FINANCIAL REG-FEES-INVESTIGATE

Illinois General Assembly - Full Text of HB5384

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

LEGISLATION & LAWS

Bills & Resolutions

Public Acts

Illinois Compiled Statutes

Illinois Constitution

Search Legislation

Glossary

Guide

Reports & Inquiry

Legislative Reports

Special Reports

FTP Site

Legislator Lookup

Capitol Complex Phone Numbers

Rules & Regulations

Illinois Register

Administrative Rules

Senate

Members

Schedules

Committees

Request for Remote Testimony

Journals

Transcripts

Rules

Audio/Video

FOIA Information

Senate Employment Opportunities

Media Guidelines

House

Members

Schedules

Committees

Submit testimony for House Committees

Journals

Transcripts

Rules

Audio/Video

FOIA Information

House Employment Opportunities

Log In

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,
3
represented in the General Assembly:

4

Section 5.
The Currency Exchange Act is amended by
5
changing 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
9
of March, file a report with the Secretary for the calendar
10
year period from January 1st through December 31st, giving
11
such relevant information as the Secretary may reasonably
12
require concerning, and for the purpose of examining, the
13
business and operations during the preceding fiscal year
14
period of each licensed currency exchange conducted by such
15
licensee within the State. Such report shall be made under
16
oath and shall be in the form prescribed by the Secretary. The
17
Secretary may at any time
, and shall at least once in each
18
year,
investigate the currency exchange business of any
19
licensee and of every person, partnership, association,
20
limited liability company, and corporation who or which shall
21
be engaged in the business of operating a currency exchange.
22
For that purpose, the Secretary shall have free access to the
23
offices and places of business and to such records of all such

HB5384 Enrolled
- 2 -
LRB104 20479 BAB 33949 b
1
persons, firms, partnerships, associations, limited liability
2
companies and members thereof, and corporations and to the
3
officers and directors thereof that shall relate to such
4
currency exchange business. The investigation may be conducted
5
in conjunction with representatives of other State agencies or
6
agencies of another state or of the United States as
7
determined by the Secretary. The Secretary may at any time
8
inspect the locations served by an ambulatory currency
9
exchange, for the purpose of determining whether such currency
10
exchange is complying with the provisions of this Act at each
11
location served. The Secretary may require by subpoena the
12
attendance of and examine under oath all persons whose
13
testimony he may require relative to such business, and in
14
such cases the Secretary, or any qualified representative of
15
the Secretary whom the Secretary may designate, may administer
16
oaths to all such persons called as witnesses, and the
17
Secretary, or any such qualified representative of the
18
Secretary, may conduct such examinations, and there shall be
19
paid to the Secretary for each such examination a fee of $250
20
for each day or part thereof for each qualified representative
21
designated and required to conduct the examination; provided,
22
however, that in the case of an ambulatory currency exchange,
23
such fee shall be $150 for each day or part thereof.
24

(b) Confidentiality. All information collected by the
25
Department in the course of an examination or investigation of
26
an ambulatory or community currency exchange or applicant,

HB5384 Enrolled
- 3 -
LRB104 20479 BAB 33949 b
1
including, by not limited to, any complaint against an
2
ambulatory or community currency exchange filed with the
3
Department, and information collected to investigate any such
4
complaint shall be maintained for the confidential use of the
5
Department and shall not be disclosed. The Department may not
6
disclose such information to anyone other than law enforcement
7
officials, other regulatory agencies that have an appropriate
8
regulatory interest as determined by the Secretary, or to a
9
party presenting a lawful subpoena to the Department.
10
Information and documents disclosed to a federal, State,
11
county, or local law enforcement agency shall not be disclosed
12
by the agency for any purpose to any other agency or person. A
13
formal complaint filed against a licensee by the Department or
14
any order issued by the Department against a licensee shall be
15
a 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
19
declares: community currency exchanges and ambulatory currency
20
exchanges provide important and vital services to Illinois
21
citizens. In so doing, they transact extensive business
22
involving check cashing and the writing of money orders in
23
communities in which banking services are generally
24
unavailable. Customers of currency exchanges who receive these
25
services must be protected from being charged unreasonable and

HB5384 Enrolled
- 4 -
LRB104 20479 BAB 33949 b
1
unconscionable rates for cashing checks and purchasing money
2
orders. The Illinois Department of Financial and Professional
3
Regulation has the responsibility for regulating the
4
operations of currency exchanges and has the expertise to
5
determine reasonable maximum rates to be charged for check
6
cashing and money order purchases. Therefore, it is in the
7
public interest, convenience, welfare and good to have the
8
Department establish reasonable maximum rate schedules for
9
check cashing and the issuance of money orders and to require
10
community and ambulatory currency exchanges to prominently
11
display 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
23
licensing, investigations, and examinations provided for in
24
this Act, shall be borne by and assessed against persons and
25
entities regulated by this Act in such proportions and in such
26
manner as the Secretary deems appropriate. The Secretary may

HB5384 Enrolled
- 5 -
LRB104 20479 BAB 33949 b
1
establish by rule the category and amount of any fees that the
2
persons 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
5
accordance with the Illinois Administrative Procedure Act,
6
expeditiously formulate and issue schedules of reasonable
7
maximum rates which can be charged for check cashing and
8
writing of money orders by community currency exchanges and
9
ambulatory 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
14
changing Section 7 and by adding Sections 6.2 and 6.3 as
15
follows:

16

(205 ILCS 660/6.2 new)
17

Sec. 6.2.
Fees.

18

(a) The expenses of administering this Act, including
19
licensing, investigations, and examinations provided for in
20
this Act, shall be borne by and assessed against persons and
21
entities regulated by this Act in such proportions and in such
22
manner as the Secretary of Financial and Professional
23
Regulation deems appropriate. The Secretary may establish by
24
rule the category and amount of any fees that the persons and

HB5384 Enrolled
- 8 -
LRB104 20479 BAB 33949 b
1
entities 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
5
industry and the Department.
The Department shall, if
6
requested to do so by at least 20 interested persons currently
7
licensed under this Act or an association representing at
8
least 20 interested persons currently licensed under this Act,
9
meet at least once per calendar year with representatives of
10
the sales finance industry to discuss industry developments,
11
fees, anticipated rules, or issues confronting the Department
12
in 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
15
any time

annually
to determine if
the licensee

it
is in
16
compliance with this Act. The expense of this annual
17
examination shall be paid to the Department by the licensee in
18
accordance with a schedule of fees established by the
19
Department as reasonably reflecting the actual cost of the
20
examination.
21

In addition, the Department may charge all licensees in
22
accordance with its schedule of fees for the examinations or
23
re-examinations made pursuant to Section 11 of this Act. This
24
expense and cost of examination is in addition to the license

HB5384 Enrolled
- 9 -
LRB104 20479 BAB 33949 b
1
fees.
2
(Source: P.A. 90-437, eff. 1-1-98.)

3

Section 15.
The Debt Management Service Act is amended by
4
adding 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
8
licensing, investigations, and examinations provided for in
9
this Act, shall be borne by and assessed against persons and
10
entities regulated by this Act in such proportions and in such
11
manner as the Secretary deems appropriate. The Secretary may
12
establish by rule the category and amount of any fees that the
13
persons 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
16
by changing Sections 2 and 10 and by adding Sections 2.5 and
17
2.6 as follows:

18

(205 ILCS 670/2)

(from Ch. 17, par. 5402)
19

Sec. 2.
Application; fees; positive net worth.
Application
20
for such license shall be in writing, and in the form
21
prescribed by the Director. Such applicant at the time of
22
making 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
2
annual license fee, for a period terminating on the last day of
3
the 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
7
in form satisfactory to the Director that the applicant has
8
and will maintain a positive net worth of a minimum of $30,000.
9
Every applicant and licensee shall maintain a surety bond in
10
the principal sum of $25,000 issued by a bonding company
11
authorized to do business in this State and which shall be
12
approved by the Director. Such bond shall run to the Director
13
and shall be for the benefit of any consumer who incurs damages
14
as a result of any violation of the Act or rules by a licensee.
15
If the Director finds at any time that a bond is of
16
insufficient size, is insecure, exhausted, or otherwise
17
doubtful, an additional bond in such amount as determined by
18
the Director shall be filed by the licensee within 30 days
19
after written demand therefor by the Director. "Net worth"
20
means 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
25
licensing, investigations, and examinations provided for in

HB5384 Enrolled
- 11 -
LRB104 20479 BAB 33949 b
1
this Act, shall be borne by and assessed against persons and
2
entities regulated by this Act in such proportions and in such
3
manner as the Secretary of Financial and Professional
4
Regulation deems appropriate. The Secretary may establish by
5
rule the category and amount of any fees that the persons and
6
entities must pay to the Department of Financial and
7
Professional 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
11
lending industry and the Department.
The Department shall, if
12
requested to do so by at least 20 interested persons currently
13
licensed under this Act or an association representing at
14
least 20 interested persons currently licensed under this Act,
15
meet at least once per calendar year with representatives of
16
the consumer installment lending industry to discuss industry
17
developments, fees, anticipated rules, or issues confronting
18
the Department in its regulation and discipline of the
19
industry.

20

(205 ILCS 670/10)

(from Ch. 17, par. 5410)
21

Sec. 10.
Investigation of conduct of business.
For the
22
purpose of discovering violations of this Act or securing
23
information lawfully required by it, the Director may at any
24
time investigate the loans and business and examine the books,

HB5384 Enrolled
- 12 -
LRB104 20479 BAB 33949 b
1
accounts, records, and files used therein, of every licensee
2
and of every person, partnership, association, limited
3
liability company, and corporation engaged in the business
4
described in Section 1 of this Act, whether such person,
5
partnership, association, limited liability company, or
6
corporation shall act or claim to act as principal or agent or
7
within or without the authority of this Act. For such purpose
8
the Director shall have free access to the offices and places
9
of business, books, accounts, papers, records, files, safes,
10
and vaults of such persons, partnerships, associations,
11
limited liability companies, and corporations. The Director
12
may require the attendance of and examine under oath all
13
persons whose testimony he or she may require relative to such
14
loans or such business, and in such cases the Director shall
15
have power to administer oaths to all persons called as
16
witnesses; and the Director may conduct such examinations.
17

The Director
may

shall
make an examination of the affairs,
18
business, office
,
and records of each licensee
at any time to
19
determine 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,
22
including travel expenses for out-of-state licensed locations.
23
The fee shall reasonably reflect actual costs. The Director
24
shall also have authority to examine the books and records of
25
any business made by a former licensee which is being
26
liquidated, as the Director deems necessary, and may charge

HB5384 Enrolled
- 13 -
LRB104 20479 BAB 33949 b
1
the 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
4
amended 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
8
licensing, investigations, and examinations provided for in
9
this Act, shall be borne by and assessed against persons and
10
entities regulated by this Act in such proportions and in such
11
manner as the Secretary deems appropriate. The Secretary may
12
establish by rule the category and amount of any fees that the
13
persons 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
16
changing 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
20
boxes, safes, vault or other facilities furnished by the
21
licensee
at any time
.
22

If the Director finds that the licensee is not complying

HB5384 Enrolled
- 14 -
LRB104 20479 BAB 33949 b
1
with the provisions of this Act he may revoke the license of
2
the licensee, and the licensee shall not be eligible for a
3
license hereunder for a period of six months following the
4
date of revocation.
5

The Director shall keep in his office a permanent record
6
of all inspections made, and such record shall be available to
7
the 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
12
licensing, investigations, and examinations provided for in
13
this Act, shall be borne by and assessed against persons and
14
entities regulated by this Act in such proportions and in such
15
manner as the Secretary of Financial and Professional
16
Regulation deems appropriate. The Secretary may establish by
17
rule the category and amount of any fees that the persons and
18
entities 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
21
adding 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
2
licensing, investigations, and examinations provided for in
3
this Act, shall be borne by and assessed against persons and
4
entities regulated by this Act in such proportions and in such
5
manner as the Secretary deems appropriate. The Secretary may
6
establish by rule the category and amount of any fees that the
7
persons 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
10
becoming law.

Footer

Disclaimer

This site is maintained for the Illinois General Assembly by the
Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706.

Contact ILGA Webmaster

ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies.
Read About Cookies

ILGA.GOV

2026 ILGA.gov | All Rights Reserved |
ADA

|
Disclaimers
|
Learn

This site is maintained for the Illinois General Assembly by the
Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706.
Contact ILGA Webmaster

ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies.
Read About Cookies

ILGA.GOV

2026 ILGA.gov | All Rights Reserved |
ADA

|
Disclaimers
|
Learn