except that currency
11exchanges may engage in the distribution of food stamps as
12authorized by Section 3.2.
13(Source: P.A. 80-439.)
 
14    (205 ILCS 405/10)  (from Ch. 17, par. 4817)
15    Sec. 10. Qualifications of applicant; denial of license;
16review. The applicant or , and its controlling persons
17officers, directors and stockholders, if a corporation, and its
18managers and members, if a liability company, shall be vouched
19for by 2 reputable citizens of this State setting forth that
20the individual mentioned is (a) personally known to them to be
21trustworthy and reputable, (b) that he has business experience
22qualifying him to competently conduct, operate, own or become
23associated with a currency exchange, (c) that he has a good
24business reputation and is worthy of a license. Thereafter, the

 

 

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

 

 

09900SB1882sam002- 29 -LRB099 08659 MGM 34338 a

1request to the Secretary for a hearing on the application, and
2the Secretary shall set a time and place for the hearing. The
3hearing shall be set for a date after the receipt by the
4Secretary of the request for hearing, and written notice of the
5time and place of the hearing shall be mailed to the applicant
6at least 15 days before the date of the hearing. The applicant
7shall pay the actual cost of making the transcript of the
8hearing prior to the Secretary's issuing his decision following
9the hearing. If, following the hearing, the application is
10denied, the Secretary shall, within 20 days thereafter prepare
11and keep on file in his office a written order of denial
12thereof, which shall contain his findings with respect thereto
13and the reasons supporting the denial, and shall send by United
14States Mail a copy thereof to the applicant at the address set
15forth in the application, within 5 days after the filing of
16such order. A review of any such decision may be had as
17provided in Section 22.01 of this Act.
18(Source: P.A. 97-315, eff. 1-1-12.)
 
19    (205 ILCS 405/11)  (from Ch. 17, par. 4819)
20    Sec. 11. Such license, if issued for a community currency
21exchange, shall state the name of the licensee and the address
22of at which the licensed location business is to be conducted.
23Such license, or and its annual renewal, shall be kept
24conspicuously posted in the licensed location place of business
25of the licensee and shall not be transferable or assignable. If

 

 

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1issued for an ambulatory currency exchange, it shall so state,
2and shall state the name and principal office office address of
3the licensee, and the name and address of the location or
4locations to be served by the licensee, and shall not be
5transferable and assignable.
6(Source: P.A. 97-315, eff. 1-1-12.)
 
7    (205 ILCS 405/13)  (from Ch. 17, par. 4821)
8    Sec. 13. No more than one place of business shall be
9maintained under the same community currency exchange license,
10but the Secretary may issue more than one license to the same
11licensee upon compliance with the provisions of this Act
12governing an original issuance of a license, for each new
13license.
14    Whenever a community currency exchange or an ambulatory
15currency exchange shall wish to change its name in its license,
16it shall file an application for approval thereof with the
17Secretary, and if the change is approved by the Secretary he
18shall attach to the license, in writing, a rider stating the
19licensee's new name.
20    If an ambulatory currency exchange has serviced a licensed
21location for 2 years or longer and the employer whose employees
22are served at that location has moved his place of business,
23the currency exchange may continue its service to the employees
24of that employer at the new address of that employer's place of
25business by filing a notice of the change of address with the

 

 

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1Secretary and by relinquishing its license to conduct its
2business at the employer's old address upon receipt of a
3license to conduct its business at the employer's new address.
4Nothing in this Act shall preclude or prevent an ambulatory
5currency exchange from filing an application to conduct its
6business at the old address of an employer who moved his place
7of business after the ambulatory currency exchange receives a
8license to conduct its business at the employer's new address
9through the filing of a notice of its change of address with
10the Secretary and the relinquishing of its license to conduct
11its business at the employer's old address.
12    Whenever a currency exchange wishes to make any other
13change in the address set forth in any of its licenses, it
14shall apply to the Secretary for approval of such change of
15address. Every application for approval of a change of address
16shall be treated by the Secretary in the same manner as is
17otherwise provided in this Act for the treatment of proposed
18places of business or locations as contained in new
19applications for licenses; and if any fact or condition then
20exists with respect to the application for change of address,
21which fact or condition would otherwise authorize denial of a
22new application for a license because of the address of the
23proposed location or place of business, then such application
24for change of address shall not be approved. Whenever a
25community currency exchange wishes to sell its physical assets,
26it may do so, however, if the assets are sold with the

 

 

09900SB1882sam002- 32 -LRB099 08659 MGM 34338 a

1intention of continuing the operation of a community currency
2exchange, the purchaser or purchasers must first make
3application to the Secretary for licensure in accordance with
4Section Sections 4 and 10 of this Act. If the Secretary shall
5not so approve, he shall not issue such license and shall
6notify the applicant or applicants of such denial. The
7investigation fee for a change of location is $500.
8    The provisions of Sections 4.1A and Section 10 of this Act
9with reference to notice, hearing and review apply to
10applications filed pursuant to this Section.
11(Source: P.A. 97-315, eff. 1-1-12.)
 
12    (205 ILCS 405/14)  (from Ch. 17, par. 4823)
13    Sec. 14. Every licensee, shall, on or before November 15,
14pay to the Secretary the annual license fee or fees for the
15next succeeding calendar year and shall at the same time file
16with the Secretary the annual report required by Section 16 of
17this Act, and the annual bond or bonds, and the insurance
18policy or policies as and if required by this Act. The annual
19license fee for each community currency exchange is $200, prior
20to January 1, 2012. After January 1, 2012 the fee shall be
21$300. After January 1, 2014 the fee shall be $400 for each
22licensee and $400 for each additional licensed location. The
23annual license fee for each location served by an ambulatory
24currency exchange shall be $25.
25(Source: P.A. 97-315, eff. 1-1-12.)
 

 

 

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1    (205 ILCS 405/15)  (from Ch. 17, par. 4824)
2    Sec. 15. Fines; suspension; revocation. The Secretary may,
3after 15 business days' days notice by registered or certified
4mail to the licensee at the address set forth in the license,
5or by email or facsimile transmission if such other method is
6previously designated by the licensee, stating the
7contemplated action and in general the grounds therefore, fine
8the licensee an amount not exceeding $1,000 per violation or
9revoke or suspend any license issued if he or she finds that:
10        (a) the licensee has failed to pay the annual license
11    fee or to maintain in effect the required bond or bonds or
12    insurance policy or policies; or
13        (b) the licensee has failed to comply with any
14    provision of this Act or any order, decision, finding,
15    rule, regulation, or direction of the Secretary lawfully
16    made under the authority of this Act; or
17        (c) the licensee has violated any provision of this Act
18    or any regulation or direction made by the Secretary under
19    this Act; or
20        (d) any fact or condition exists which, if it had
21    existed at the time of the original application for such
22    license, would have warranted the Secretary in refusing the
23    issuance of the license; or
24        (e) the licensee has not operated the currency exchange
25    or at the location licensed, for a period of 60 consecutive

 

 

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1    days, unless the licensee was prevented from operating
2    during such period by reason of events or acts beyond the
3    licensee's control.
4    The notice required to fine a licensee or suspend or revoke
5a license under this Section shall state (i) the specific
6nature and a clear and concise description of the violation;
7(ii) the Sections of this Act or rules that have been violated;
8(iii) the contemplated fine or action; (iv) that the licensee
9may, within 15 business days from the date of the notice,
10request a hearing pursuant to Section 22.01 of this Act; (v)
11that the licensee may, within 15 business days after the
12notice, take corrective action to mitigate any fine or
13contemplated action; and (vi) the specific corrective action to
14be taken.
15    Consistent with the provisions of this Act, the Secretary
16may, after weighing any harm to the public, the seriousness of
17the offense, and the history of the licensee, fine a licensee
18an amount graduated up to $1,000 per violation.
19    No license shall be revoked until the licensee has had
20notice of a hearing on the proposed revocation and an
21opportunity to be heard. The Secretary shall send a copy of the
22order, finding, or decision of revocation by United States
23mail, or by email or facsimile transmission, if such other
24method is previously designated by the licensee, to the
25licensee at the address set forth in the license or to such
26other email address or facsimile transmission phone number

 

 

09900SB1882sam002- 35 -LRB099 08659 MGM 34338 a

1previously designated by the licensee, within 5 days after the
2order or decision is entered. A review of any such order,
3finding, or decision is available under Section 22.01 of this
4Act.
5    The Secretary may fine, suspend or revoke only the
6particular license or licenses for particular places of
7business or locations with respect to which grounds for
8revocation may occur or exist; except that if he shall find
9that such grounds for revocation are of general application to
10all places of business or locations, or that such grounds for
11fines, suspension or revocation have occurred or exist with
12respect to a substantial number of places of business or
13locations, he may fine, suspend or revoke all of the licenses
14issued to such licensee.
15    An order assessing a fine, an order revoking or suspending
16a license, or an order denying renewal of a license shall take
17effect on service of the order unless the licensee requests a
18hearing pursuant to this Section , in writing, within 15 days
19after the date of service. In the event a hearing is requested,
20the order shall be stayed until a final administrative order is
21entered. If the licensee requests a hearing, the Secretary
22shall schedule a hearing within 30 days after the request for a
23hearing unless otherwise agreed to by the parties. The hearing
24shall be held at the time and place designated by the
25Secretary.
26    The Secretary and any administrative law judge designated

 

 

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1by him or her shall have the power to administer oaths and
2affirmations, subpoena witnesses and compel their attendance,
3take evidence, and require the production of books, papers,
4correspondence, and other records or information that he or she
5considers relevant or material to the inquiry.
6    In case of contumacy or refusal of a witness to obey a
7subpoena, any circuit court of this State whose jurisdiction
8encompasses where the hearing is located may issue an order
9requiring such witness to appear before the Secretary or the
10hearing officer, to produce documentary evidence, or to give
11testimony touching the matter in question; and the court may
12punish any failures to obey such orders of the court as
13contempt.
14    A licensee may surrender any license by delivering to the
15Secretary written notice that he, they or it thereby surrenders
16such license, but such surrender shall not affect such
17licensee's civil or criminal liability for acts committed prior
18to such surrender, or affect the liability on his, their or its
19bond or bonds, or his, their or its policy or policies of
20insurance, required by this Act, or entitle such licensee to a
21return of any part of the annual license fee or fees.
22    Every license issued hereunder shall remain in force until
23the same shall expire, or shall have been surrendered,
24suspended or revoked in accordance with this Act, but the
25Secretary may on his own motion, issue new licenses to a
26licensee whose license or licenses shall have been revoked if

 

 

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1no fact or condition then exists which clearly would have
2warranted the Secretary in refusing originally the issuance of
3such license under this Act.
4(Source: P.A. 97-315, eff. 1-1-12.)
 
5    (205 ILCS 405/17)  (from Ch. 17, par. 4833)
6    Sec. 17. Every licensee shall keep and use in his business
7such books, accounts and records as will enable the Secretary
8to determine whether such licensee is complying with the
9provisions of this Act and with the rules, regulations and
10directions made by the Secretary hereunder.
11    Each licensee shall record or cause to be recorded the
12following information with respect to each money order it sells
13or issues: (1) The amount; (2) the month and year of sale or
14issuance; and (3) the serial number.
15    Each licensee shall preserve the record required by this
16subsection for at least 7 years or until the money order to
17which it pertains is returned to the licensee. Each money order
18returned to the licensee shall be preserved for not less than 3
19years from the month and year of sale or issuance by the
20licensee. The licensee shall keep the record, or an authentic
21microfilm copy thereof, required to be preserved by this
22subsection within this state at its principal office or other a
23place readily accessible to the Secretary and his
24representatives. If a licensee sells or transfers his business
25at a location or an address, his obligations under this

 

 

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1paragraph devolve upon the successor licensee and subsequent
2successor licensees, if any, at such location or address. If a
3licensee ceases to do business in this state, he shall deposit
4the records and money orders he is required to preserve, with
5the Secretary.
6(Source: P.A. 97-315, eff. 1-1-12.)
 
7    (205 ILCS 405/18)  (from Ch. 17, par. 4834)
8    Sec. 18. Proof of address. The applicant for a community
9currency exchange license shall have a permanent address as
10evidenced by a lease of at least 6 six months duration or other
11suitable evidence of permanency, and the license issued,
12pursuant to the application shall be valid only at that address
13in the application or any new address approved by the
14Secretary. A letter of intent for a lease shall suffice for
15inclusion with the application, and evidence of an executed
16lease shall be considered ministerial in nature, to be
17furnished once the investigation is completed and the approval
18is final and prior to the issuance of the license.
19(Source: P.A. 97-315, eff. 1-1-12.)
 
20    (205 ILCS 405/19)  (from Ch. 17, par. 4835)
21    Sec. 19. The Department may make and enforce such
22reasonable rules, directions, orders, decisions and findings
23as the execution and enforcement of the provisions of this Act
24require, and as are not inconsistent within this Act. All such

 

 

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1rules, directions, orders, decisions and findings shall be
2filed and entered by the Secretary in an indexed permanent book
3or record, or electronic record, with the effective date
4thereof suitably indicated, and such book or record shall be a
5public document. All rules and directions, which are of a
6general character, shall be made available in electronic form
7to all licensees within 10 days after filing and all licensees
8shall receive by mail notice of any changes. Copies of all
9findings, orders and decisions shall be mailed to the parties
10affected thereby by United States mail within 5 days of such
11filing.
12    The Department shall adopt rules concerning continuing
13violations of this Act and factors in mitigation of violations
14and establishing classes of violations by seriousness and
15adverse impact on the public.
16(Source: P.A. 97-315, eff. 1-1-12.)
 
17    (205 ILCS 405/21)  (from Ch. 17, par. 4841)
18    Sec. 21. Except as otherwise provided for in this Act,
19whenever the Secretary is required to give notice to any
20applicant or licensee, such requirement shall be complied with
21if, within the time fixed herein, such notice shall be enclosed
22in an envelope plainly addressed to such applicant or licensee,
23as the case may be, at the address set forth in the application
24or licensee's principal office license, as the case may be,
25United States postage fully prepaid, and deposited, registered

 

 

09900SB1882sam002- 40 -LRB099 08659 MGM 34338 a

1or certified, in the United States mail.
2    Notice may also be provided to an applicant or licensee by
3telephone facsimile to the person or electronically via email
4to the telephone number or email address designated by an
5applicant or licensee in writing.
6(Source: P.A. 97-315, eff. 1-1-12.)
 
7    (205 ILCS 405/29.5)
8    Sec. 29.5. Cease and desist. The Secretary may issue a
9cease and desist order to any currency exchange or other person
10doing business without the required license, when in the
11opinion of the Secretary, the currency exchange or other person
12is violating or is about to violate any provision of this Act
13or any rule or requirement imposed in writing by the
14Department. The cease and desist order shall specify the
15activity or activities that the Department is seeking the
16currency exchange or other person doing business without the
17required license to cease and desist.
18    The cease and desist order permitted by this Section may be
19issued prior to a hearing.
20    The Secretary shall serve notice of his or her action,
21including, but not limited to, a statement of reasons for the
22action, either personally or by certified mail, return receipt
23requested. Service by certified mail shall be deemed completed
24(i) when the notice is deposited in the U.S. mail, received, or
25delivery is refused, or (ii) one business day after the United

 

 

09900SB1882sam002- 41 -LRB099 08659 MGM 34338 a

1States Postal Service has attempted delivery, whichever is
2earlier.
3    Within 10 days after service of a cease and desist order,
4the licensee or other person may request, in writing, a
5hearing. The Secretary shall schedule a hearing within 30 days
6after the request for a hearing unless otherwise agreed to by
7the parties.
8    If it is determined that the Secretary has the authority to
9issue the cease and desist order, he or she may issue such
10orders as reasonably necessary to correct, eliminate, or remedy
11such conduct.
12    The powers vested in the Secretary by this Section are
13additional to any and all other powers and remedies vested in
14the Secretary by law, and nothing in this Section shall be
15construed as requiring that the Secretary shall employ the
16power conferred in this Section instead of or as a condition
17precedent to the exercise of any other power or remedy vested
18in the Secretary.
19    The currency exchange, or other person doing business
20without the required license, shall pay the actual costs of the
21hearing.
22(Source: P.A. 97-315, eff. 1-1-12.)
 
23    Section 99. Effective date. This Act takes effect January
241, 2016.".