Illinois 97th Regular Session Status: Enacted

HB 159 — CURRENCY EXCHANGE ACT-ADMIN

Last action — Public Act . . . . . . . . . 97-0315

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 13, 2011. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.

Bill Text

What changed in the latest version

53 added · 53 removed

Plain-language change summary

The latest version of Bill HB 159 introduces several significant changes to the regulation of currency exchanges. It now requires that all funds received for utility remittances be deposited into a dedicated escrow account by the next business day, which adds an extra layer of financial security for consumers. Additionally, the fees for obtaining and maintaining a community currency exchange license have increased substantially, indicating a stricter regulatory environment that ensures these businesses are better capitalized and more accountable. These changes matter because they aim to protect consumers and enhance the overall stability of the currency exchange industry.

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HB0159 Engrossed LRB097 05583 CEL 45645 b AN ACT concerning regulation.
HB0159 Enrolled LRB097 05583 CEL 45645 b AN ACT concerning regulation.
"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, HB0159 Engrossed - 2 - LRB097 05583 CEL 45645 b 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.
"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, HB0159 Enrolled - 2 - LRB097 05583 CEL 45645 b 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.
"Secretary Director" means the Secretary Director of Financial and Professional Regulation or a person authorized by HB0159 Engrossed - 3 - LRB097 05583 CEL 45645 b the Secretary or this Act to act in the Secretary's stead Financial Institutions.
"Secretary Director" means the Secretary Director of Financial and Professional Regulation or a person authorized by HB0159 Enrolled - 3 - LRB097 05583 CEL 45645 b the Secretary or this Act to act in the Secretary's stead Financial Institutions.
(b) 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, HB0159 Engrossed - 4 - LRB097 05583 CEL 45645 b in the course of such business and only as an incident thereto, cashes checks, drafts, money orders or other evidences of money.
(b) 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, HB0159 Enrolled - 4 - LRB097 05583 CEL 45645 b in the course of such business and only as an incident thereto, cashes checks, drafts, money orders or other evidences of money.
An HB0159 Engrossed - 5 - LRB097 05583 CEL 45645 b 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.
An HB0159 Enrolled - 5 - LRB097 05583 CEL 45645 b 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.
No community or ambulatory currency exchange shall be permitted to HB0159 Engrossed - 6 - LRB097 05583 CEL 45645 b accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order.
No community or ambulatory currency exchange shall be permitted to HB0159 Enrolled - 6 - LRB097 05583 CEL 45645 b accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order.
State vehicle registration renewals, title transfers and tax remittance forms, city vehicle licenses, and other governmental services, (vi) photocopying and sending and receiving facsimile transmissions, (vii) notary service either by the proprietor of the currency exchange or any currency exchange employee, authorized by the State to act as a notary public, (viii) issuance of travelers checks obtained by the currency exchange from a banking institution under a trust HB0159 Engrossed - 7 - LRB097 05583 CEL 45645 b receipt, (ix) accepting for payment utility and other companies' bills, (x) issuance and acceptance of any third-party debit, credit, or stored value card and loading or unloading, (xi) on-premises automated cash dispensing machines, (xii) sale of rolled coin and paper money, (xiii) exchange of foreign currency through a third-party, (xiv) sale of cards, passes, or tokens for public transit, (xv) providing mail box service, (xvi) sale of phone cards and other pre-paid telecommunication services, (xvii) on-premises public telephone, (xviii) sale of U.S.
State vehicle registration renewals, title transfers and tax remittance forms, city vehicle licenses, and other governmental services, (vi) photocopying and sending and receiving facsimile transmissions, (vii) notary service either by the proprietor of the currency exchange or any currency exchange employee, authorized by the State to act as a notary public, (viii) issuance of travelers checks obtained by the currency exchange from a banking institution under a trust HB0159 Enrolled - 7 - LRB097 05583 CEL 45645 b receipt, (ix) accepting for payment utility and other companies' bills, (x) issuance and acceptance of any third-party debit, credit, or stored value card and loading or unloading, (xi) on-premises automated cash dispensing machines, (xii) sale of rolled coin and paper money, (xiii) exchange of foreign currency through a third-party, (xiv) sale of cards, passes, or tokens for public transit, (xv) providing mail box service, (xvi) sale of phone cards and other pre-paid telecommunication services, (xvii) on-premises public telephone, (xviii) sale of U.S.
Any community or ambulatory currency exchange may enter into an agreements with any utility and HB0159 Engrossed - 8 - LRB097 05583 CEL 45645 b other companies to act as its the companies' 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 enter into an agreements with any utility and HB0159 Enrolled - 8 - LRB097 05583 CEL 45645 b other companies to act as its the companies' 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.
HB0159 Engrossed - 9 - LRB097 05583 CEL 45645 b 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, or a licensed, regulated tax service approved by the Internal Revenue Service.
HB0159 Enrolled - 9 - LRB097 05583 CEL 45645 b 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, or a licensed, regulated tax service approved by the Internal Revenue Service.
A currency exchange, group of HB0159 Engrossed - 10 - LRB097 05583 CEL 45645 b currency exchanges, or association of currency exchanges must request, in writing, the Secretary's approval of the additional service prior to rendering such additional service to the public.
A currency exchange, group of HB0159 Enrolled - 10 - LRB097 05583 CEL 45645 b currency exchanges, or association of currency exchanges must request, in writing, the Secretary's approval of the additional service prior to rendering such additional service to the public.
(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 HB0159 Engrossed - 11 - LRB097 05583 CEL 45645 b every member thereof, and the name and business address if the applicant is a corporation;
(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 HB0159 Enrolled - 11 - LRB097 05583 CEL 45645 b every member thereof, and the name and business address if the applicant is a corporation;
If the applicant is a limited liability company, the information required by this HB0159 Engrossed - 12 - LRB097 05583 CEL 45645 b Section shall be provided with respect to each member and manager along with disclosure of their ownership interests.
If the applicant is a limited liability company, the information required by this HB0159 Enrolled - 12 - LRB097 05583 CEL 45645 b Section shall be provided with respect to each member and manager along with disclosure of their ownership interests.
When the application for an ambulatory HB0159 Engrossed - 13 - LRB097 05583 CEL 45645 b currency exchange license has been approved by the Secretary 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;
When the application for an ambulatory HB0159 Enrolled - 13 - LRB097 05583 CEL 45645 b currency exchange license has been approved by the Secretary 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;
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 HB0159 Engrossed - 14 - LRB097 05583 CEL 45645 b 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.
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 HB0159 Enrolled - 14 - LRB097 05583 CEL 45645 b 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.
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 HB0159 Engrossed - 15 - LRB097 05583 CEL 45645 b 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 Secretary Director of Financial Institutions for a license under the provisions of this Act.
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 HB0159 Enrolled - 15 - LRB097 05583 CEL 45645 b 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 Secretary Director of Financial Institutions for a license under the provisions of this Act.
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 Secretary Director of Financial HB0159 Engrossed - 16 - LRB097 05583 CEL 45645 b Institutions shall cause an investigation to be made to determine whether to issue said license.
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 Secretary Director of Financial HB0159 Enrolled - 16 - LRB097 05583 CEL 45645 b Institutions shall cause an investigation to be made to determine whether to issue said license.
Such bond shall run to HB0159 Engrossed - 17 - LRB097 05583 CEL 45645 b the Secretary 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, including any fees and penalties incurred by the remitter should the money order be returned unpaid, 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.
Such bond shall run to HB0159 Enrolled - 17 - LRB097 05583 CEL 45645 b the Secretary 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, including any fees and penalties incurred by the remitter should the money order be returned unpaid, 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.
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 HB0159 Engrossed - 18 - LRB097 05583 CEL 45645 b less than $3,000,000 as of May 1, 2012, and not less than $4,000,000 as of May 1, 2014 $2,000,000.
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 HB0159 Enrolled - 18 - LRB097 05583 CEL 45645 b less than $3,000,000 as of May 1, 2012, and not less than $4,000,000 as of May 1, 2014 $2,000,000.
If after the expiration of one year from the date of approval of such bond by the Secretary Director, it shall appear that the average amount of such liability during the year has exceeded $100,000, the Secretary Director shall require the licensee to furnish a bond for the ensuing year, to be approved by the Secretary 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 HB0159 Engrossed - 19 - LRB097 05583 CEL 45645 b exceed $250,000.
If after the expiration of one year from the date of approval of such bond by the Secretary Director, it shall appear that the average amount of such liability during the year has exceeded $100,000, the Secretary Director shall require the licensee to furnish a bond for the ensuing year, to be approved by the Secretary 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 HB0159 Enrolled - 19 - LRB097 05583 CEL 45645 b exceed $250,000.
However, any community currency exchange licensed under HB0159 Engrossed - 20 - LRB097 05583 CEL 45645 b this Act may meet the insurance bonding requirements of this subsection (a) by submitting evidence satisfactory to the Secretary that the licensee is covered by a blanket insurance policy bond that covers multiple licensees.
However, any community currency exchange licensed under HB0159 Enrolled - 20 - LRB097 05583 CEL 45645 b this Act may meet the insurance bonding requirements of this subsection (a) by submitting evidence satisfactory to the Secretary that the licensee is covered by a blanket insurance policy bond that covers multiple licensees.
From time to time the Secretary may determine the amount of cash and liquid funds kept on hand by an ambulatory HB0159 Engrossed - 21 - LRB097 05583 CEL 45645 b currency exchange and shall require it to submit such additional policies as are determined to be required within the limits of this Section.
From time to time the Secretary may determine the amount of cash and liquid funds kept on hand by an ambulatory HB0159 Enrolled - 21 - LRB097 05583 CEL 45645 b currency exchange and shall require it to submit such additional policies as are determined to be required within the limits of this Section.
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 HB0159 Engrossed - 22 - LRB097 05583 CEL 45645 b outstanding money orders issued by it.
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 HB0159 Enrolled - 22 - LRB097 05583 CEL 45645 b outstanding money orders issued by it.
HB0159 Engrossed - 23 - LRB097 05583 CEL 45645 b review.
HB0159 Enrolled - 23 - LRB097 05583 CEL 45645 b review.
The Secretary Director shall approve or deny every application hereunder within 90 days from the filing HB0159 Engrossed - 24 - LRB097 05583 CEL 45645 b of a complete application thereof;
The Secretary Director shall approve or deny every application hereunder within 90 days from the filing HB0159 Enrolled - 24 - LRB097 05583 CEL 45645 b of a complete application thereof;
A review of any such decision may be had as HB0159 Engrossed - 25 - LRB097 05583 CEL 45645 b provided in Section 22.01 of this Act.
A review of any such decision may be had as HB0159 Enrolled - 25 - LRB097 05583 CEL 45645 b provided in Section 22.01 of this Act.
4821) HB0159 Engrossed - 26 - LRB097 05583 CEL 45645 b Sec.
4821) HB0159 Enrolled - 26 - LRB097 05583 CEL 45645 b Sec.
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 HB0159 Engrossed - 27 - LRB097 05583 CEL 45645 b through the filing of a notice of its change of address with the Secretary Director and the relinquishing of its license to conduct its business at the employer's old 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 HB0159 Enrolled - 27 - LRB097 05583 CEL 45645 b through the filing of a notice of its change of address with the Secretary Director and the relinquishing of its license to conduct its business at the employer's old address.
shall be $75 on September 22, 1987 and until July 1, 1988, and $125 HB0159 Engrossed - 28 - LRB097 05583 CEL 45645 b on July 1, 1988 and until July 1, 1989, and $150 on and after July 1, 1989.
shall be $75 on September 22, 1987 and until July 1, 1988, and $125 HB0159 Enrolled - 28 - LRB097 05583 CEL 45645 b on July 1, 1988 and until July 1, 1989, and $150 on and after July 1, 1989.
(a) surrender their license or licenses to the Secretary HB0159 Engrossed - 29 - LRB097 05583 CEL 45645 b Director;
(a) surrender their license or licenses to the Secretary HB0159 Enrolled - 29 - LRB097 05583 CEL 45645 b Director;
Every licensee, shall, on or before November 15, pay to the Secretary Director the annual license fee or fees for the next succeeding calendar year and shall at the same time file with the Secretary Director the annual report HB0159 Engrossed - 30 - LRB097 05583 CEL 45645 b 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.
Every licensee, shall, on or before November 15, pay to the Secretary Director the annual license fee or fees for the next succeeding calendar year and shall at the same time file with the Secretary Director the annual report HB0159 Enrolled - 30 - LRB097 05583 CEL 45645 b 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 Secretary may, after 15 days notice by registered or certified mail to the licensee at the address set forth in the license stating the contemplated action and in general the grounds therefore, fine the licensee an amount not exceeding $1,000 per violation or revoke or suspend any license issued if he or she finds that Director may, upon 10 days HB0159 Engrossed - 31 - LRB097 05583 CEL 45645 b 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:
The Secretary may, after 15 days notice by registered or certified mail to the licensee at the address set forth in the license stating the contemplated action and in general the grounds therefore, fine the licensee an amount not exceeding $1,000 per violation or revoke or suspend any license issued if he or she finds that Director may, upon 10 days HB0159 Enrolled - 31 - LRB097 05583 CEL 45645 b 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:
or that (e) the (d) The licensee has not operated the currency exchange or at the location licensed, for a period of 60 sixty consecutive days, unless the licensee was prevented from operating during such period by reason of events or HB0159 Engrossed - 32 - LRB097 05583 CEL 45645 b acts beyond the licensee's control.
or that (e) the (d) The licensee has not operated the currency exchange or at the location licensed, for a period of 60 sixty consecutive days, unless the licensee was prevented from operating during such period by reason of events or HB0159 Enrolled - 32 - LRB097 05583 CEL 45645 b acts beyond the licensee's control.
The Secretary and any administrative law judge designated by him or her shall have the power to administer oaths and HB0159 Engrossed - 33 - LRB097 05583 CEL 45645 b affirmations, subpoena witnesses and compel their attendance, take evidence, and require the production of books, papers, correspondence, and other records or information that he or she considers relevant or material to the inquiry.
The Secretary and any administrative law judge designated by him or her shall have the power to administer oaths and HB0159 Enrolled - 33 - LRB097 05583 CEL 45645 b affirmations, subpoena witnesses and compel their attendance, take evidence, and require the production of books, papers, correspondence, and other records or information that he or she considers relevant or material to the inquiry.
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 Secretary 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 HB0159 Engrossed - 34 - LRB097 05583 CEL 45645 b warranted the Secretary Director in refusing originally the issuance of such license under this Act.
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 Secretary 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 HB0159 Enrolled - 34 - LRB097 05583 CEL 45645 b warranted the Secretary Director in refusing originally the issuance of such license under this Act.
The Secretary may Director shall require of the receiver such security as he or she deems proper HB0159 Engrossed - 35 - LRB097 05583 CEL 45645 b 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.
The Secretary may Director shall require of the receiver such security as he or she deems proper HB0159 Enrolled - 35 - LRB097 05583 CEL 45645 b 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.
The receiver shall, 30 days from the day the Secretary HB0159 Engrossed - 36 - LRB097 05583 CEL 45645 b Director determines that the business should be liquidated, file with the Secretary Director and with the clerk of such court as has charge of the liquidation, a correct list of all creditors who have not presented their claims.
The receiver shall, 30 days from the day the Secretary HB0159 Enrolled - 36 - LRB097 05583 CEL 45645 b Director determines that the business should be liquidated, file with the Secretary Director and with the clerk of such court as has charge of the liquidation, a correct list of all creditors who have not presented their claims.
To carry out this policy and to insure that customers of community currency exchanges are protected in the event it is determined that a community currency exchange in receivership should be liquidated in HB0159 Engrossed - 37 - LRB097 05583 CEL 45645 b accordance with Section 15.1a of this Act, the Secretary Director shall make a distribution of moneys collected by the receiver in the following order of priority:
To carry out this policy and to insure that customers of community currency exchanges are protected in the event it is determined that a community currency exchange in receivership should be liquidated in HB0159 Enrolled - 37 - LRB097 05583 CEL 45645 b accordance with Section 15.1a of this Act, the Secretary Director shall make a distribution of moneys collected by the receiver in the following order of priority:
HB0159 Engrossed - 38 - LRB097 05583 CEL 45645 b Fourth, allowed claims arising by virtue of and to the extent of the amount paid by a purchaser of Illinois license plates, vehicle stickers sold for State and municipal governments in Illinois, and temporary Illinois registration permits purchased at the currency exchange being liquidated;
HB0159 Enrolled - 38 - LRB097 05583 CEL 45645 b Fourth, allowed claims arising by virtue of and to the extent of the amount paid by a purchaser of Illinois license plates, vehicle stickers sold for State and municipal governments in Illinois, and temporary Illinois registration permits purchased at the currency exchange being liquidated;
The Secretary Director shall pay all claims of equal priority according to the schedule set out above, and shall not pay claims of lower priority until all higher priority claims HB0159 Engrossed - 39 - LRB097 05583 CEL 45645 b are satisfied.
The Secretary Director shall pay all claims of equal priority according to the schedule set out above, and shall not pay claims of lower priority until all higher priority claims HB0159 Enrolled - 39 - LRB097 05583 CEL 45645 b are satisfied.
All expenses of the receivership, including reasonable receiver's and attorney's fees approved by the Secretary Director, and all expenses of any preliminary or other examinations into the condition of the community currency exchange or receivership, and all expenses incident to the possession and control of any property or records of the HB0159 Engrossed - 40 - LRB097 05583 CEL 45645 b community currency exchange incurred by the Secretary Director shall be paid out of the assets of the community currency exchange.
All expenses of the receivership, including reasonable receiver's and attorney's fees approved by the Secretary Director, and all expenses of any preliminary or other examinations into the condition of the community currency exchange or receivership, and all expenses incident to the possession and control of any property or records of the HB0159 Enrolled - 40 - LRB097 05583 CEL 45645 b community currency exchange incurred by the Secretary Director shall be paid out of the assets of the community currency exchange.
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Upon the filing with the Secretary Director of a statement of HB0159 Engrossed - 41 - LRB097 05583 CEL 45645 b termination the Secretary Director shall cause notice thereof to be published once each week for three consecutive weeks in a public newspaper of general circulation published in the city or village where such community currency exchange is located, and if no newspaper shall be there published, then in a public newspaper of general circulation nearest to said city or village;
Upon the filing with the Secretary Director of a statement of HB0159 Enrolled - 41 - LRB097 05583 CEL 45645 b termination the Secretary Director shall cause notice thereof to be published once each week for three consecutive weeks in a public newspaper of general circulation published in the city or village where such community currency exchange is located, and if no newspaper shall be there published, then in a public newspaper of general circulation nearest to said city or village;
320.) HB0159 Engrossed - 42 - LRB097 05583 CEL 45645 b (205 ILCS 405/16) (from Ch.
320.) HB0159 Enrolled - 42 - LRB097 05583 CEL 45645 b (205 ILCS 405/16) (from Ch.
For that purpose, the Secretary Director shall have free access to the offices and places of business and to such records of all such persons, firms, partnerships, associations, limited liability companies and members thereof, and corporations and to the officers and directors thereof that shall relate to such currency exchange HB0159 Engrossed - 43 - LRB097 05583 CEL 45645 b business.
For that purpose, the Secretary Director shall have free access to the offices and places of business and to such records of all such persons, firms, partnerships, associations, limited liability companies and members thereof, and corporations and to the officers and directors thereof that shall relate to such currency exchange HB0159 Enrolled - 43 - LRB097 05583 CEL 45645 b business.
All information collected by the Department in the course of an examination or investigation of an ambulatory or community currency exchange or applicant, including, by not limited to, any complaint against an HB0159 Engrossed - 44 - LRB097 05583 CEL 45645 b ambulatory or community currency exchange filed with the Department, and information collected to investigate any such complaint shall be maintained for the confidential use of the Department and shall not be disclosed.
All information collected by the Department in the course of an examination or investigation of an ambulatory or community currency exchange or applicant, including, by not limited to, any complaint against an HB0159 Enrolled - 44 - LRB097 05583 CEL 45645 b ambulatory or community currency exchange filed with the Department, and information collected to investigate any such complaint shall be maintained for the confidential use of the Department and shall not be disclosed.
(2) the month and year of sale or HB0159 Engrossed - 45 - LRB097 05583 CEL 45645 b issuance;
(2) the month and year of sale or HB0159 Enrolled - 45 - LRB097 05583 CEL 45645 b issuance;
320.) HB0159 Engrossed - 46 - LRB097 05583 CEL 45645 b (205 ILCS 405/19) (from Ch.
320.) HB0159 Enrolled - 46 - LRB097 05583 CEL 45645 b (205 ILCS 405/19) (from Ch.
community currency exchanges and ambulatory currency HB0159 Engrossed - 47 - LRB097 05583 CEL 45645 b exchanges provide important and vital services to Illinois citizens.
community currency exchanges and ambulatory currency HB0159 Enrolled - 47 - LRB097 05583 CEL 45645 b exchanges provide important and vital services to Illinois citizens.
The Secretary Director shall include in such report the total amount of funds remitted to the State and delivered to the State Treasurer by currency exchanges pursuant HB0159 Engrossed - 48 - LRB097 05583 CEL 45645 b to the Uniform Disposition of Unclaimed Property Act.
The Secretary Director shall include in such report the total amount of funds remitted to the State and delivered to the State Treasurer by currency exchanges pursuant HB0159 Enrolled - 48 - LRB097 05583 CEL 45645 b to the Uniform Disposition of Unclaimed Property Act.
(f) A reasonable profit for a currency exchange HB0159 Engrossed - 49 - LRB097 05583 CEL 45645 b operation.
(f) A reasonable profit for a currency exchange HB0159 Enrolled - 49 - LRB097 05583 CEL 45645 b operation.
HB0159 Engrossed - 50 - LRB097 05583 CEL 45645 b (3) Any currency exchange may charge lower fees than those of the applicable maximum fee schedule after filing with the Secretary Director a schedule of fees it proposes to use.
HB0159 Enrolled - 50 - LRB097 05583 CEL 45645 b (3) Any currency exchange may charge lower fees than those of the applicable maximum fee schedule after filing with the Secretary Director a schedule of fees it proposes to use.
Except as otherwise provided for in this Act, whenever the Secretary Director is required to give notice to HB0159 Engrossed - 51 - LRB097 05583 CEL 45645 b any applicant or licensee, such requirement shall be complied with if, within the time fixed herein, such notice shall be enclosed in an envelope plainly addressed to such applicant or licensee, as the case may be, at the address set forth in the application or license, as the case may be, United States postage fully prepaid, and deposited, registered or certified, in the United States mail.
Except as otherwise provided for in this Act, whenever the Secretary Director is required to give notice to HB0159 Enrolled - 51 - LRB097 05583 CEL 45645 b any applicant or licensee, such requirement shall be complied with if, within the time fixed herein, such notice shall be enclosed in an envelope plainly addressed to such applicant or licensee, as the case may be, at the address set forth in the application or license, as the case may be, United States postage fully prepaid, and deposited, registered or certified, in the United States mail.
82-783.) (205 ILCS 405/29.5 new) HB0159 Engrossed - 52 - LRB097 05583 CEL 45645 b Sec.
82-783.) (205 ILCS 405/29.5 new) HB0159 Enrolled - 52 - LRB097 05583 CEL 45645 b Sec.
HB0159 Engrossed - 53 - LRB097 05583 CEL 45645 b The powers vested in the Secretary by this Section are additional to any and all other powers and remedies vested in the Secretary by law, and nothing in this Section shall be construed as requiring that the Secretary shall employ the power conferred in this Section instead of or as a condition precedent to the exercise of any other power or remedy vested in the Secretary.
HB0159 Enrolled - 53 - LRB097 05583 CEL 45645 b The powers vested in the Secretary by this Section are additional to any and all other powers and remedies vested in the Secretary by law, and nothing in this Section shall be construed as requiring that the Secretary shall employ the power conferred in this Section instead of or as a condition precedent to the exercise of any other power or remedy vested in the Secretary.
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Action History

  1. Public Act . . . . . . . . . 97-0315

  2. Effective Date January 1, 2012

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Passed; 036-020-000

  7. Added as Alternate Chief Co-Sponsor Sen. Donne E. Trotter

  8. Placed on Calendar Order of 3rd Reading May 10, 2011

  9. Second Reading

  10. Placed on Calendar Order of 2nd Reading May 6, 2011

  11. Do Pass Financial Institutions; 009-002-000

  12. Assigned to Financial Institutions

  13. Referred to Assignments

  14. First Reading

  15. Chief Senate Sponsor Sen. Jacqueline Y. Collins

  16. Placed on Calendar Order of First Reading

  17. Arrive in Senate

  18. House Floor Amendment No. 2 Tabled Pursuant to Rule 40

  19. Third Reading - Short Debate - Passed 071-042-000

  20. Placed on Calendar Order of 3rd Reading - Short Debate

  21. House Floor Amendment No. 3 Adopted by Voice Vote

  22. Second Reading - Short Debate

  23. House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000

  24. House Floor Amendment No. 3 Referred to Rules Committee

  25. House Floor Amendment No. 3 Filed with Clerk by Rep. Monique D. Davis

  26. House Floor Amendment No. 2 Referred to Rules Committee

  27. House Floor Amendment No. 2 Filed with Clerk by Rep. Monique D. Davis

  28. Placed on Calendar 2nd Reading - Short Debate

  29. Do Pass as Amended / Short Debate Financial Institutions Committee; 017-002-001

  30. House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote

  31. House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee

  32. House Committee Amendment No. 1 Referred to Rules Committee

  33. House Committee Amendment No. 1 Filed with Clerk by Rep. Monique D. Davis

  34. Assigned to Financial Institutions Committee

  35. Referred to Rules Committee

  36. First Reading

  37. Filed with the Clerk by Rep. Monique D. Davis

Sponsors

  • Monique D. Davis · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 1 co-sponsors · 182 not signed on · 11 voted No

Sponsors (0)

None.

Co-sponsors (1)

  • Monique D. Davis

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 36 Yea · 20 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 271702
Democrat 8101
Republican 1200
Total 362003
% of votes cast 61%34%0%5%
How each member voted (59)
Member Party Vote
Frerichs — Yea
Mulroe — Yea
Hutchinson — Yea
Noland — Yea
Landek — Yea
Link — Yea
Maloney — Yea
McCann — Nay
McCarter — Nay
Meeks — Yea
Muñoz — Yea
Johnson, T. — Yea
Sullivan — Yea
Cullerton — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Brady — Nay
Jacobs — Nay
Johnson, C. — Nay
Jones, J. — Nay
Trotter — Yea
Clayborne — Yea
Crotty — Yea
Cultra — Nay
Dillard — Nay
Duffy — Nay
Garrett — Yea
Haine — Yea
Wilhelmi — Yea
LaHood — Nay
Millner — Not Voting
Radogno — Nay
Forby — Not Voting
Kotowski — Yea
Pankau — Nay
Raoul — Yea
Righter — Nay
Sandack — Yea
Sandoval — Yea
Lauzen — Nay
Luechtefeld — Nay
Althoff — Yea
Martinez — Yea
Bivins — Nay
Bomke — Nay
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lakesia Collins Democrat Not Voting
Laura M. Murphy Democrat Nay
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Nay
Kevin Schmidt Republican Yea
Sue Rezin Republican Nay

Official roll call →

Third Reading

Passed 71 Yea · 42 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 593505
Republican 0600
Democrat 12100
Total 714205
% of votes cast 60%36%0%4%
How each member voted (118)
Member Party Vote
Brauer — Nay
Brown — Nay
Burns — Yea
McAsey — Yea
Morthland — Nay
Fortner — Nay
Golar — Yea
Jackson — Yea
Jakobsson — Yea
Jefferson — Yea
Reitz — Yea
Lyons — Yea
Dugan — Yea
Dunkin — Yea
Lang — Yea
Leitch — Yea
Madigan — Yea
May — Yea
McAuliffe — Yea
McCarthy — Yea
Mell — Yea
Mendoza — Yea
McGuire — Yea
Moffitt — Yea
Bradley — Yea
Brady — Yea
Nekritz — Yea
Burke, Daniel — Yea
Burke, Kelly — Yea
Harris, Greg — Yea
Hernandez — Yea
Soto — Yea
Thapedi — Yea
Turner — Yea
Howard — Yea
Verschoore — Yea
Yarbrough — Yea
Williams — Yea
Jones — Yea
Zalewski — Yea
Davis, Monique — Yea
Mitchell, Bill — Nay
Coladipietro — Yea
Cole — Yea
Colvin — Yea
Currie — Yea
D'Amico — Yea
Durkin — Yea
Eddy — Nay
Farnham — Yea
Flowers — Yea
Franks — Nay
Gordon — Yea
Holbrook — Yea
Harris, David — Nay
Sullivan — Nay
Mulligan — Not Voting
Watson — Nay
Mitchell, Jerry — Not Voting
Nybo — Nay
Sommer — Nay
Tryon — Nay
Unes — Nay
Winters — Nay
Cavaletto — Nay
Connelly — Nay
Cross — Not Voting
Hatcher — Nay
Hays — Nay
Kay — Nay
Kosel — Nay
Osmond — Nay
Osterman — Yea
Phelps — Yea
Pihos — Nay
Poe — Nay
Pritchard — Nay
Ramey — Nay
Reboletti — Nay
Reis — Nay
Riley — Yea
Roth — Nay
Sacia — Nay
Saviano — Yea
Schmitz — Not Voting
Senger — Nay
Sente — Nay
Acevedo — Yea
Arroyo — Yea
Barickman — Nay
Beaubien — Not Voting
Beiser — Yea
Bellock — Nay
Mathias — Yea
Berrios — Yea
Biss — Yea
Mautino — Yea
Bost — Yea
Chapa LaVia — Nay
Anthony DeLuca Democrat Yea
Bill Cunningham Democrat Yea
Camille Y. Lilly Democrat Yea
Fred Crespo Democrat Yea
Julie A. Morrison Democrat Nay
La Shawn K. Ford Democrat Yea
Michelle Mussman Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Nay
Chapin Rose Republican Nay
Jil Tracy Republican Nay
Joe C. Sosnowski Republican Nay
Norine K. Hammond Republican Nay
Wayne A. Rosenthal Republican Nay

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 159 do?
Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.
Who sponsors HB 159?
HB 159 is sponsored by Monique D. Davis.
What is the current status of HB 159?
This bill has been enacted into law. Introduced January 13, 2011. Enacted.
Where can I track HB 159?
Track HB 159 free on One Click Politics — get push/email alerts when it moves.

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