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91_HB2926
LRB9109279JSpcA
1 AN ACT to amend the Currency Exchange Act by changing
2 Section 4.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Currency Exchange Act is amended by
6 changing Section 4.1 as follows:
7 (205 ILCS 405/4.1) (from Ch. 17, par. 4809)
8 Sec. 4.1. Investigation. The General Assembly finds and
9 declares that community currency exchanges provide important
10 and vital services to Illinois citizens, that the number of
11 community currency exchanges should be reviewed, but not
12 limited, in accordance with the needs of the communities they
13 are to serve, and that it is in the public interest to
14 promote and foster the community currency exchange business
15 and to insure the financial stability thereof. Upon receipt
16 of an application for a license for a community currency
17 exchange, the Director shall cause a review an investigation
18 of the potential need of the community for the establishment
19 of a community currency exchange at the location specified in
20 the application and the effect that granting the license will
21 have on the financial stability of other community currency
22 exchanges that may be serving the community in which the
23 business of the applicant is proposed to be conducted.
24 "Community", as used in this Act, means a locality where
25 there may or can be available to the people thereof the
26 services of a community currency exchange reasonably
27 accessible to them. If the issuance of a license to engage in
28 the community currency exchange business at the location
29 specified will not promote the needs and the convenience and
30 advantage of the community in which the business of the
31 applicant is proposed to be conducted, then the application
-2- LRB9109279JSpcA
1 shall be denied.
2 (Source: P.A. 83-652.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.