Bill Text: IL HB2426 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Currency Exchange Act. Requires that an applicant for a license to operate a currency exchange must provide a statement that the business is in good standing with the State of Illinois and in compliance with the Department of Revenue. Repeals a provision that prohibits community currency exchanges and ambulatory currency exchanges from issuing tokens to be used instead of money for the purchase of goods or services from any enterprise.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2426 Detail]
Download: Illinois-2023-HB2426-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Currency Exchange Act is amended by | |||||||||||||||||||||
5 | changing Section 10 as follows:
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6 | (205 ILCS 405/10) (from Ch. 17, par. 4817)
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7 | Sec. 10. Qualifications of applicant; denial of license; | |||||||||||||||||||||
8 | review. The
applicant or its controlling persons shall be | |||||||||||||||||||||
9 | vouched for
by 2 reputable citizens of this State setting | |||||||||||||||||||||
10 | forth
that the individual mentioned is (a) personally known to | |||||||||||||||||||||
11 | them to be
trustworthy and reputable, (b) that he has business | |||||||||||||||||||||
12 | experience qualifying
him to competently conduct, operate, own | |||||||||||||||||||||
13 | or become associated with a
currency exchange, and (c) that he | |||||||||||||||||||||
14 | has a good business reputation and is worthy
of a license. The | |||||||||||||||||||||
15 | applicant shall also provide a statement that the business is | |||||||||||||||||||||
16 | in good standing with the State of Illinois and in compliance | |||||||||||||||||||||
17 | with the Department of Revenue. Thereafter, the Secretary | |||||||||||||||||||||
18 | shall, upon approval of the
application filed with him, issue | |||||||||||||||||||||
19 | to the applicant, qualifying under this
Act, a license to | |||||||||||||||||||||
20 | operate a currency exchange. If it is a license for a
community | |||||||||||||||||||||
21 | currency exchange, the same shall be valid only at the place of
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22 | business specified in the application. If it is a license for | |||||||||||||||||||||
23 | an ambulatory
currency exchange, it shall entitle the |
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1 | applicant to operate only at the
location or locations | ||||||
2 | specified in the application, provided the applicant
shall | ||||||
3 | secure separate and additional licenses for each of such | ||||||
4 | locations.
Such licenses shall remain in full force and | ||||||
5 | effect, until they are
surrendered by the licensee, or | ||||||
6 | revoked, or expire, as herein provided. If
the Secretary shall | ||||||
7 | not so approve, he shall not issue such license or
licenses and | ||||||
8 | shall notify the applicant of such denial, retaining the full
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9 | investigation fee to cover the cost of investigating the | ||||||
10 | community
currency exchange applicant. The
Secretary shall | ||||||
11 | approve or deny every application hereunder within 90 days
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12 | from the filing of a complete application; except that in | ||||||
13 | respect to an application by an
approved ambulatory currency | ||||||
14 | exchange for a license with regard to a
particular location to | ||||||
15 | be served by it, the same shall be approved or
denied within 20 | ||||||
16 | days from the filing thereof. If the application is
denied, | ||||||
17 | the Secretary shall send by United States mail notice of such | ||||||
18 | denial
to the applicant at the address set forth in the | ||||||
19 | application.
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20 | If an application is denied, the applicant may, within 10 | ||||||
21 | days from the
date of the notice of denial, make written | ||||||
22 | request to the Secretary for a
hearing on the application, and | ||||||
23 | the Secretary shall set a time and place for
the hearing. The | ||||||
24 | hearing shall be set for a date after the receipt by the
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25 | Secretary of the request for hearing, and written notice of | ||||||
26 | the time and
place of the hearing shall be mailed to the |
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1 | applicant at least 15 days
before the date of the hearing. The | ||||||
2 | applicant shall pay the actual cost of
making the transcript | ||||||
3 | of the hearing prior to the Secretary's issuing his
decision | ||||||
4 | following the hearing. If, following the hearing, the | ||||||
5 | application
is denied, the Secretary shall, within 20 days | ||||||
6 | thereafter prepare and keep
on file in his office a written | ||||||
7 | order of denial thereof, which shall
contain his findings with | ||||||
8 | respect thereto and the reasons supporting the
denial, and | ||||||
9 | shall send by United States Mail a copy thereof to the
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10 | applicant at the address set forth in the application, within | ||||||
11 | 5 days after
the filing of such order. A review of any such | ||||||
12 | decision may be had as
provided in Section 22.01 of this Act.
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13 | (Source: P.A. 99-445, eff. 1-1-16 .)
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14 | (205 ILCS 405/9 rep.)
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15 | Section 10. The Currency Exchange Act is amended by | ||||||
16 | repealing Section 9.
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