HB 5384

Select Language
  ×
The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
  Choose Language
  English
  Afrikaans
  Albanian
  Arabic
  Armenian
  Azerbaijani
  Basque
  Bengali
  Bosnian
  Catalan
  Croatian
  Czech
  Danish
  Dutch
  Esperanto
  Estonian
  Filipino
  Finnish
  French
  Galician
  Georgian
  German
  Greek
  Gujarati
  Haitian Creole
  Hausa
  Hawaiian
  Hebrew
  Hindi
  Hungarian
  Icelandic
  Indonesian
  Interlingua
  Interlingue
  Inuktitut
  Irish
  Italian
  Japanese
  Javanese
  Kannada
  Khmer
  Korean
  Latin
  Latvian
  Lithuanian
  Luxembourgish
  Macedonian
  Malagasy
  Malayalam
  Maltese
  Maori
  Marathi
  Myanmar
  Nepali
  Norwegian
  Odia
  Pashto
  Punjabi
  Romanian
  Russian
  Samoan
  Sango
  Sanskrit
  Sardinian
  Sindhi
  Sinhala
  Slovak
  Slovenian
  Somali
  Southern Sotho
  Spanish
  Sundanese
  Swahili
  Swedish
  Tamil
  Telugu
  Thai
  Tigrinya
  Tonga
  Turkish
  Ukrainian
  Urdu
  Vietnamese
  Welsh
  Xhosa
  Yiddish
  Yoruba
  Zulu
  Powered by Translate
  Close
Illinois General Assembly
Top Navigation Bar
  Translate
  Learn
  Select General Assembly
  Search the 104th General Assembly
  Enter search terms for legislation, members, committees, or schedules.
  ILGA.GOV
Mobile Top Bar
  Search the 104th General Assembly
  Enter keywords to search the Illinois General Assembly website.
Full Text of HB5384
Home
Legislation
Full Text
	HB5384 - 104th General Assembly
		Bill Status
		Full Text
		Votes
		Witness Slips
	Select Menu
	Bill Status
	Full Text
	Votes
	Witness Slips
	Printer Friendly Version
			Introduced
			Engrossed
			Enrolled
			House Amendment 001
			Public Act
		Printer Friendly Version
		Introduced
		Engrossed
		Enrolled
		House Amendment 001
		Public Act
			 Open PDF
		HB5384 Enrolled		LRB104 20479 BAB 33949 b
1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Currency Exchange Act is amended by
5changing Sections 16 and 19.3 as follows:
6    (205 ILCS 405/16)  (from Ch. 17, par. 4832)
7    Sec. 16. Annual report; investigation; costs.
8    (a) Each licensee shall annually, on or before the 1st day
9of March, file a report with the Secretary for the calendar
10year period from January 1st through December 31st, giving
11such relevant information as the Secretary may reasonably
12require concerning, and for the purpose of examining, the
13business and operations during the preceding fiscal year
14period of each licensed currency exchange conducted by such
15licensee within the State. Such report shall be made under
16oath and shall be in the form prescribed by the Secretary. The
17Secretary may at any time[, and shall at least once in each ]
18[year,] investigate the currency exchange business of any
19licensee and of every person, partnership, association,
20limited liability company, and corporation who or which shall
21be engaged in the business of operating a currency exchange.
22For that purpose, the Secretary shall have free access to the
23offices and places of business and to such records of all such
		HB5384 Enrolled	- 2 -	LRB104 20479 BAB 33949 b
1persons, firms, partnerships, associations, limited liability
2companies and members thereof, and corporations and to the
3officers and directors thereof that shall relate to such
4currency exchange business. The investigation may be conducted
5in conjunction with representatives of other State agencies or
6agencies of another state or of the United States as
7determined by the Secretary. The Secretary may at any time
8inspect the locations served by an ambulatory currency
9exchange, for the purpose of determining whether such currency
10exchange is complying with the provisions of this Act at each
11location served. The Secretary may require by subpoena the
12attendance of and examine under oath all persons whose
13testimony he may require relative to such business, and in
14such cases the Secretary, or any qualified representative of
15the Secretary whom the Secretary may designate, may administer
16oaths to all such persons called as witnesses, and the
17Secretary, or any such qualified representative of the
18Secretary, may conduct such examinations, and there shall be
19paid to the Secretary for each such examination a fee of $250
20for each day or part thereof for each qualified representative
21designated and required to conduct the examination; provided,
22however, that in the case of an ambulatory currency exchange,
23such fee shall be $150 for each day or part thereof.
24    (b) Confidentiality. All information collected by the
25Department in the course of an examination or investigation of
26an ambulatory or community currency exchange or applicant,
		HB5384 Enrolled	- 3 -	LRB104 20479 BAB 33949 b
1including, by not limited to, any complaint against an
2ambulatory or community currency exchange filed with the
3Department, and information collected to investigate any such
4complaint shall be maintained for the confidential use of the
5Department and shall not be disclosed. The Department may not
6disclose such information to anyone other than law enforcement
7officials, other regulatory agencies that have an appropriate
8regulatory interest as determined by the Secretary, or to a
9party presenting a lawful subpoena to the Department.
10Information and documents disclosed to a federal, State,
11county, or local law enforcement agency shall not be disclosed
12by the agency for any purpose to any other agency or person. A
13formal complaint filed against a licensee by the Department or
14any order issued by the Department against a licensee shall be
15a public record, except as otherwise prohibited by law.
16(Source: P.A. 97-315, eff. 1-1-12.)
17    (205 ILCS 405/19.3)  (from Ch. 17, par. 4838)
18    Sec. 19.3. (A) The General Assembly hereby finds and
19declares: community currency exchanges and ambulatory currency
20exchanges provide important and vital services to Illinois
21citizens. In so doing, they transact extensive business
22involving check cashing and the writing of money orders in
23communities in which banking services are generally
24unavailable. Customers of currency exchanges who receive these
25services must be protected from being charged unreasonable and
		HB5384 Enrolled	- 4 -	LRB104 20479 BAB 33949 b
1unconscionable rates for cashing checks and purchasing money
2orders. The Illinois Department of Financial and Professional
3Regulation has the responsibility for regulating the
4operations of currency exchanges and has the expertise to
5determine reasonable maximum rates to be charged for check
6cashing and money order purchases. Therefore, it is in the
7public interest, convenience, welfare and good to have the
8Department establish reasonable maximum rate schedules for
9check cashing and the issuance of money orders and to require
10community and ambulatory currency exchanges to prominently
11display to the public the fees charged for all services. [The ]
12[Secretary shall review, each year, the cost of operation of ]
13[the Currency Exchange Section and the revenue generated from ]
14[currency exchange examinations and report to the General ]
15[Assembly if the need exists for an increase in the fees ]
16[mandated by this Act to maintain the Currency Exchange Section ]
17[at a fiscally self-sufficient level. The Secretary shall ]
18[include in such report the total amount of funds remitted to ]
19[the State and delivered to the State Treasurer by currency ]
20[exchanges pursuant to the Revised Uniform Unclaimed Property ]
21[Act.]
22    (B) The expenses of administering this Act, including 
23licensing, investigations, and examinations provided for in 
24this Act, shall be borne by and assessed against persons and 
25entities regulated by this Act in such proportions and in such 
26manner as the Secretary deems appropriate. The Secretary may 
		HB5384 Enrolled	- 5 -	LRB104 20479 BAB 33949 b
1establish by rule the category and amount of any fees that the 
2persons and entities must pay to the Department.
3    (C) Any fees set forth in this Act may be amended by rule.
4    (D) [(B)] The Secretary shall, by rules adopted in
5accordance with the Illinois Administrative Procedure Act,
6expeditiously formulate and issue schedules of reasonable
7maximum rates which can be charged for check cashing and
8writing of money orders by community currency exchanges and
9ambulatory currency exchanges.
10        (1) In determining the maximum rate schedules for the
11    purposes of this Section the Secretary shall take into
12    account:
13            (a) Rates charged in the past for the cashing of
14        checks and the issuance of money orders by community
15        and ambulatory currency exchanges.
16            (b) Rates charged by banks or other business
17        entities for rendering the same or similar services
18        and the factors upon which those rates are based.
19            (c) The income, cost and expense of the operation
20        of currency exchanges.
21            (d) Rates charged by currency exchanges or other
22        similar entities located in other states for the same
23        or similar services and the factors upon which those
24        rates are based.
25            (e) Rates charged by the United States Postal
26        Service for the issuing of money orders and the
		HB5384 Enrolled	- 6 -	LRB104 20479 BAB 33949 b
1        factors upon which those rates are based.
2            (f) A reasonable profit for a currency exchange
3        operation.
4            (g) The impact on consumers.
5            (h) Whether the rate schedule will
6        disproportionately impact anyone on the basis of any
7        protected characteristic or category listed in
8        subsection (Q) of Section 1-103 of the Illinois Human
9        Rights Act as those terms are defined in that Section.
10        (2)(a) The schedule of reasonable maximum rates
11    established pursuant to this Section may be modified by
12    the Secretary from time to time pursuant to rules adopted
13    in accordance with the Illinois Administrative Procedure
14    Act.
15        (b) Upon the filing of a verified petition setting
16    forth allegations demonstrating reasonable cause to
17    believe that the schedule of maximum rates previously
18    issued and promulgated should be adjusted, the Secretary
19    shall expeditiously:
20            (i) reject the petition if it fails to demonstrate
21        reasonable cause to believe that an adjustment is
22        necessary; or
23            (ii) conduct such hearings, in accordance with
24        this Section, as may be necessary to determine whether
25        the petition should be granted in whole or in part.
26        (c) No petition may be filed pursuant to subparagraph
		HB5384 Enrolled	- 7 -	LRB104 20479 BAB 33949 b
1    (a) of paragraph (2) of subsection (B) unless:
2            (i) at least nine months have expired since the
3        last promulgation of schedules of maximum rates; and
4            (ii) at least one-fourth of all community currency
5        exchange licensees join in a petition or, in the case
6        of ambulatory currency exchanges, a licensee or
7        licensees authorized to serve at least 100 locations
8        join in a petition.
9        (3) Any currency exchange may charge lower fees than
10    those of the applicable maximum fee schedule after filing
11    with the Secretary a schedule of fees it proposes to use.
12(Source: P.A. 100-22, eff. 1-1-18; 100-704, eff. 6-1-19.)
13    Section 10. The Sales Finance Agency Act is amended by
14changing Section 7 and by adding Sections 6.2 and 6.3 as
15follows:
16    (205 ILCS 660/6.2 new)
17    Sec. 6.2. Fees.
18    (a) The expenses of administering this Act, including 
19licensing, investigations, and examinations provided for in 
20this Act, shall be borne by and assessed against persons and 
21entities regulated by this Act in such proportions and in such 
22manner as the Secretary of Financial and Professional 
23Regulation deems appropriate. The Secretary may establish by 
24rule the category and amount of any fees that the persons and 
		HB5384 Enrolled	- 8 -	LRB104 20479 BAB 33949 b
1entities must pay to the Department.
2    (b) Any fees set forth in this Act may be amended by rule.
3    (205 ILCS 660/6.3 new)
4    Sec. 6.3. Annual meeting between the sales finance 
5industry and the Department. The Department shall, if 
6requested to do so by at least 20 interested persons currently 
7licensed under this Act or an association representing at 
8least 20 interested persons currently licensed under this Act, 
9meet at least once per calendar year with representatives of 
10the sales finance industry to discuss industry developments, 
11fees, anticipated rules, or issues confronting the Department 
12in its regulation and discipline of the industry.
13    (205 ILCS 660/7)  (from Ch. 17, par. 5207)
14    Sec. 7. The Department may [shall] examine each licensee at 
15any time [annually] to determine if the licensee [it] is in
16compliance with this Act. The expense of this annual
17examination shall be paid to the Department by the licensee in
18accordance with a schedule of fees established by the
19Department as reasonably reflecting the actual cost of the
20examination.
21    In addition, the Department may charge all licensees in
22accordance with its schedule of fees for the examinations or
23re-examinations made pursuant to Section 11 of this Act. This
24expense and cost of examination is in addition to the license
		HB5384 Enrolled	- 9 -	LRB104 20479 BAB 33949 b
1fees.
2(Source: P.A. 90-437, eff. 1-1-98.)
3    Section 15. The Debt Management Service Act is amended by
4adding Section 6.5 as follows:
5    (205 ILCS 665/6.5 new)
6    Sec. 6.5. Fees.
7    (a) The expenses of administering this Act, including 
8licensing, investigations, and examinations provided for in 
9this Act, shall be borne by and assessed against persons and 
10entities regulated by this Act in such proportions and in such 
11manner as the Secretary deems appropriate. The Secretary may 
12establish by rule the category and amount of any fees that the 
13persons and entities must pay to the Department.
14    (b) Any fees set forth in this Act may be amended by rule.
15    Section 20. The Consumer Installment Loan Act is amended
16by changing Sections 2 and 10 and by adding Sections 2.5 and
172.6 as follows:
18    (205 ILCS 670/2)  (from Ch. 17, par. 5402)
19    Sec. 2. Application; fees; positive net worth. Application
20for such license shall be in writing, and in the form
21prescribed by the Director. Such applicant at the time of
22making such application shall pay to the Director the sum of
		HB5384 Enrolled	- 10 -	LRB104 20479 BAB 33949 b
1$300 as an application fee and the additional sum of $450 as an
2annual license fee, for a period terminating on the last day of
3the current calendar year[; provided that if the application is ]
4[filed after June 30th in any year, such license fee shall be ]
5[1/2 of the annual license fee for such year].
6    Before the license is granted, every applicant shall prove
7in form satisfactory to the Director that the applicant has
8and will maintain a positive net worth of a minimum of $30,000.
9Every applicant and licensee shall maintain a surety bond in
10the principal sum of $25,000 issued by a bonding company
11authorized to do business in this State and which shall be
12approved by the Director. Such bond shall run to the Director
13and shall be for the benefit of any consumer who incurs damages
14as a result of any violation of the Act or rules by a licensee.
15If the Director finds at any time that a bond is of
16insufficient size, is insecure, exhausted, or otherwise
17doubtful, an additional bond in such amount as determined by
18the Director shall be filed by the licensee within 30 days
19after written demand therefor by the Director. "Net worth"
20means total assets minus total liabilities.
21(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
22    (205 ILCS 670/2.5 new)
23    Sec. 2.5. Fees.
24    (a) The expenses of administering this Act, including 
25licensing, investigations, and examinations provided for in 
		HB5384 Enrolled	- 11 -	LRB104 20479 BAB 33949 b
1this Act, shall be borne by and assessed against persons and 
2entities regulated by this Act in such proportions and in such 
3manner as the Secretary of Financial and Professional 
4Regulation deems appropriate. The Secretary may establish by 
5rule the category and amount of any fees that the persons and 
6entities must pay to the Department of Financial and 
7Professional Regulation.
8    (b) Any fees set forth in this Act may be amended by rule.
9    (205 ILCS 670/2.6 new)
10    Sec. 2.6. Annual meeting between the consumer installment 
11lending industry and the Department. The Department shall, if 
12requested to do so by at least 20 interested persons currently 
13licensed under this Act or an association representing at 
14least 20 interested persons currently licensed under this Act, 
15meet at least once per calendar year with representatives of 
16the consumer installment lending industry to discuss industry 
17developments, fees, anticipated rules, or issues confronting 
18the Department in its regulation and discipline of the 
19industry.
20    (205 ILCS 670/10)  (from Ch. 17, par. 5410)
21    Sec. 10. Investigation of conduct of business. For the
22purpose of discovering violations of this Act or securing
23information lawfully required by it, the Director may at any
24time investigate the loans and business and examine the books,
		HB5384 Enrolled	- 12 -	LRB104 20479 BAB 33949 b
1accounts, records, and files used therein, of every licensee
2and of every person, partnership, association, limited
3liability company, and corporation engaged in the business
4described in Section 1 of this Act, whether such person,
5partnership, association, limited liability company, or
6corporation shall act or claim to act as principal or agent or
7within or without the authority of this Act. For such purpose
8the Director shall have free access to the offices and places
9of business, books, accounts, papers, records, files, safes,
10and vaults of such persons, partnerships, associations,
11limited liability companies, and corporations. The Director
12may require the attendance of and examine under oath all
13persons whose testimony he or she may require relative to such
14loans or such business, and in such cases the Director shall
15have power to administer oaths to all persons called as
16witnesses; and the Director may conduct such examinations.
17    The Director may [shall] make an examination of the affairs,
18business, office, and records of each licensee at any time to 
19determine if the licensee is in compliance with the Act [at ]
20[least once each year]. The Director may [shall] by rule [and ]
21[regulation] set the fee to be charged for each examination day,
22including travel expenses for out-of-state licensed locations.
23The fee shall reasonably reflect actual costs. The Director
24shall also have authority to examine the books and records of
25any business made by a former licensee which is being
26liquidated, as the Director deems necessary, and may charge
		HB5384 Enrolled	- 13 -	LRB104 20479 BAB 33949 b
1the examination fees otherwise required for licensees.
2(Source: P.A. 90-437, eff. 1-1-98.)
3    Section 25. The Debt Settlement Consumer Protection Act is
4amended by adding Section 78 as follows:
5    (225 ILCS 429/78 new)
6    Sec. 78. Fees.
7    (a) The expenses of administering this Act, including 
8licensing, investigations, and examinations provided for in 
9this Act, shall be borne by and assessed against persons and 
10entities regulated by this Act in such proportions and in such 
11manner as the Secretary deems appropriate. The Secretary may 
12establish by rule the category and amount of any fees that the 
13persons and entities must pay to the Department.
14    (b) Any fees set forth in this Act may be amended by rule.
15    Section 30. The Safety Deposit License Act is amended by
16changing Section 23 and by adding Section 23.5 as follows:
17    (240 ILCS 5/23)  (from Ch. 17, par. 1473)
18    Sec. 23. The Director, by his agents, may [shall] inspect [at ]
19[least once in each license period,] the license, safety deposit
20boxes, safes, vault or other facilities furnished by the
21licensee at any time.
22    If the Director finds that the licensee is not complying
		HB5384 Enrolled	- 14 -	LRB104 20479 BAB 33949 b
1with the provisions of this Act he may revoke the license of
2the licensee, and the licensee shall not be eligible for a
3license hereunder for a period of six months following the
4date of revocation.
5    The Director shall keep in his office a permanent record
6of all inspections made, and such record shall be available to
7the public.
8(Source: Laws 1967, p. 1668.)
9    (240 ILCS 5/23.5 new)
10    Sec. 23.5. Fees.
11    (a) The expenses of administering this Act, including 
12licensing, investigations, and examinations provided for in 
13this Act, shall be borne by and assessed against persons and 
14entities regulated by this Act in such proportions and in such 
15manner as the Secretary of Financial and Professional 
16Regulation deems appropriate. The Secretary may establish by 
17rule the category and amount of any fees that the persons and 
18entities must pay to the Secretary.
19    (b) Any fees set forth in this Act may be amended by rule.
20    Section 35. The Payday Loan Reform Act is amended by
21adding Section 3-6 as follows:
22    (815 ILCS 122/3-6 new)
23    Sec. 3-6. Fees.
		HB5384 Enrolled	- 15 -	LRB104 20479 BAB 33949 b
1    (a) The expenses of administering this Act, including 
2licensing, investigations, and examinations provided for in 
3this Act, shall be borne by and assessed against persons and 
4entities regulated by this Act in such proportions and in such 
5manner as the Secretary deems appropriate. The Secretary may 
6establish by rule the category and amount of any fees that the 
7persons and entities must pay to the Department.
8    (b) Any fees set forth in this Act may be amended by rule.
9    Section 99. Effective date. This Act takes effect upon
10becoming law.