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Senate Amendment 001

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3903

Introduced 2/6/2026, by Sen. Mark L. Walker

SYNOPSIS AS INTRODUCED:

205 ILCS 405/16

from Ch. 17, par. 4832
205 ILCS 405/19.3

from Ch. 17, par. 4838
205 ILCS 660/6.2 new
205 ILCS 660/7

from Ch. 17, par. 5207
205 ILCS 665/6.5 new
205 ILCS 670/2

from Ch. 17, par. 5402
205 ILCS 670/2.5 new
205 ILCS 670/10

from Ch. 17, par. 5410
225 ILCS 429/78 new
240 ILCS 5/23

from Ch. 17, par. 1473
240 ILCS 5/23.5 new
815 ILCS 122/3-6 new

Amends the Currency Exchange Act. Removes provisions requiring the
Secretary of Financial and Professional Regulation to investigate a
currency exchange business at least once in each year and to review and
report on the cost of operation of the Currency Exchange Section.
Establishes fee-setting provisions for the administration of the Act.
Amends the Sales Finance Agency Act, the Consumer Installment Loan Act,
and the Safety Deposit License Act. Makes changes to the authority of the
Secretary and the Director of the Division of Financial Institutions to
examine and investigate a business to determine if it is in compliance with
those Acts. Establishes fee-setting provisions for the administration of
those Acts. Amends the Debt Management Service Act, the Debt Settlement
Consumer Protection Act, and the Payday Loan Reform Act. Establishes
fee-setting provisions for the administration of those Acts. Makes other
changes. Effective immediately.
LRB104 20478 BAB 33948 b

A BILL FOR

SB3903
LRB104 20478 BAB 33948 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

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LRB104 20478 BAB 33948 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,

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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

SB3903
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LRB104 20478 BAB 33948 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

SB3903
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LRB104 20478 BAB 33948 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

SB3903
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LRB104 20478 BAB 33948 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

SB3903
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LRB104 20478 BAB 33948 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 Section 6.2 as follows:

15

(205 ILCS 660/6.2 new)
16

Sec. 6.2.
Fees.

17

(a) The expenses of administering this Act, including
18
licensing, investigations, and examinations provided for in
19
this Act, shall be borne by and assessed against persons and
20
entities regulated by this Act in such proportions and in such
21
manner as the Secretary of Financial and Professional
22
Regulation deems appropriate. The Secretary may establish by
23
rule the category and amount of any fees that the persons and
24
entities must pay to the Department.

SB3903
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LRB104 20478 BAB 33948 b
1

(b) Any fees set forth in this Act may be amended by rule.

2

(205 ILCS 660/7)

(from Ch. 17, par. 5207)
3

Sec. 7.
The Department
may

shall
examine each licensee
at
4
any time

annually
to determine if
the licensee

it
is in
5
compliance with this Act. The expense of this annual
6
examination shall be paid to the Department by the licensee in
7
accordance with a schedule of fees established by the
8
Department as reasonably reflecting the actual cost of the
9
examination.
10

In addition, the Department may charge all licensees in
11
accordance with its schedule of fees for the examinations or
12
re-examinations made pursuant to Section 11 of this Act. This
13
expense and cost of examination is in addition to the license
14
fees.
15
(Source: P.A. 90-437, eff. 1-1-98.)

16

Section 15.
The Debt Management Service Act is amended by
17
adding Section 6.5 as follows:

18

(205 ILCS 665/6.5 new)
19

Sec. 6.5.
Fees.

20

(a) The expenses of administering this Act, including
21
licensing, investigations, and examinations provided for in
22
this Act, shall be borne by and assessed against persons and
23
entities regulated by this Act in such proportions and in such

SB3903
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LRB104 20478 BAB 33948 b
1
manner as the Secretary deems appropriate. The Secretary may
2
establish by rule the category and amount of any fees that the
3
persons and entities must pay to the Department.
4

(b) Any fees set forth in this Act may be amended by rule.

5

Section 20.
The Consumer Installment Loan Act is amended
6
by changing Sections 2 and 10 and by adding Section 2.5 as
7
follows:

8

(205 ILCS 670/2)

(from Ch. 17, par. 5402)
9

Sec. 2.
Application; fees; positive net worth.
Application
10
for such license shall be in writing, and in the form
11
prescribed by the Director. Such applicant at the time of
12
making such application shall pay to the Director the sum of
13
$300 as an application fee and the additional sum of $450 as an
14
annual license fee, for a period terminating on the last day of
15
the current calendar year
; provided that if the application is
16
filed after June 30th in any year, such license fee shall be
17
1/2 of the annual license fee for such year
.
18

Before the license is granted, every applicant shall prove
19
in form satisfactory to the Director that the applicant has
20
and will maintain a positive net worth of a minimum of $30,000.
21
Every applicant and licensee shall maintain a surety bond in
22
the principal sum of $25,000 issued by a bonding company
23
authorized to do business in this State and which shall be
24
approved by the Director. Such bond shall run to the Director

SB3903
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LRB104 20478 BAB 33948 b
1
and shall be for the benefit of any consumer who incurs damages
2
as a result of any violation of the Act or rules by a licensee.
3
If the Director finds at any time that a bond is of
4
insufficient size, is insecure, exhausted, or otherwise
5
doubtful, an additional bond in such amount as determined by
6
the Director shall be filed by the licensee within 30 days
7
after written demand therefor by the Director. "Net worth"
8
means total assets minus total liabilities.
9
(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)

10

(205 ILCS 670/2.5 new)
11

Sec. 2.5.
Fees.

12

(a) The expenses of administering this Act, including
13
licensing, investigations, and examinations provided for in
14
this Act, shall be borne by and assessed against persons and
15
entities regulated by this Act in such proportions and in such
16
manner as the Secretary of Financial and Professional
17
Regulation deems appropriate. The Secretary may establish by
18
rule the category and amount of any fees that the persons and
19
entities must pay to the Department of Financial and
20
Professional Regulation.
21

(b) Any fees set forth in this Act may be amended by rule.

22

(205 ILCS 670/10)

(from Ch. 17, par. 5410)
23

Sec. 10.
Investigation of conduct of business.
For the
24
purpose of discovering violations of this Act or securing

SB3903
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LRB104 20478 BAB 33948 b
1
information lawfully required by it, the Director may at any
2
time investigate the loans and business and examine the books,
3
accounts, records, and files used therein, of every licensee
4
and of every person, partnership, association, limited
5
liability company, and corporation engaged in the business
6
described in Section 1 of this Act, whether such person,
7
partnership, association, limited liability company, or
8
corporation shall act or claim to act as principal or agent or
9
within or without the authority of this Act. For such purpose
10
the Director shall have free access to the offices and places
11
of business, books, accounts, papers, records, files, safes,
12
and vaults of such persons, partnerships, associations,
13
limited liability companies, and corporations. The Director
14
may require the attendance of and examine under oath all
15
persons whose testimony he or she may require relative to such
16
loans or such business, and in such cases the Director shall
17
have power to administer oaths to all persons called as
18
witnesses; and the Director may conduct such examinations.
19

The Director
may

shall
make an examination of the affairs,
20
business, office
,
and records of each licensee
at any time to
21
determine if the licensee is in compliance with the Act

at
22
least once each year
. The Director
may

shall
by rule
and
23
regulation
set the fee to be charged for each examination day,
24
including travel expenses for out-of-state licensed locations.
25
The fee shall reasonably reflect actual costs. The Director
26
shall also have authority to examine the books and records of

SB3903
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LRB104 20478 BAB 33948 b
1
any business made by a former licensee which is being
2
liquidated, as the Director deems necessary, and may charge
3
the examination fees otherwise required for licensees.
4
(Source: P.A. 90-437, eff. 1-1-98.)

5

Section 25.
The Debt Settlement Consumer Protection Act is
6
amended by adding Section 78 as follows:

7

(225 ILCS 429/78 new)
8

Sec. 78.
Fees.

9

(a) The expenses of administering this Act, including
10
licensing, investigations, and examinations provided for in
11
this Act, shall be borne by and assessed against persons and
12
entities regulated by this Act in such proportions and in such
13
manner as the Secretary deems appropriate. The Secretary may
14
establish by rule the category and amount of any fees that the
15
persons and entities must pay to the Department.
16

(b) Any fees set forth in this Act may be amended by rule.

17

Section 30.
The Safety Deposit License Act is amended by
18
changing Section 23 and by adding Section 23.5 as follows:

19

(240 ILCS 5/23)

(from Ch. 17, par. 1473)
20

Sec. 23.
The Director, by his agents,
may

shall
inspect
at
21
least once in each license period,
the license, safety deposit
22
boxes, safes, vault or other facilities furnished by the

SB3903
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LRB104 20478 BAB 33948 b
1
licensee
at any time
.
2

If the Director finds that the licensee is not complying
3
with the provisions of this Act he may revoke the license of
4
the licensee, and the licensee shall not be eligible for a
5
license hereunder for a period of six months following the
6
date of revocation.
7

The Director shall keep in his office a permanent record
8
of all inspections made, and such record shall be available to
9
the public.
10
(Source: Laws 1967, p. 1668.)

11

(240 ILCS 5/23.5 new)
12

Sec. 23.5.
Fees.

13

(a) The expenses of administering this Act, including
14
licensing, investigations, and examinations provided for in
15
this Act, shall be borne by and assessed against persons and
16
entities regulated by this Act in such proportions and in such
17
manner as the Secretary of Financial and Professional
18
Regulation deems appropriate. The Secretary may establish by
19
rule the category and amount of any fees that the persons and
20
entities must pay to the Secretary.
21

(b) Any fees set forth in this Act may be amended by rule.

22

Section 35.
The Payday Loan Reform Act is amended by
23
adding Section 3-6 as follows:

SB3903
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LRB104 20478 BAB 33948 b
1

(815 ILCS 122/3-6 new)
2

Sec. 3-6.
Fees.

3

(a) The expenses of administering this Act, including
4
licensing, investigations, and examinations provided for in
5
this Act, shall be borne by and assessed against persons and
6
entities regulated by this Act in such proportions and in such
7
manner as the Secretary deems appropriate. The Secretary may
8
establish by rule the category and amount of any fees that the
9
persons and entities must pay to the Department.
10

(b) Any fees set forth in this Act may be amended by rule.

11

Section 99.
Effective date.
This Act takes effect upon
12
becoming law.

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