(205 ILCS 405/0.1)
Sec. 0.1. Short Title. This
Act shall be known and may be cited as the Currency Exchange Act.
(Source: P.A. 91-533, eff. 8-13-99.)
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(205 ILCS 405/1) (from Ch. 17, par. 4802)
Sec. 1. Definitions; application
of Act. For the purposes of this Act: "Community currency
exchange" means any person, firm, association, partnership,
limited liability company, or corporation, except an ambulatory
currency exchange as hereinafter defined, banks incorporated under
the laws of this State and National Banks organized pursuant to
the laws of the United States, engaged in the business or service
of, and providing facilities for, cashing checks, drafts, money
orders or any other evidences of money acceptable to such community
currency exchange, for a fee or service charge or other consideration,
or engaged in the business of selling or issuing money orders under
his or their or its name, or any other money orders (other than
United States Post Office money orders, Postal Telegraph Company
money orders, or Western Union Telegraph Company money orders),
or engaged in both such businesses, or engaged in performing any
one or more of the foregoing services.
"Ambulatory Currency
Exchange" means any person, firm, association, partnership,
limited liability company, or corporation, except banks organized
under the laws of this State and National Banks organized pursuant
to the laws of the United States, engaged in one or both of the
foregoing businesses, or engaged in performing any one or more
of the foregoing services, solely on the premises of the employer
whose employees are being served.
"Location" when
used with reference to an ambulatory currency exchange means the
premises of the employer whose employees are or are to be served
by an ambulatory currency exchange.
"Director" means
the Director of Financial Institutions.
Nothing in this Act shall
be held to apply to any person, firm, association, partnership,
limited liability company, or corporation who is engaged primarily
in the business of transporting for hire, bullion, currency, securities,
negotiable or non-negotiable documents, jewels or other property
of great monetary value and who in the course of such business
and only as an incident thereto, cashes checks, drafts, money orders
or other evidences of money directly for, or for the employees
of and with the funds of and at a cost only to, the person, firm,
association, partnership, limited liability company, or corporation
for whom he or it is then actually transporting such bullion, currency,
securities, negotiable or non-negotiable documents, jewels,
or other property of great monetary value, pursuant to a written
contract for such transportation and all incidents thereof, nor
shall it apply to any person, firm, association, partnership, limited
liability company, or corporation engaged in the business of selling
tangible personal property at retail who, in the course of such
business and only as an incident thereto, cashes checks, drafts,
money orders or other evidences of money.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/2) (from Ch. 17, par. 4803)
Sec. 2. License required;
violation; injunction. No person, firm, association, partnership,
limited liability company, or corporation shall engage in the business
of a community currency exchange or in the business of an ambulatory
currency exchange without first securing a license to do so from
the Director.
Any person, firm, association,
partnership, limited liability company, or corporation issued a
license to do so by the Director shall have authority to operate
a community currency exchange or an ambulatory currency exchange,
as defined in Section 1 hereof.
Any person, firm, association,
partnership, limited liability company, or corporation licensed
as and engaged in the business of a community currency exchange
shall at a minimum offer the service of cashing checks, or drafts,
or money orders, or any other evidences of money acceptable to
such currency exchange.
No ambulatory currency exchange
and no community currency exchange shall be conducted on any street,
sidewalk or highway used by the public, and no license shall be
issued therefor. An ambulatory currency exchange shall be required
to and shall secure a license or licenses for the conduct of its
business at each and every location served by it, as provided in
Section 4 hereof, whether the services at any such location are
rendered for or without a fee, service charge or other consideration.
Each plant or establishment is deemed a separate location. No license
issued for the conduct of its business at one location shall authorize
the conduct of its business at any other location, nor shall any
license authorize the rendering of services by an ambulatory currency
exchange to persons other than the employees of the employer named
therein. If the employer named in such license shall move his business
from the address therein set forth, such license shall thereupon
expire, unless the Director has approved a change of address for
such location, as provided in Section 13.
Any person, firm, association,
partnership, limited liability company, or corporation that violates
this Section shall be guilty of a Class A misdemeanor, and the
Attorney General or the State's Attorney of the county in which
the violation occurs shall file a complaint in the Circuit Court
of the county to restrain the violation.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/3) (from Ch. 17, par. 4804)
Sec. 3. Powers of community
currency exchanges. No community or ambulatory currency exchange
shall be permitted to accept money or evidences of money as a deposit
to be returned to the depositor or upon the depositor's order;
and no community or ambulatory currency exchange shall be permitted
to act as bailee or agent for persons, firms, partnerships, limited
liability companies, associations or corporations to hold money
or evidences thereof or the proceeds therefrom for the use and
benefit of the owners thereof, and deliver such money or proceeds
of evidence of money upon request and direction of such owner or
owners; provided, that nothing contained herein shall prevent a
community or an ambulatory currency exchange from obtaining state
automobile and city vehicle licenses for a fee or service charge,
or from rendering a photostat service, or from rendering a notary
service either by the proprietor of the currency exchange or any
one of its employees, authorized by the State of Illinois to act
as a notary public, or from selling travelers cheques obtained
by the currency exchange from a banking institution under a trust
receipt, or from issuing money orders or from accepting for payment
utility bills. Any community or ambulatory currency exchange may
enter into an agreement with any utility and other companies to
act as its agent for the acceptance of payment of utility and other
companies' bills without charge to the utility customer and, acting
under such agreement, may receipt for payments in the names of
the utility and other companies. Any community or ambulatory currency
exchange may also receive payment of utility and other companies'
bills for remittance to companies with which it has no such agency
agreement and may charge a fee for such service but may not, in
such cases, receipt for such payment in the names of the utility
and other companies. However, funds received by currency exchanges
for remittance to utility and other companies with which the currency
exchange has no agency agreement shall be forwarded to the appropriate
utility and other companies by the currency exchange before the
end of the next business day.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/3.1) (from Ch. 17, par. 4805)
Sec. 3.1. Nothing in this
Act shall prevent a currency exchange from rendering State or Federal
income tax service; nor shall the rendering of such service be
considered a violation of this Act if such service be rendered
either by the proprietor or any of his employees.
(Source: Laws 1949, p. 336.)
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(205 ILCS 405/3.2) (from Ch. 17, par. 4806)
Sec. 3.2. Community currency
exchanges and ambulatory currency exchanges may engage in the distribution
of food stamps in accordance with such regulations as are made
by the Director.
(Source: P.A. 80-439.)
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(205 ILCS 405/3.3) (from Ch. 17, par. 4807)
Sec. 3.3. Additional public
services.
(a) Nothing in this Act
shall prevent the Director from authorizing currency exchanges
to render additional services to the public if the services are
consistent with the provisions of this Act, are within its meaning,
are in the best interest of the public, and benefit the general
welfare.
(b) Nothing in this Act
shall prevent a community currency exchange from selling candy,
gum, other packaged foods, and soft drinks by means of vending
machines on its premises.
(Source: P.A. 87-258; 88-583, eff. 8-12-94.)
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(205 ILCS 405/4) (from Ch. 17, par. 4808)
Sec. 4. License application;
contents; fees. Application for such license shall be in writing
under oath and in the form prescribed and furnished by the Director.
Each application shall contain the following:
(a) The full name and address
(both of residence and place of business) of the applicant, and
if the applicant is a partnership, limited liability company, or
association, of every member thereof, and the name and business
address if the applicant is a corporation;
(b) The county and municipality,
with street and number, if any, where the community currency exchange
is to be conducted, if the application is for a community currency
exchange license;
(c) If the application is
for an ambulatory currency exchange license, the name and address
of the employer at each location to be served by it; and
(d) The applicant's occupation
or profession; a detailed statement of his business experience
for the 10 years immediately preceding his application; a detailed
statement of his finances; his present or previous connection with
any other currency exchange; whether he has ever been involved
in any civil or criminal litigation, and the material facts pertaining
thereto; whether he has ever been committed to any penal institution
or admitted to an institution for the care and treatment of mentally
ill persons; and the nature of applicant's occupancy of the premises
to be licensed where the application is for a community currency
exchange license. If the applicant is a partnership, the information
specified herein shall be required of each partner. If the applicant
is a corporation, the said information shall be required of each
officer, director and stockholder thereof along with disclosure
of their ownership interests. If the applicant is a limited liability
company, the information required by this Section shall be provided
with respect to each member and manager along with disclosure of
their ownership interests.
A community currency exchange
license application shall be accompanied by a fee of $500 for the
cost of investigating the applicant. If the ownership of a licensee
changes, in whole or in part, a new application must be filed pursuant
to this Section along with a $500 fee if the licensee's ownership
interests have been transferred or sold to a new person or entity
or a fee of $300 if the licensee's ownership interests have been
transferred or sold to a current holder or holders of the licensee's
ownership interests. When the application for a community currency
exchange license has been approved by the Director and the applicant
so advised, an additional sum of $200 as an annual license fee
for a period terminating on the last day of the current calendar
year shall be paid to the Director by the applicant; provided,
that the license fee for an applicant applying for such a license
after July 1st of any year shall be $100 for the balance of such
year.
An application for an ambulatory
currency exchange license shall be accompanied by a fee of $100,
which fee shall be for the cost of investigating the applicant.
An approved applicant shall not be required to pay the initial
investigation fee of $100 more than once. When the application
for an ambulatory currency exchange license has been approved by
the Director, and such applicant so advised, such applicant shall
pay an annual license fee of $25 for each and every location to
be served by such applicant; provided that such license fee for
an approved applicant applying for such a license after July 1st
of any year shall be $12 for the balance of such year for each
and every location to be served by such applicant. Such an approved
applicant for an ambulatory currency exchange license, when applying
for a license with respect to a particular location, shall file
with the Director, at the time of filing an application, a letter
of memorandum, which shall be in writing and under oath, signed
by the owner or authorized representative of the business whose
employees are to be served; such letter or memorandum shall contain
a statement that such service is desired, and that the person signing
the same is authorized so to do. The Director shall thereupon verify
the authenticity of the letter or memorandum and the authority
of the person who executed it, to do so.
(Source: P.A. 92-398, eff. 1-1-02.)
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(205 ILCS 405/4.1) (from Ch. 17, par. 4809)
Sec. 4.1. The General Assembly
finds and declares that community currency exchanges provide important
and vital services to Illinois citizens, that the number of community
currency exchanges should be limited in accordance with the needs
of the communities they are to serve, and that it is in the public
interest to promote and foster the community currency exchange
business and to insure the financial stability thereof. Upon receipt
of an application for a license for a community currency exchange,
the Director shall cause an investigation of the need of the community
for the establishment of a community currency exchange at the location
specified in the application and the effect that granting the license
will have on the financial stability of other community currency
exchanges that may be serving the community in which the business
of the applicant is proposed to be conducted.
"Community", as
used in this Act, means a locality where there may or can be available
to the people thereof the services of a community currency exchange
reasonably accessible to them. If the issuance of a license to
engage in the community currency exchange business at the location
specified will not promote the needs and the convenience and advantage
of the community in which the business of the applicant is proposed
to be conducted, then the application shall be denied.
(Source: P.A. 83-652.)
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(205 ILCS 405/4.2) (from Ch. 17, par. 4810)
Sec. 4.2. Whensoever the
ownership of any Currency Exchange, theretofore licensed under
the provisions of this Act, shall be held or contained in any estate
subject to the control and supervision of any Administrator, Executor
or Guardian appointed, approved or qualified by any Court of the
State of Illinois, having jurisdiction so to do, such Administrator,
Executor or Guardian may, upon the entry of an order by such Court
granting leave to continue the operation of such Currency Exchange,
apply to the Director of Financial Institutions for a license under
the provisions of this Act. When any such Administrator, Executor
or Guardian shall apply for a Currency Exchange License pursuant
to the provisions of this Section, and shall otherwise fully comply
with all of the provisions of this Act relating to the application
for a Currency Exchange license, the Director may issue to such
applicant a Currency Exchange license. Any Currency Exchange license
theretofore issued to a Currency Exchange, for which an application
for a license shall be sought under the provisions of this Section,
if not previously surrendered, lapsed, or revoked, shall be surrendered,
revoked or otherwise terminated before a license shall be issued
pursuant to application made therefor under this Section.
(Source: P.A. 92-16, eff. 6-28-01.)
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(205 ILCS 405/4.3) (from Ch. 17, par. 4811)
Sec. 4.3. Upon receipt of
an application from an ambulatory currency exchange for the conduct
of its business at a location to be served by it, the Director
of Financial Institutions shall cause an investigation to be made
to determine whether to issue said license. No fee shall be charged
for the investigation of an application for a location license.
The Director shall employ the following criteria in making his
determination:
(1) the economic benefit
and convenience to the persons to be served at the location for
which a license has been requested;
(2) the effect that granting
a license will have on the financial stability of community currency
exchanges;
(3) safety benefits, if
any, which may accrue from the granting of the location license;
(4) the effects, if any,
which granting of a license will have on traffic, and traffic congestion
in the immediate area of the location to be served;
(5) such other factors as
the Director shall deem proper and relevant.
(Source: P.A. 85-1356.)
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(205 ILCS 405/5) (from Ch. 17, par. 4812)
Sec. 5. Bond; condition;
amount.
(a) Before any license shall
be issued to a community currency exchange the applicant shall
file annually with and have approved by the Director a surety bond,
issued by a bonding company authorized to do business in this State
in the principal sum of $10,000. Such bond shall run to the Director
and shall be for the benefit of any creditors of such currency
exchange for any liability incurred by the currency exchange on
any money orders issued or sold by the currency exchange and for
any liability incurred by the currency exchange for any sum or
sums due to any payee or endorsee of any check, draft or money
order left with the currency exchange for collection, and for any
liability incurred by the currency exchange in connection with
the rendering of any of the services referred to in Section 3 of
this Act.
From time to time the Director
may determine the amount of liabilities as described herein and
shall require the licensee to file a bond in an additional sum
if the same is determined to be necessary in accordance with the
requirements of this Section. In no case shall the bond be less
than the initial $10,000, nor more than the outstanding liabilities.
(b) In lieu of the surety
bond requirements of subsection (a), a community currency exchange
licensee may submit evidence satisfactory to the Director that
the community currency exchange licensee is covered by a blanket
bond that covers multiple licensees who are members of a statewide
association of community currency exchanges. Such a blanket bond
must be issued by a bonding company authorized to do business in
this State and in a principal aggregate sum of not less than $2,000,000.
(c) An ambulatory currency
exchange may sell or issue money orders at any location with regard
to which it is issued a license pursuant to this Act, including
existing licensed locations, without the necessity of a further
application or hearing and without regard to any exceptions contained
in existing licenses, upon the filing with the Director of a surety
bond approved by the Director and issued by a bonding company or
insurance company authorized to do business in Illinois, in the
principal sum of $100,000. Such bond may be a blanket bond covering
all locations at which the ambulatory currency exchange may sell
or issue money orders, and shall run to the Director for the use
and benefit of any creditors of such ambulatory currency exchange
for any liability incurred by the ambulatory currency exchange
on any money orders issued or sold by it. Such bond shall be renewed
annually. If after the expiration of one year from the date of
approval of such bond by the Director, it shall appear that the
average amount of such liability during the year has exceeded $100,000,
the Director shall require the licensee to furnish a bond for the
ensuing year, to be approved by the Director, for an additional
principal sum of $1,000 for each $1,000 of such liability or fraction
thereof in excess of the original $100,000, except that the maximum
amount of such bond shall not be required to exceed $250,000.
(Source: P.A. 93-614, eff. 11-18-03.)
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(205 ILCS 405/6) (from Ch. 17, par. 4813)
Sec. 6. Insurance against
loss.
(a) Every applicant for
a license hereunder shall, after his application for a license
has been approved, file with and have approved by the Secretary
of Financial and Professional Regulation, a policy or policies
of insurance issued by an insurance company or indemnity company
authorized to do business under the law of this State, which shall
insure the applicant against loss by theft, burglary, robbery or
forgery in a principal sum as hereinafter provided; if the average
amount of cash and liquid funds to be kept on hand in the office
of the community currency exchange during the year will not be
in excess of $10,000 the policy or policies shall be in the principal
sum of $10,000. If such average amount will be in excess of $10,000,
the policy or policies shall be for an additional principal sum
of $500 for each $1,000 or fraction thereof of such excess over
the original $10,000. From time to time, the Secretary may determine
the amount of cash and liquid funds on hand in the office of any
community currency exchange and shall require the licensee to submit
additional policies if the same are determined to be necessary
in accordance with the requirements of this Section.
However, any community currency
exchange licensed under this Act may meet the bonding requirements
of this subsection (a) by submitting evidence satisfactory to the
Secretary that the licensee is covered by a blanket bond that covers
multiple licensees. The blanket bond: (i) shall insure the licensee
against loss by theft, robbery, or forgery; (ii) shall be issued
by a bonding company authorized to do business in this State; and
(iii) shall be in the principal sum of an amount equal to the maximum
amount required under this Section for any one licensee covered
by the bond.
Any such policy or policies,
with respect to forgery, may carry a condition that the community
currency exchange assumes the first $1,000 of each claim thereunder.
(b) Before an ambulatory
currency exchange shall sell or issue money orders, it shall file
with and have approved by the Secretary, a policy or policies of
insurance issued by an insurance company or indemnity company authorized
to do business under the laws of this State, which shall insure
such ambulatory currency exchange against loss by theft, burglary,
robbery, forgery or embezzlement in the principal sum of not less
than $500,000. If the average amount of cash and liquid funds to
be kept on hand during the year will exceed $500,000, the policy
or policies shall be for an additional principal sum of $500 for
each $1,000 or fraction thereof in excess of $500,000. From time
to time the Secretary may determine the amount of cash and liquid
funds kept on hand by an ambulatory currency exchange and shall
require it to submit such additional policies as are determined
to be required within the limits of this Section. No ambulatory
currency exchange subject to this Section shall be required to
furnish more than one policy of insurance if the policy furnished
insures it against the foregoing losses at all locations served
by it.
Any such policy may contain
a condition that the insured assumes a portion of the loss, provided
the insured shall file with such policy a sworn financial statement
indicating its ability to act as self-insurer in the amount
of such deductible portion of the policy without prejudice to the
safety of any funds belonging to its customers. If the Secretary
is not satisfied as to the financial ability of the ambulatory
currency exchange, he may require it to deposit cash or United
States Government Bonds in the amount of part or all of the deductible
portion of the policy.
(Source: P.A. 94-538, eff. 1-1-06.)
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(205 ILCS 405/7) (from Ch. 17, par. 4814)
Sec. 7. Available funds;
minimum amount. Each community currency exchange shall have, at
all times, a minimum sum of its own cash funds available for the
uses and purposes of its business and said minimum sum shall be
exclusive of and in addition to funds received for exchange or
transfer; and in addition thereto each such licensee shall at all
times have on hand an amount of liquid funds sufficient to pay
on demand all outstanding money orders issued by it. Prior to January
1, 1979, this minimum sum shall be $4,000. After January 1, 1979,
this minimum sum shall be $5,000.
In the event a receiver
is appointed in accordance with Section 15.1 of this Act, and the
Director determines that the business of the currency exchange
should be liquidated, and if it shall appear that the said minimum
sum was not on hand or available at the time of the appointment
of the receiver, then the receiver shall have the right to recover
in any court of competent jurisdiction from the owner or owners
of such currency exchange, or from the stockholders and directors
thereof if such currency exchange was operated by a corporation,
or from the members if the currency exchange was operated as a
limited liability company, said sum or that part thereof which
was not on hand or available at the time of the appointment of
such receiver. Nothing contained in this Section shall limit or
impair the liability of any bonding or insurance company on any
bond or insurance policy relating to such community currency exchange
issued pursuant to the requirements of this Act, nor shall anything
contained herein limit or impair such other rights or remedies
as the receiver may otherwise have.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/8) (from Ch. 17, par. 4815)
Sec. 8. A community or an
ambulatory currency exchange shall not be conducted as a department
of another business. It must be an entity, financed and conducted
as a separate business unit. This shall not prevent a community
or an ambulatory currency exchange from leasing a part of the premises
of another business for the conduct of this business on the same
premises; provided, that no community currency exchange shall be
conducted on the same premises with a business whose chief source
of revenue is derived from the sale of alcoholic liquor for consumption
on the premises; provided, further, that no community currency
exchange hereafter licensed for the first time shall share any
room with any other business, trade or profession nor shall it
occupy any room from which there is direct access to a room occupied
by any other business, trade or profession.
(Source: Laws 1951, p. 562.)
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(205 ILCS 405/9) (from Ch. 17, par. 4816)
Sec. 9. No community or
ambulatory currency exchange shall issue tokens to be used in lieu
of money for the purchase of goods or services from any enterprise,
except that currency exchanges may engage in the distribution of
food stamps as authorized by Section 3.2.
(Source: P.A. 80-439.)
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(205 ILCS 405/10) (from Ch. 17, par. 4817)
Sec. 10. Qualifications
of applicant; denial of license; review. The applicant, and its
officers, directors and stockholders, if a corporation, and its
managers and members, if a liability company, shall be vouched
for by 2 reputable citizens of this State setting forth that the
individual mentioned is (a) personally known to them to be trustworthy
and reputable, (b) that he has business experience qualifying him
to competently conduct, operate, own or become associated with
a currency exchange, (c) that he has a good business reputation
and is worthy of a license. Thereafter, the Director shall, upon
approval of the application filed with him, issue to the applicant,
qualifying under this Act, a license to operate a currency exchange.
If it is a license for a community currency exchange, the same
shall be valid only at the place of business specified in the application.
If it is a license for an ambulatory currency exchange, it shall
entitle the applicant to operate only at the location or locations
specified in the application, provided the applicant shall secure
separate and additional licenses for each of such locations. Such
licenses shall remain in full force and effect, until they are
surrendered by the licensee, or revoked, or expire, as herein provided.
If the Director shall not so approve, he shall not issue such license
or licenses and shall notify the applicant of such denial, retaining
the full investigation fee to cover the cost of investigating the
community currency exchange applicant. The Director shall approve
or deny every application hereunder within 90 days from the filing
thereof; except that in respect to an application by an approved
ambulatory currency exchange for a license with regard to a particular
location to be served by it, the same shall be approved or denied
within 20 days from the filing thereof. If the application is denied,
the Director shall send by United States mail notice of such denial
to the applicant at the address set forth in the application.
If an application is denied,
the applicant may, within 10 days from the date of the notice of
denial, make written request to the Director for a hearing on the
application, and the Director shall set a time and place for the
hearing. The hearing shall be set for a date after the receipt
by the Director of the request for hearing, and written notice
of the time and place of the hearing shall be mailed to the applicant
at least 15 days before the date of the hearing. The applicant
shall pay the actual cost of making the transcript of the hearing
prior to the Director's issuing his decision following the hearing.
If, following the hearing, the application is denied, the Director
shall, within 20 days thereafter prepare and keep on file in his
office a written order of denial thereof, which shall contain his
findings with respect thereto and the reasons supporting the denial,
and shall send by United States Mail a copy thereof to the applicant
at the address set forth in the application, within 5 days after
the filing of such order. A review of any such decision may be
had as provided in Section 22.01 of this Act.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/10.1) (from Ch. 17, par. 4818)
Sec. 10.1. For the purposes
of this Act, the Director, and the hearing officer, as hereinafter
provided, shall have power to require by subpoena the attendance
and testimony of witnesses, and the production of all documentary
evidence relating to any matter under hearing pursuant to this
Act, and shall issue such subpoenas at the request of any interested
party. The hearing officer may sign subpoenas in the name of the
Director.
The Director may, in his
discretion, direct that any hearing pursuant to this Act, shall
be held before a competent and qualified agent of the Director,
whom the Director shall designate as the hearing officer in such
matter. The Director, and the hearing officer, are hereby empowered
to, and shall, administer oaths and affirmations to all witnesses
appearing before them. The hearing officer, upon the conclusion
of the hearing before him, shall certify the evidence to the Director.
Any Circuit Court of this
State, within the jurisdiction of which such hearing is carried
on, may, in case of contumacy, or refusal of a witness to obey
a subpoena, issue an order requiring such witness to appear before
the Director, or the hearing officer, or to produce documentary
evidence, or to give testimony touching the matter in question;
and any failure to obey such order of the court may be punished
by such court as a contempt thereof.
(Source: Laws 1957, p. 320.)
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(205 ILCS 405/11) (from Ch. 17, par. 4819)
Sec. 11. Such license, if
issued for a community currency exchange, shall state the name
of the licensee and the address at which the business is to be
conducted. Such license shall be kept conspicuously posted in the
place of business of the licensee and shall not be transferable
or assignable. If issued for an ambulatory currency exchange, it
shall so state, and shall state the name and office address of
the licensee, and the name and address of the location or locations
to be served by the licensee, and shall not be transferable and
assignable.
(Source: Laws 1951, p. 562.)
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(205 ILCS 405/12) (from Ch. 17, par. 4820)
Sec. 12. If the Director
shall find at any time that the bond is insecure or exhausted or
otherwise doubtful, an additional bond in like amount to be approved
by the Director shall be filed by the licensee within 30 days after
written demand therefor upon the licensee by the Director.
(Source: Laws 1957, p. 320.)
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(205 ILCS 405/13) (from Ch. 17, par. 4821)
Sec. 13. No more than one
place of business shall be maintained under the same community
currency exchange license, but the Director may issue more than
one license to the same licensee upon compliance with the provisions
of this Act governing an original issuance of a license, for each
new license.
Whenever a community currency
exchange or an ambulatory currency exchange shall wish to change
its name in its license, it shall file an application for approval
thereof with the Director, and if the change is approved by the
Director he shall attach to the license, in writing, a rider stating
the licensee's new name.
If an ambulatory currency
exchange has serviced a licensed location for 2 years or longer
and the employer whose employees are served at that location has
moved his place of business, the currency exchange may continue
its service to the employees of that employer at the new address
of that employer's place of business by filing a notice of the
change of address with the Director and by relinquishing its license
to conduct its business at the employer's old address upon receipt
of a license to conduct its business at the employer's new address.
Nothing in this Act shall preclude or prevent an ambulatory currency
exchange from filing an application to conduct its business at
the old address of an employer who moved his place of business
after the ambulatory currency exchange receives a license to conduct
its business at the employer's new address through the filing of
a notice of its change of address with the Director and the relinquishing
of its license to conduct its business at the employer's old address.
Whenever a currency exchange
wishes to make any other change in the address set forth in any
of its licenses, it shall apply to the Director for approval of
such change of address. Every application for approval of a change
of address shall be treated by the Director in the same manner
as is otherwise provided in this Act for the treatment of proposed
places of business or locations as contained in new applications
for licenses; and if any fact or condition then exists with respect
to the application for change of address, which fact or condition
would otherwise authorize denial of a new application for a license
because of the address of the proposed location or place of business,
then such application for change of address shall not be approved.
Whenever a community currency exchange wishes to sell its physical
assets, it may do so, however, if the assets are sold with the
intention of continuing the operation of a community currency exchange,
the purchaser or purchasers must first make application to the
Director for licensure in accordance with Sections 4 and 10 of
this Act. If the Director shall not so approve, he shall not issue
such license and shall notify the applicant or applicants of such
denial. The investigation fee for a change of location shall be
$75 on September 22, 1987 and until July 1, 1988, and $125 on July
1, 1988 and until July 1, 1989, and $150 on and after July 1, 1989.
The provisions of Section
10 with reference to notice, hearing and review apply to applications
filed pursuant to this Section.
(Source: P.A. 85-1209.)
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(205 ILCS 405/13.1) (from Ch. 17, par. 4822)
Sec. 13.1. Consolidation
of business locations. Whenever 2 or more licensees desire to consolidate
their places of business, they shall make application for such
consolidation to the Director upon a form provided by him. This
application shall state: (a) the name to be adopted and the location
at which the business is to be located, which name and location
shall be the same as one of the consolidating licensees; (b) that
the owners or all partners or all stockholders or all members,
as the case may be, of the licensees involved in the contemplated
consolidation, have approved the application; (c) a certification
by the secretary, if any of the licensees be corporations, that
the contemplated consolidation has been approved by all of the
stockholders at a properly convened stockholders meeting; (d) other
relevant information the Director may require. Simultaneously with
the approval of the application by the Director, the licensee or
licensees who will cease doing business shall: (a) surrender their
license or licenses to the Director; (b) transfer all of their
assets and liabilities to the licensee continuing to operate by
virtue of the application; (c) apply to the Secretary of State,
if they be corporations, for surrender of their corporate charter
in accordance with the provisions of the Business Corporation Act
of 1983.
An application for consolidation
shall be approved or rejected by the Director within 30 days after
receipt by him of such application and supporting documents required
thereunder.
Such consolidation shall
not affect suits pending in which the surrendering licensees are
parties; nor shall such consolidation affect causes of action nor
the rights of persons in particular; nor shall suits brought against
such licensees in their former names be abated for that cause.
Nothing contained herein
shall limit or prohibit any action or remedy available to a licensee
or to the Director under Sections 15, 15.1 to 15.1e or 15.2 of
this Act.
(Source: P.A. 90-545, eff. 1-1-98.)
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(205 ILCS 405/14) (from Ch. 17, par. 4823)
Sec. 14. Every licensee,
shall, on or before November 15, pay to the Director the annual
license fee or fees for the next succeeding calendar year and shall
at the same time file with the Director the annual report required
by Section 16 of this Act, and the annual bond or bonds, and the
insurance policy or policies as and if required by this Act. The
annual license fee for each community currency exchange shall be
$150 on the effective date of this amendatory Act of 1987 and until
January 1, 1989, and $180 on January 1, 1989 and until January
1, 1990, and $200 on and after January 1, 1990. The annual license
fee for each location served by an ambulatory currency exchange
shall be $25.
(Source: P.A. 85-708.)
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(205 ILCS 405/14.1)
Sec. 14.1. All moneys received
by the Department of Financial Institutions under this Act shall
be deposited in the Financial Institutions Fund created under Section
6z-26 of the State Finance Act.
(Source: P.A. 88-13.)
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(205 ILCS 405/15) (from Ch. 17, par. 4824)
Sec. 15. The Director may,
upon 10 days notice to the licensee by United States mail directed
to the licensee at the address set forth in the license, stating
the contemplated action and in general the grounds therefor, and
upon reasonable opportunity to be heard prior to such action, fine,
suspend or revoke any license issued hereunder if he shall find
that:
(a) The licensee has failed
to pay the annual license fee or to maintain in effect the required
bond or bonds or insurance policy or policies or to comply with
any order, decision, or finding of the Director made pursuant to
this Act; or that
(b) The licensee has violated
any provision of this Act or any regulation or direction made by
the Director under this Act; or that
(c) Any fact or condition
exists which, if it had existed at the time of the original application
for such license, would have warranted the Director in refusing
the issuance of the license; or that
(d) The licensee has not
operated the currency exchange or at the location licensed, for
a period of sixty consecutive days, unless the licensee was prevented
from operating during such period by reason of events or acts beyond
the licensee's control.
Prior to suspension or revocation
of the licenses issued hereunder, the Director may but is not required
to fine a licensee up to a maximum of $100 a day.
The Director may fine, suspend
or revoke only the particular license or licenses for particular
places of business or locations with respect to which grounds for
revocation may occur or exist; except that if he shall find that
such grounds for revocation are of general application to all places
of business or locations, or that such grounds for fines, suspension
or revocation have occurred or exist with respect to a substantial
number of places of business or locations, he may fine, suspend
or revoke all of the licenses issued to such licensee.
A licensee may surrender
any license by delivering to the Director written notice that he,
they or it thereby surrenders such license, but such surrender
shall not affect such licensee's civil or criminal liability for
acts committed prior to such surrender, or affect the liability
on his, their or its bond or bonds, or his, their or its policy
or policies of insurance, required by this Act, or entitle such
licensee to a return of any part of the annual license fee or fees.
Every license issued hereunder
shall remain in force until the same shall expire, or shall have
been surrendered, suspended or revoked in accordance with this
Act, but the Director may on his own motion, issue new licenses
to a licensee whose license or licenses shall have been revoked
if no fact or condition then exists which clearly would have warranted
the Director in refusing originally the issuance of such license
under this Act.
No license shall be revoked
until the licensee has had notice of a hearing thereon and an opportunity
to be heard. When any license is so revoked, the Director shall
within twenty (20) days thereafter, prepare and keep on file in
his office, a written order or decision of revocation which shall
contain his findings with respect thereto and the reasons supporting
the revocation and shall send by United States mail a copy thereof
to the licensee at the address set forth in the license within
five (5) days after the filing in his office of such order, finding
or decision. A review of any such order, finding or decision may
be had as provided in Section 22.01 of this Act.
(Source: P.A. 80-1101.)
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(205 ILCS 405/15.1) (from Ch. 17, par. 4825)
Sec. 15.1. If the Director
determines that any licensee is insolvent or is violating this
Act, he shall appoint a receiver, who shall, under his direction,
for the purpose of receivership, take possession of and title to
the books, records and assets of every description of the community
currency exchange. The Director shall require of the receiver such
security as he deems proper and, upon appointment of the receiver,
shall have published, once each week for 4 consecutive weeks in
a newspaper having a general circulation in the community, a notice
calling on all persons who have claims against the community currency
exchange, to present them to the receiver.
Within 10 days after the
receiver takes possession of the property, the licensee may apply
to the Circuit Court of Sangamon County to enjoin further proceedings
in the premises.
The receiver may operate
the community currency exchange until the Director determines that
possession should be restored to the licensee or that the business
should be liquidated.
(Source: L | |
