Document:

Exhibit 10.27

                      FOURTH MODIFICATION OF LOAN AGREEMENT

THIS FOURTH MODIFICATION is made as of this 20th day of April, 2000, by and
between IMMUCOR, INC., a Georgia corporation ("Borrower"), and WACHOVIA
BANK, N.A., a national banking association ("Lender").

                               Statement of Facts

                  Lender  and   Borrower   are  parties  to  that  certain  Loan
Agreement, dated as of October 27, 1998, as modified and amended by that certain
First Modification of Loan Agreement, dated as of April 30, 1999, and as further
modified  and amended by that certain  Second  Modification  of Loan  Agreement,
dated as of December 10,  1999,  and as further  modified by that certain  Third
Modification  of Loan  Agreement,  dated as of  December  20,  1999  (the  "Loan
Agreement"),  pursuant to which Lender has agreed to make one or more loans from
time to time to the  Borrower  in  accordance  with  the  terms  and  conditions
thereof.  Lender and  Borrower  desire to modify the Loan  Agreement  in certain
additional  respects,  all in  accordance  with and  subject  to the  terms  and
conditions set forth herein.

                  NOW,  THEREFORE,   in  consideration  of  the  premises,   the
covenants  and  agreements   contained  herein,  and  other  good  and  valuable
consideration,  the  receipt  and  adequacy  of which are  hereby  acknowledged,
Borrower and Lender do hereby agree that all capitalized terms used herein shall
have the meanings  ascribed  thereto in the Loan Agreement  (except as otherwise
expressly defined or limited herein) and do hereby further agree as follows:

                               Statement of Terms

1. Amendments of Loan Agreement. Subject to the fulfillment of the
conditions precedent to the effectiveness of this Fourth Modification which
are set forth below, the Loan Agreement shall be amended from and after
this date as follows:

     (a) The Loan  Agreement is hereby  amended by adding each of the  following
     definitions to Section 1.1 thereof in the appropriate alphabetical order:

          "Fourth  Additional  Term  Loans"  shall  mean the  term  loans in the
     aggregate  principal  amount of $5,000,000 to be made by Lender to Borrower
     pursuant to the provisions of Section 2.1.6.

          "Fourth  Additional Term Loan Commitment" shall mean the Commitment of
     Lender to make the Fourth  Additional Term Loans pursuant to Section 2.1.6,
     which Commitment shall be in the initial amount of $5,000,000 as reduced by
     the amount of each Fourth Additional Term Loan that is made.

          "Fourth  Additional Term Loan Commitment  Termination Date" shall mean
     May 31, 2001.

          "Fourth  Additional  Term Note" shall mean the term  promissory  note,
     dated April 20, 2000, as amended or supplemented  from time to time, in the
     stated  principal  amount equal to the initial Fourth  Additional Term Loan
     Commitment,  together with any renewals or extensions  thereof, in whole or
     in part.

          "Fourth Modification  Effective Date" shall mean the date on which all
     of the  conditions  precedent to the  effectiveness  of that certain Fourth
     Modification  of Loan  Agreement,  dated as of April 20, 2000,  between the
     Borrower and the Lender, have been satisfied.

     (b) The Loan  Agreement is hereby amended by amending each of the following
     definitions in Section 1.1 to read as follows:

          "Loans" shall mean the Advances under the Line of Credit together with
     the Acquisition Term Loans, the Additional Term Loans, the Third Additional
     Term Loan, and the Fourth Additional Term Loans.

          "Notes" shall mean,  collectively,  the Master Note,  the  Acquisition
     Term Note, the Additional  Term Note, the Third  Additional  Term Note, and
     the Fourth Additional Term Note.

          "Term Loans" shall mean the Acquisition Term Loans, and the Additional
     Term Loans, the Third Additional Term Loan, and the Fourth  Additional Term
     Loans.

     (c) The Loan  Agreement is hereby  amended by adding the following  Section
     2.1.6 thereto:

                           2.1.6 Fourth Additional Term Loans. During the period
         from the Fourth Modification Effective Date until the Fourth Additional
         Term Loan  Commitment  Termination  Date,  and subject to the terms and
         conditions  of  this  Agreement,  Lender  agrees  to  make  the  Fourth
         Additional Term Loans to Borrower,  the proceeds of which shall be used
         by Borrower solely to finance the repurchase of the outstanding  common
         stock of the  Borrower as  permitted  by Section  5.5 hereof.  Lender's
         commitment  hereunder to make the Fourth Additional Term Loans shall be
         reduced by the amount of each Borrowing thereof.  The Debt arising from
         the making of the Fourth  Additional  Term Loans shall be  evidenced by
         the Fourth  Additional  Term Note,  which shall be executed by Borrower
         and delivered to Lender on the Fourth Modification  Effective Date. The
         principal amount of the Fourth Additional Term Loans shall be repaid by
         the Borrower in installments as provided in the Fourth  Additional Term
         Note. In any event on June 1, 2006, the entire unpaid principal balance
         of the Fourth  Additional  Term Loans  together  with all  accrued  but
         unpaid  interest  thereon shall be due and payable in full.  The Fourth
         Additional  Term Loans  shall bear  interest  at the  Applicable  Rate,
         calculated and payable in the manner  described in Section 2.2.1,  from
         the date thereof on the unpaid  principal  amount  thereof from time to
         time outstanding.  The Fourth Additional Term Loans may be prepaid,  in
         whole  or in  part,  by  Borrower  at any  time  or  from  time to time
         hereafter; provided, however, that any partial prepayment of the Fourth
         Additional  Term Loans shall be applied by Lender in the inverse  order
         of  the  maturities  of  the  principal   installments  of  the  Fourth
         Additional Term Loans then remaining to be paid.

     (d) The Loan  Agreement is hereby amended by amending  Section  2.2.1(c) to
     read as follows:

                  (c)  Conditions  and  Limitations  on  LIBOR  Borrowings.  All
         Borrowings  obtained on the Closing  Date and for a period of three (3)
         Business  Days  thereafter  shall  be  Prime  Borrowings.   Thereafter,
         Borrower shall have the continuing right, provided that with respect to
         Borrowings  other  than  the  Third  Additional  Term  Loan no Event of
         Default or Default  Condition  exists,  to obtain  Borrowings which are
         LIBOR  Borrowings or to convert Prime  Borrowings to LIBOR  Borrowings;
         subject,  however,  to the following  conditions and  limitations:  (i)
         Borrower must request a LIBOR Borrowing,  specifying the amount thereof
         and the applicable Interest Period, at least three (3) Business Days in
         advance of the  intended  borrowing  date;  (ii) no more than three (3)
         LIBOR  Borrowings  under  each of the Line of Credit and the Term Loans
         (other  than the Third  Additional  Term Loan) may be  obtained  at any
         time;  (iii) LIBOR  Borrowings  (other than the Third  Additional  Term
         Loan)  must be in  minimum  amounts of Five  Hundred  Thousand  Dollars
         ($500,000), or integral multiples thereof, (iv) the Interest Period for
         LIBOR  Borrowings in respect of the Line of Credit shall not exceed the
         Termination  Date; (v) the Interest  Periods for, and aggregate  amount
         of,  LIBOR  Borrowings  in  respect  of any of the Term  Loans  must be
         consistent with, and not exceed, the scheduled  principal  amortization
         thereof;  or (vi)  if on or  prior  to the  first  day of any  Interest
         Period, Lender determines that deposits in United States Dollars or Cn.
         Dollars  (in the  applicable  amounts)  are not  being  offered  in the
         relevant  market for such  Interest  Period or that the LIBOR Rate will
         not  adequately  and fairly  reflect  the cost to Lender of funding any
         relevant  borrowings  for such  Interest  Period,  then,  Lender  shall
         forthwith  give notice  thereof to  Borrower,  whereupon,  until Lender
         notifies Borrower that the circumstances giving rise to such suspension
         no longer  exist,  the  obligation  of Lender to make LIBOR  Borrowings
         available to Borrower  shall be suspended and with respect to the Third
         Additional Term Loan the Lender shall designate a substitute  index for
         calculation of the interest rate which  adequately and fairly  reflects
         the cost to Lender of funding and maintaining the Third Additional Term
         Loan;  (vii) if, at any time, a change of law, or  compliance by Lender
         with any request or directive  (whether or not having the force of law)
         of any  governmental  authority shall make it unlawful or impracticable
         for Lender to make  available,  maintain or fund any LIBOR  Borrowings,
         Lender  shall  forthwith  give  notice  to  such  effect  to  Borrower,
         whereupon, until Lender notifies Borrower that the circumstances giving
         rise to such  suspension no longer exist,  the  obligation of Lender to
         make such  Borrowings  available to Borrower  shall be suspended and if
         Lender shall  determine  that it may not lawfully  continue to maintain
         and fund any then  outstanding  Borrowings  to  maturity  and  shall so
         specify in such notice, each Borrowing, other than the Third Additional
         Term  Loan,  so  affected  shall  be  converted  to a  Prime  Borrowing
         effective immediately and the Third Additional Term Loan shall from the
         date  of  such  notice  bear  interest  at an rate  equal  to an  index
         designated  by the Lender plus the  Applicable  Margin;  (viii)  unless
         Borrower has timely given Lender a notice of LIBOR  Borrowing  required
         hereinabove,  a LIBOR Borrowing  (other than the Third  Additional Term
         Loan) shall automatically  convert to Prime Borrowing at the expiration
         of  the  Interest  Period  corresponding  thereto;  (ix)  no  voluntary
         prepayment of any LIBOR Borrowing shall be permitted  unless Lender has
         given its written consent thereto;  and (x) upon the request of Lender,
         delivered  to  Borrower,  Borrower  shall pay to Lender  such amount or
         amounts  as  shall be  determined  by  Lender  in  connection  with the
         relevant  Interest Period as a result of: (A) any payment or prepayment
         of any LIBOR Borrowing by Borrower on a date other than the last day of
         an Interest Period for such Borrowing, whether as a result of voluntary
         prepayment,   mandatory   prepayment,   involuntary   acceleration   or
         otherwise;  or (B) any failure by the  Borrower to  undertake  any such
         LIBOR  Borrowing  on the date for  which  notice of such  Borrowing  is
         specified  by  Borrower.  In the case of  clause  (x),  such sum  shall
         include, without limitation,  an amount equal to the excess, if any, of
         the amount of interest  which would have  accrued on the amount so paid
         or prepaid or not prepaid or  borrowed  for the period from the date of
         such payment, prepayment or failure to prepay or borrow to the last day
         of the then current Interest Period for such Borrowing (or, in the case
         of a  failure  to  prepay  or  borrow,  the  Interest  Period  for such
         Borrowing  which would have  commenced  on the date of such  failure to
         prepay or borrow) at the applicable rate of interest for such Borrowing
         provided  for herein  over the amount of  interest  (as  determined  by
         Lender in the reasonable  exercise of its discretion) Lender would have
         paid on deposits in United States Dollars of comparable  amounts having
         terms  comparable to such period placed with it by leading banks in the
         London interbank market.

     (e) The Loan Agreement is hereby amended by adding the following at the end
     of Section 2.2.2 (b) thereof:

                  As  additional  compensation  for  Lender's  making the Fourth
         Additional Term Loan Commitment  available to Borrower,  Borrower shall
         pay  Lender,  in  arrears,  on each  Payment  Date  prior to the Fourth
         Additional  Term  Loan  Commitment  Termination  Date as well as on the
         Fourth  Additional  Term  Loan  Commitment  Termination  Date,  a fully
         earned,  non-refundable  fee for Borrower's  non-use of available funds
         under the Fourth  Additional Term Loan Commitment in an amount equal to
         three-eighths  of one percent  (0.375%)  per annum  (calculated  on the
         basis of a 360-day year for actual days elapsed) of the average  unused
         amount  of  the  Fourth   Additional   Term  Loan  Commitment  for  the
         consecutive three month period ending on the day immediately  preceding
         such Payment Date.

     (f) The Loan  Agreement is hereby  amended by amending the last sentence of
     Section 2.4 to read as follows:

          Any  prepayment  made by  Borrower  under  this  Section  2.4 shall be
     applied,  first,  to  prepay  the  scheduled  installments  of  the  Fourth
     Additional  Term Loans in inverse order of maturity  until such Loans shall
     have been prepaid in full, second, to prepay the scheduled  installments of
     the Third  Additional  Term Loan in inverse  order of  maturity  until such
     Loans have been prepaid in full, third to prepay the scheduled installments
     of the Additional  Term Loans in inverse order of maturity until such Loans
     have been prepaid in full, and fourth to prepay the scheduled  installments
     of the Acquisition Term Loans in inverse order of maturity until such Loans
     have been prepaid in full.

2. No Other Amendments. Except for the amendments expressly set forth and
referred to in Sections 1 above, the Loan Agreement shall remain unchanged
and in full force and effect. Nothing in this Fourth Modification is
intended, or shall be construed, to constitute a novation or an accord and
satisfaction of any of the Borrower's indebtedness or other indebtedness to
the Lender under or in connection with the Loan Agreement (collectively,
the "Obligations") or to modify, affect or impair the perfection or
continuity of Lender's security interests in, security titles to or other
liens on any collateral for the Obligations.

3. Representations and Warranties. To induce Lender to enter
into this Fourth Modification, the Borrower does hereby warrant, represent and
covenant to Lender that: (a) each representation or warranty of the Borrower set
forth in the Loan Agreement is hereby restated and reaffirmed as true and
correct on and as of the date hereof as if such representation or warranty were
made on and as of the date hereof (except to the extent that any such
representation or warranty expressly relates to a prior specific date or
period), and no Default or Event of Default has occurred and is continuing as of
this date under the Loan Agreement as amended by this Fourth Modification; and
(b) Borrower has the power and is duly authorized to enter into, deliver and
perform this Fourth Modification and this Fourth Modification is the legal,
valid and binding obligation of Borrower enforceable against it in accordance
with its terms.

4. Conditions Precedent to Effectiveness of this Fourth
Modification. The effectiveness of this Fourth Modification and the amendments
provided herein are subject to the truth and accuracy in all material respects
of the representations and warranties of the Borrower contained in Section 3
above and to the fulfillment of the following additional conditions precedent:
(a) Lender shall have received one or more counterparts of this Fourth
Modification duly executed and delivered by the Borrower; (b) if and to the
extent required by Lender, any and all guarantors of the Obligations shall have
consented to the execution, delivery and performance of this Fourth Modification
and all of the transactions contemplated hereby by signing one or more
counterparts of this Fourth Modification in the appropriate space indicated
below and returning same to Lender; (c) Lender shall have received the Fourth
Additional Term Note, dated as of the date of this Fourth Modification and
having a stated principal amount equal to $5,000,000, duly executed and
delivered, as well as a closing certificate of Borrower and an opinion of
Borrower's counsel (both in form and substance satisfactory to Lender) with
respect to this Fourth Modification and the Fourth Additional Term Note; and (d)
Lender shall have received payment from Borrower of a closing fee for this
Fourth Modification in the amount of $25,000, which shall be fully earned and
non-refundable upon payment thereof.

5. Counterparts. This Fourth Modification may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of
which when taken together shall constitute one and the same instrument.

6. Governing Law. This Fourth Modification shall be governed by, and
construed in accordance with, the internal laws of the State of Georgia
applicable to contracts made and performed in such state.

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Modification  to be duly executed and delivered as of the day and year specified
at the beginning hereof.

                                      BORROWER:

                                      IMMUCOR, INC.

                                      By: /s/  Edward L. Gallup
                                      Edward L. Gallup, President

                                      LENDER:

                                      WACHOVIA BANK, N.A.

                                      By:      /s/  Ernesto Moran
                                      Title:   President

<PAGE>

                                               CONSENT OF GUARANTORS

                  Each of the undersigned  guarantors does hereby consent to the
execution,   delivery  and  performance  of  the  within  and  foregoing  Fourth
Modification of Loan Agreement.

                  IN WITNESS  WHEREOF,  each of the  undersigned  guarantors has
executed this Consent under seal as of the day and year first above set forth.

                                        GAMMA BIOLOGICALS, INC.

                                        By: /s/  Edward L. Gallup
                                        Edward L. Gallup, President

                                        GAMMA BIOLOGICALS INTERNATIONAL, INC.

                                        By: /s/  Edward L. Gallup
                                        Edward L. Gallup, President

                                        BCA ACQUISITION CORPORATION

                                        By: /s/  Edward L. Gallup
                                        Edward L. Gallup, President<PAGE>

                                   Exhibit 4.1

            Composite Ace Cash Express, Inc. 1997 Stock Option Plan
                    (as amended through September 23, 1999).

<PAGE>

                                    COMPOSITE
                             ACE CASH EXPRESS, INC.
                             1997 STOCK OPTION PLAN
                     (AS AMENDED THROUGH SEPTEMBER 23, 1999)

     On August 4, 1997, the Board of Directors of Ace Cash Express, Inc. adopted
the following 1997 Stock Option Plan:

     1.  PURPOSE.  The  purpose of the Plan is to provide key  employees  with a
  proprietary interest in the Company through the granting of options which will

           (a)  increase the interest of the key employees in the Company's
                and its Subsidiaries' welfare;

           (b)  furnish an incentive to the key employees to continue their
                services for the Company and its Subsidiaries; and

           (c)  provide a means through which the Company and its Subsidiaries
                may attract able persons to enter its employ.

    2.  ADMINISTRATION. The Plan will be administered by the Committee.

    3.  PARTICIPANTS.  The Committee shall,  from time to time, select the
  particular  key  employees  of the  Company  and its  Subsidiaries  to whom
  options  are  to  be  granted  and  who  will,  upon  such  grant,   become
  participants  in the Plan.  For purposes of the Plan,  "key  employees" are
  those officers and employees  whose  performance and  responsibilities  are
  determined by the Committee to be influential to the success of the Company
  and its Subsidiaries.

    4.  STOCK  OWNERSHIP  LIMITATION.  No  Incentive  Option  may be
  granted to a key  employee who owns more than 10% of the voting power of all
  classes  of  capital   stock  of  the  Company  or  its  Parent  or
  Subsidiaries;  except that this  limitation will not apply if the option price
  is at least 110% of the fair market  value of the Common  Stock at the time
  the Incentive Option is granted and the Incentive Option is not exercisable
  more than five years from the date it is granted.

     5. SHARES  SUBJECT TO PLAN.  The Board may not grant options under the Plan
  for more  than  1,215,000  shares  of  Common  Stock of the  Company,
  including (without  limitation)  to any key  employee,  but this number may be
  adjusted to reflect,  if deemed  appropriate by the  Committee,  any stock
  dividend,  stock split,  share combination,  recapitalization,  or the like of
  or by the Company. Shares to be optioned and sold may be made available from
  either  authorized but unissued  Common  Stock or Common  Stock held by the
  Company  in its  treasury. Shares that by reason of the  expiration of an
  option or otherwise are no longer subject to purchase pursuant to an option
  granted  under  the  Plan may be re-offered under the Plan.

     6. LIMITATION ON AMOUNT. The aggregate fair market value (determined at the
  time of grant) of the shares of Common  Stock  which any key  employee  is
  first eligible to  purchase in any  calendar  year by  exercise of  Incentive
  Options granted  under the Plan and all  incentive  stock option plans of the
  Company or its Parent or Subsidiaries shall not exceed $100,000. For this
  purpose, the fair market  value  (determined  at the date of grant of each
  option)of the Common Stock purchasable by exercise of an Incentive Option (or
  an installment thereof) shall be counted against the $100,000 annual
  limitation for a key employee only for the calendar year such Common Stock is
  first purchasable under the terms of the option.

    7. ALLOTMENT OF SHARES.  The Committee  shall determine the number of shares
  of Common  Stock to be  offered  from time to time by grant of  options to key
  employees of the Company or its Subsidiaries.  The grant of an option to a key
  employee  shall not be deemed to entitle the employee to, or to disqualify the
  employee from, participation in any other grant of options under the Plan.

<PAGE>
    8.  GRANT OF  OPTIONS.  All  options  under the Plan shall be granted by the
  Committee,  which is authorized to grant  Incentive  Options and  Nonqualified
  Options  under the Plan.  Each grant of options  shall be evidenced by a stock
  option  agreement  containing such terms and provisions as are approved by the
  Committee,  but not inconsistent with the Plan, including (without limitation)
  provisions that may be necessary to assure that any option that is intended to
  be an Incentive  Option will comply with  Section 422 of the Internal  Revenue
  Code. The Company shall execute stock option agreements upon instructions from
  the Committee.  The Plan shall be submitted to the Company's  shareholders for
  approval.  The Committee may grant options under the Plan prior to the time of
  shareholder approval, and those options will be effective when granted, but if
  for any reason the  shareholders  of the Company do not approve the Plan prior
  to one year from the date of  adoption  of the Plan by the Board,  all options
  granted under the Plan will be terminated  and of no effect.  No option may be
  exercised  in whole or in part  prior to such  shareholder  approval.  A stock
  option  agreement may provide that the participant  may request  approval from
  the Committee to exercise an option or a portion  thereof by tendering  shares
  of Common  Stock,  at the fair market value per share on the date of exercise,
  in lieu of cash payment of the exercise price.

    9. OPTION PRICE.  The option price of an Incentive  Option shall not be less
  than 100% of the fair market  value per share of the Common  Stock (or 110% of
  such  value if  required  by Section  4) on the date the  Incentive  Option is
  granted.  The  Committee  shall  determine the fair market value of the Common
  Stock on the  date of grant of the  Incentive  Option,  using  any  reasonable
  valuation method,  and shall set forth the determination in the resolutions it
  adopts or in minutes.

    10.  OPTION  PERIOD.  The Option Period will begin on the date the option is
  granted, which will be the date the Committee authorizes the option unless the
  Committee specifies another date (which can only be a later date if the option
  is an Incentive Option). No option may terminate later than ten years from the
  date the option is granted.  The  Committee  may  provide for the  exercise of
  options in installments and upon such terms,  conditions,  and restrictions as
  it may determine.  The Committee may provide for  termination of the option in
  the case of termination of employment or for any other reason.

    11. RIGHTS IN EVENT OF DEATH OR DISABILITY. If a participant dies or becomes
  disabled (within the meaning of Section 22(e)(3) of the Internal Revenue Code)
  prior to  expiration  of his or her right to exercise an option in  accordance
  with the provisions of the applicable  stock option  agreement  without having
  totally  exercised the option,  the option may be exercised,  to the extent of
  the shares with respect to which the option  could have been  exercised by the
  participant  on the date of his or her death or  disability  (or to such other
  extent provided in the stock option  agreement),  (a) in the case of death, by
  the  participant's  estate or by the person who acquired the right to exercise
  the  option  by  bequest  or  inheritance  or by  reason  of the  death of the
  participant,  or (b) in the case of disability,  by the  participant or his or
  her personal  representative,  provided  the option is exercised  prior to the
  date of its expiration or not more than 180 days after the date of termination
  of the participant's  employment because of his or her death or disability (or
  such other date as may be provided in the stock option  agreement),  whichever
  first occurs.  The date of disability of a participant  shall be determined by
  the Committee.

    12.  PAYMENT.  Full payment for shares  purchased upon  exercising an option
  shall be made at the time of  exercise  in cash or by  check,  or if the stock
  option  agreement so permits,  by tendering shares of Common Stock at the fair
  market  value per share at that time,  or on such other terms as are set forth
  in the applicable stock option  agreement.  No shares may be issued until full
  payment of the purchase price  therefor has been made, and a participant  will
  have none of the rights of a shareholder of the Company regarding those shares
  until  those  shares are issued to him. In  addition,  the  participant  shall
  tender payment of such amount as may be requested by the Company,  if any, for
  the purpose of satisfying its liability to withhold  federal,  state, or local
  income or other taxes incurred by reason of the exercise of an option.

<PAGE>

    13.  EXERCISE OF OPTION.  Options  granted  under the Plan may be  exercised
  during the Option Period at such times,  in such amounts,  in accordance  with
  such  terms,  and  subject  to  such  restrictions  as are  set  forth  in the
  applicable stock option  agreements.  A stock option agreement may provide for
  acceleration of exercise upon termination of employment for any reason.  In no
  event may an option be exercised or shares be issued  pursuant to the exercise
  of an option if any requisite action, approval, or consent of any governmental
  authority of any kind having  jurisdiction  over the exercise of options shall
  not have been taken or secured.

    14. CAPITAL ADJUSTMENTS AND REORGANIZATIONS.  The number of shares of Common
  Stock covered by each outstanding option granted under the Plan and the option
  or purchase  price may be adjusted to reflect,  as deemed  appropriate  by the
  Committee,  any stock dividend,  stock split, share  combination,  exchange of
  shares,   sale  of  all  or  substantially  all  outstanding   capital  stock,
  recapitalization,  merger, consolidation,  separation, reorganization, sale of
  all  or  substantially  all  assets,  liquidation,  or the  like  of or by the
  Company.

    In the  event of a merger,  consolidation,  share  exchange,  sale of all or
  substantially all outstanding  capital stock,  reorganization,  sale of all or
  substantially all assets,  liquidation,  recapitalization,  separation, or the
  like of or by the Company,  the Company (acting by or through the Board or the
  Committee) may make such  arrangements  as it deems  advisable with respect to
  outstanding  options granted under the Plan, and those  arrangements  shall be
  binding upon each  participant  who holds an outstanding  option granted under
  the Plan, including (without limitation)  arrangements for the substitution of
  new options for any options then outstanding (by conversion or otherwise), the
  assumption  of any  such  outstanding  options,  or the  payment  for any such
  outstanding  options.  Any such  arrangements  relating to an Incentive Option
  shall comply with the requirements of Section 422 of the Internal Revenue Code
  and the  regulations  thereunder.  If (a) the  Company  becomes  a party to an
  agreement providing for the merger, consolidation,  or share exchange of or by
  the Company,  any other sale of all or  substantially  all of the  outstanding
  Common  Stock,  or any sale of all or  substantially  all of the assets of the
  Company (any such  transaction,  a "Transaction")  and the agreement  provides
  that the holders of the outstanding  shares of Common Stock will receive cash,
  securities,  or other property directly or indirectly from one or more persons
  or entities other than the Company or any of its  Subsidiaries  (collectively,
  if more than one, the "Purchaser")  upon the effectiveness of the Transaction,
  and (b) the Company does not make  arrangements  for the  substitution  of new
  options from the Purchaser for any options then  outstanding (by conversion or
  otherwise),  the assumption of such options by the  Purchaser,  or the payment
  for such options,  then the Plan shall  terminate and any options  outstanding
  under the Plan shall  terminate upon the  effectiveness  of such  Transaction;
  provided,  however,  that  all  outstanding  options  granted  under  the Plan
  (whether or not theretofore  vested or exercisable)  shall become  immediately
  exercisable  during the ten days  immediately  preceding the effective date of
  such Transaction as well as on the effective date of the Transaction  until it
  is effective.  If the options will so terminate  upon the  effectiveness  of a
  Transaction,  the  Company  shall  give each  holder of an option at least ten
  days' notice of the  opportunity  to exercise  his or her options  before such
  termination. The Company shall, prior to the effectiveness of the Transaction,
  issue all Common Stock purchased by exercise of outstanding  options, and such
  Common  Stock shall be treated as issued and  outstanding  for purposes of the
  Transaction.

    15.  NON-ASSIGNABILITY.  Incentive  Options  and,  unless  specified  in the
  applicable stock option agreement, Nonqualified Options may not be transferred
  other than by will or by the laws of descent and  distribution.  Except to the
  extent  provided in Section 11,  during a  participant's  lifetime,  Incentive
  Options and,  unless  specified  in the  applicable  stock  option  agreement,
  Nonqualified  Options  granted to a participant  may be exercised  only by the
  participant.

    16. INTERPRETATION AND LIABILITY. The Committee shall interpret the Plan and
  shall prescribe such rules and regulations in connection with the operation of
  the Plan as it determines to be advisable for the  administration of the Plan.
  The  Committee  may rescind and amend its rules and  regulations.  Neither the
  Committee  nor any member  thereof  shall be liable for any action,  omission,
  interpretation,  construction,  or  determination  made in connection with the
  Plan in good  faith,  and the  members of the  Committee  shall be entitled to
  indemnification  and  reimbursement  by the  Company  in respect of any claim,
  loss,  damage, or expense  (including,  without  limitation,  attorneys' fees)
  arising  therefrom  to the full extent  permitted  by law and the  Articles of
  Incorporation and the Bylaws of the Company.  17. AMENDMENT OR DISCONTINUANCE.
  The Plan may be amended or discontinued by the Board or the Committee  without
  the approval of the  shareholders  of the Company,  except that any  amendment
  that would (a) materially increase the number of securities that may be issued
  under the Plan or (b) materially  modify the  requirements  of eligibility for
  participation in the Plan must be approved by the shareholders of the Company.

<PAGE>

    18.  EFFECT OF PLAN.  Neither the adoption of the Plan nor any action of the
  Board or the  Committee  shall be deemed to give any key employee any right to
  be granted an option to purchase  Common Stock or any other  rights  except as
  may be evidenced by a stock option agreement,  or any amendment thereto,  duly
  authorized by the  Committee  and executed on behalf of the Company,  and then
  only to the  extent  and on the  terms  and  conditions  expressly  set  forth
  therein. The existence of the Plan and the options granted hereunder shall not
  affect in any way the right or power of the Board or the  shareholders  of the
  Company to make or authorize any adjustment, recapitalization, reorganization,
  or other change in the Company's capital structure or its business, any merger
  or consolidation of the Company, any issue of bonds, debentures,  or shares of
  preferred  stock ahead of or  affecting  the Common Stock or the rights of the
  holders thereof,  the dissolution or liquidation of the Company or any sale or
  transfer of all or any part of its assets or business,  or any other corporate
  act or proceeding.  Nothing in this Plan shall be construed as conferring upon
  any participant the right to continue as an employee,  officer, or director of
  the Company.

    19. TERM.  Unless sooner  terminated by action of the Board,  this Plan will
  terminate on August 4, 2007.  The  Committee  may not grant  options under the
  Plan after that date, but options granted before that date will continue to be
  effective in accordance with their terms.

    20.  APPLICABLE LAW. This Plan shall be construed and enforced in accordance
  with, and governed by, the laws of the State of Texas.

    21.  DEFINITIONS.  For the purpose of this Plan, unless the context requires
  otherwise, the following terms shall have the meanings indicated:

            (a)  "Board" means the Board of Directors of the Company.

            (b)  "Committee"  means  the  committee  of the Board  appointed  to
                 administer the Plan, or in the absence of such a committee, the
                 entire Board.

            (c)  "Common  Stock"  means the Common  Stock  which the  Company is
                 currently   authorized  to  issue  or  may  in  the  future  be
                 authorized  to issue (as long as the common  stock  varies from
                 that  currently  authorized,  if at all,  only in amount of par
                 value).

            (d)  "Company" means Ace Cash Express, Inc., a Texas corporation.

            (e)  "Incentive Option" means an option granted under the Plan which
                 meets the  requirements of Section 422 of the Internal  Revenue
                 Code.

            (f)  "Internal  Revenue  Code" means the  Internal  Revenue  Code of
                 1986, as amended, and any successor statute.

            (g)  "Nonqualified  Option"  means an option  granted under the Plan
                 which is not an Incentive Option.

            (h)  "Option  Period" means the period during which an option may be
                 exercised.

            (i)  "Parent"  means  any   corporation  in  an  unbroken  chain  of
                 corporations  ending  with  the  Company  if,  at the  time  of
                 granting of the option, each of the corporations other than the
                 Company owns capital stock  possessing 50% or more of the total
                 combined voting power of all classes of capital stock in one of
                 the other corporations in the chain.

            (j)  "Plan" means this 1997 Stock Option Plan as may be amended from
                 time to time.
<PAGE>

            (k)  "Subsidiary"  means any  corporation  in an  unbroken  chain of
                 corporations  beginning with the Company if, at the time of the
                 granting of the option, each of the corporations other than the
                 last  corporation  in the  unbroken  chain owns  capital  stock
                 possessing  50% or more of the total  combined  voting power of
                 all classes of capital  stock in one of the other  corporations
                 in the  chain,  and  "Subsidiaries"  means more than one of any
                 such corporations.

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