Bill Text: IL SB3115 | 2019-2020 | 101st General Assembly | Introduced

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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 allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and 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 2-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3115 Detail]

Download: Illinois-2019-SB3115-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3115 Introduced 2/5/2020, by Sen. Robert Peters SYNOPSIS AS INTRODUCED:
205 ILCS 405/10 from Ch. 17, par. 4817
205 ILCS 405/3.2 rep.
205 ILCS 405/9 rep.
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 allows community currency exchanges and ambulatory currency exchanges to engage in distribution of Supplemental Nutrition Assistance Program (SNAP) benefits and 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.
LRB101 16231 BMS 65604 b
A BILL FOR
SB3115 LRB101 16231 BMS 65604 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Currency Exchange Act is amended by changing
Section 10 as follows:
(205 ILCS 405/10) (from Ch. 17, par. 4817)
Sec. 10. Qualifications of applicant; denial of license;
review. The applicant or its controlling persons 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, and (c) that he
has a good business reputation and is worthy of a license. The
applicant shall also provide a statement that the business is
in good standing with the State of Illinois and in compliance
with the Department of Revenue. Thereafter, the Secretary
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

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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 Secretary 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 Secretary shall approve or deny every
application hereunder within 90 days from the filing of a
complete application; 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 Secretary 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 Secretary for a hearing on the application, and
the Secretary shall set a time and place for the hearing. The
hearing shall be set for a date after the receipt by the
Secretary 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

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shall pay the actual cost of making the transcript of the
hearing prior to the Secretary's issuing his decision following
the hearing. If, following the hearing, the application is
denied, the Secretary 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. 99-445, eff. 1-1-16.)
(205 ILCS 405/3.2 rep.)
(205 ILCS 405/9 rep.)
Section 10. The Currency Exchange Act is amended by
repealing Sections 3.2 and 9.