Currency Exchange Act

Sections covered

• 205 ILCS 405/0.1Short Title
• 205 ILCS 405/1Definitions; application of Act
• 205 ILCS 405/10Qualifications of applicant; denial of license; review
• 205 ILCS 405/10.1(Repealed)
• 205 ILCS 405/11Such license, if issued for a community currency exchange, shall state the name of the licensee and the address of the licensed location
• 205 ILCS 405/12If the Secretary shall find at any time that the bond required by Section 5 is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the Secretary shall be filed by the licensee within 30 days after written demand therefor upon the licensee by the Secretary
• 205 ILCS 405/13No more than one place of business shall be maintained under the same community currency exchange license, but the Secretary 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
• 205 ILCS 405/13.1Consolidation of business locations
• 205 ILCS 405/14Every licensee, shall, on or before November 15, pay to the Secretary the annual license fee or fees for the next succeeding calendar year and shall at the same time file with the Secretary the annual bond or bonds and the insurance policy or policies as and if required by this Act
• 205 ILCS 405/14.1All moneys received by the Department under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act
• 205 ILCS 405/15Fines; suspension; revocation
• 205 ILCS 405/15.1Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/15.1aFinancial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/15.1bLiquidation; distribution; priority
• 205 ILCS 405/15.1cPowers of receiver
• 205 ILCS 405/15.1dAt the close of a receivership, the receiver shall turn over to the Secretary all books of account and ledgers of such currency exchange for preservation
• 205 ILCS 405/15.1eFinancial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/15.2Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/16Annual report; investigation; costs
• 205 ILCS 405/17Every licensee shall keep and use in his business such books, accounts and records as will enable the Secretary to determine whether such licensee is complying with the provisions of this Act and with the rules, regulations and directions made by the Secretary hereunder
• 205 ILCS 405/18Proof of address
• 205 ILCS 405/19The Department may make and enforce such reasonable rules, directions, orders, decisions and findings as the execution and enforcement of the provisions of this Act require, and as are not inconsistent within this Act
• 205 ILCS 405/19.1Whenever an ambulatory currency exchange shall be actively engaged in the cashing of checks other than from within an armored vehicle, such currency exchange shall provide armed guards as it deems necessary for the protection of its customers and the Public
• 205 ILCS 405/19.3(A) The General Assembly hereby finds and declares: community currency exchanges and ambulatory currency exchanges provide important and vital services to Illinois citizens
• 205 ILCS 405/19.4Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/2License required; violation; injunction
• 205 ILCS 405/20Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/21Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/22.01All final administrative decisions of the Secretary hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review Law, and all amendments and modifications thereof, and the rules adopted pursuant thereto
• 205 ILCS 405/22.03(Repealed)
• 205 ILCS 405/23If any licensee, or agent or employee of a licensee, fraudulently takes and secretes any money, note, bill, bond or other property belonging to another and in the possession and custody of such licensee as agent or otherwise, he shall be guilty of theft and punished accordingly
• 205 ILCS 405/24Violations
• 205 ILCS 405/25(Repealed)
• 205 ILCS 405/27Nothing contained in this Act shall be construed so as to limit the power of municipalities, to license and tax community currency exchanges, and to regulate their location and operation in a manner not inconsistent with this Act
• 205 ILCS 405/28Unless an ambulatory currency exchange shall engage in the business of selling or issuing money orders under his, their or its name, or any money orders other than those excepted in Section 1 of this Act, Sections 5, 6, 7, 15.1 and 15.2 of this Act shall not be applicable to it
• 205 ILCS 405/29Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/29.5Cease and desist
• 205 ILCS 405/3Powers of community currency exchanges
• 205 ILCS 405/30If any part or provision of this Act shall be declared unconstitutional, the unconstitutionality of such part or provision shall not invalidate the constitutional provisions of this Act
• 205 ILCS 405/3.1Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/3.2(Repealed)
• 205 ILCS 405/3.3Additional public services
• 205 ILCS 405/4License application; contents; fees
• 205 ILCS 405/4.1Application; investigation; community need
• 205 ILCS 405/4.1BAnti-money laundering requirements
• 205 ILCS 405/4.2Financial Regulation › 205 ILCS 405 — Currency Exchange Act
• 205 ILCS 405/4.3Upon 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 shall cause an investigation to be made to determine whether to issue said license
• 205 ILCS 405/5Bond; condition; amount
• 205 ILCS 405/6Insurance against loss
• 205 ILCS 405/7Available funds; minimum amount
• 205 ILCS 405/8A community or an ambulatory currency exchange shall not be conducted as a department of another business
• 205 ILCS 405/9No 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