reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.390 - Possession of Vehicle

Current through Register Vol. 48, No. 28, July 12, 2024
a) Unless
				otherwise provided for in the loan agreement, a lender shall not take or retain
				possession of the keys (or a copy of the keys) to a motor vehicle used to
				secure a title-secured loan.
b) No
				title-secured lender may take possession of a vehicle without first giving a
				minimum of 72 hours notice to the obligor, unless expressly prohibited by other
				law; affording the obligor the opportunity to make the vehicle available to the
				lender at a place, date, and time reasonably convenient to the lender and
				obligor; and permitting the obligor to remove any personal belongings from the
				vehicle without charge or additional cost to the obligor. Notice may be
				provided to an obligor in any form agreed to by an obligor for general loan
				communications, so long as the licensee reasonably believes the notice will
				provide the obligor adequate opportunity to act upon their rights under this
				subsection (b).
c) Possession
				measures shall be in accordance with Section
				19.1 of the Consumer Installment
				Loan Act.
d) No title-secured
				lender may take possession of a motor vehicle for a loan default or delinquency
				and lease the vehicle back to the obligor.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.400 - Loan Proceeds

Current through Register Vol. 48, No. 28, July 12, 2024
A lender must issue the proceeds of a title-secured loan in
				  the form of a check drawn on the licensee's bank account, in cash, by electric
				  fund transfer or by money order. When the proceeds are issued in the form of a
				  check drawn on the lender's bank account or by money order, the lender may not
				  charge a fee for cashing the check or money order if cashing service is offered
				  at the location. When the proceeds are issued in cash, the lender must provide
				  the obligor with a written verification of the cash transaction and shall
				  maintain a record of the transaction.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.410 - Security Interest

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				title-secured lender shall not take a security interest in any of the obligor's
				property other than the obligor's motor vehicle title, as tendered to the
				lender at the time of the making of the loan.
b) Notwithstanding subsection (a), a
				title-secured lender may accept an agreement for repayment by preauthorized
				electronic transfers but may not condition an extension of credit on repayment
				by preauthorized electronic transfer.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.420 - Approved Database

Current through Register Vol. 48, No. 28, July 12, 2024
a) Lender Input
				into Database
1) Within 90 days after a
				title-secured loan is made, the lender shall enter into the approved database
				the following information:
A) Obligor's Social
				Security Number, Alien Identification Number, or other official identification
				number, as approved by the USA Patriot Act rules and regulations (see
				31 CFR
				1020.220(a)(2)(i)(A)(4)(ii)),
				issued by a foreign government or government in the United States;
B) Principal amount of the loan;
C) Total of payments;
D) Term of the loan and the maturity date of
				the loan;
E) Date the loan was
				executed;
F) Scheduled number and
				amount of payments;
G) Zip code of
				obligor and any co-maker;
H) Any
				security taken;
I) APR;
J) PLPA APR;
K) Vehicle identification number of
				security;
L) Whether the loan pays
				off any prior loan;
M) Whether the
				loan is interest-bearing or precomputed; and
N) Any additional information the Director
				may require.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart B - TITLE-SECURED LENDING › Section 110.430 - Gross Monthly Income Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to making
				a title-secured loan, the lender must obtain from the obligor one or more of
				the following types of documentation to verify the gross monthly income of the
				obligor as required by Section
				110.370(a).
1) A copy of the prospective obligor's most
				recent official pay stub or official payroll receipt;
2) A copy of the prospective obligor's most
				recent W2 or tax return, along with reasonable evidence that the prospective
				obligor has access to the same income in the 30 days before the origination
				date of the loan;
3) Signed and
				verifiable documentation prepared by the provider of the income, dated no more
				than 30 days before the origination date of the loan;
4) A contract that provides for funds to have
				been paid to the prospective obligor within the 30 days prior to the
				origination date of the loan, and documentation reflecting that the funds have
				actually been paid;
5) A copy of
				the prospective obligor's most recent official receipt documenting payment of
				government or pension benefits to the obligor for the benefit of the obligor;
				or
6) A commercially reasonable
				method of income verification not prohibited, in writing, by the Department. A
				licensee may only use the commercially reasonable method of income verification
				for purposes of verifying an obligora's gross monthly income or underwriting
				the loan requested.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart C - MORTGAGE LENDING › Appendix C - Disclosure of 36% Rate Cap

Current through Register Vol. 48, No. 28, July 12, 2024
DISCLOSURE OF 36% RATE CAP
A lender shall not contract for or receive charges exceeding
				  a 36% annual percentage rate on the unpaid balance of the amount financed for a
				  loan, as calculated under the Illinois Predatory Loan Prevention Act (PLPA
				  APR)
Any loan with a PLPA APR over 36% is null and void, such that
				  no person or entity shall have any right to collect, attempt to collect,
				  receive, or retain any principal, fee, interest, or charges related to the
				  loan.
The annual percentage rate disclosed in any loan contract may
				  be lower than the PLPA APR.
Borrower Signature
Co-Borrower Signature (If Applicable)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart C - MORTGAGE LENDING › Table A - Illinois Rule of 78 Fractions for Rebating Charges According to Number of Months Originally Contracted For and Number of Months Prepaid in Full for Contracts of 2 to 120 Months (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.5 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Currency Exchange Act [205 ILCS 405 ].
"Ambulatory Currency Exchange" means any person, firm,
				association, partnership, limited liability company or corporation, except
				banks organized under the laws of this State and national banks organized
				pursuant to the laws of the United States, engaged in one or both of the
				businesses, or engaged in performing any one or more of the services authorized
				by the Act, solely on the premises of the employer whose employees are being
				served.
"Community Currency Exchange" means any person, firm,
				association, partnership, limited liability company or corporation, except an
				ambulatory currency exchange as defined in this Section, banks incorporated
				under the laws of this State and national banks organized pursuant to the laws
				of the United States, engaged in the business or service of, and providing
				facilities for, cashing checks, drafts, money orders or any other evidences of
				money acceptable to the community currency exchange, for a fee or service
				charge or other consideration, or engaged in the business of selling or issuing
				money orders under his/her or their or its name, or any other money orders
				(other than United States Post Office money orders, Postal Telegraph Company
				money orders, or Western Union Telegraph money orders), or engaged in both such
				businesses, or engaged in performing any one or more of the services authorized
				by the Act.
"Controlling Person" means an officer, director, or
				person owning or holding power to vote 10% or more of the outstanding voting
				securities of a licensee or the power to vote the securities of another
				controlling person of the licensee. For the purpose of determining the
				percentage of a licensee controlled by a controlling person, the person's
				interest shall be combined with the interest of any other person controlled,
				directly or indirectly, by that person or by a spouse, parent, or child of that
				person.
[205 ILCS
				405/1 ]
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means the Director of the Division of Financial
				Institutions with the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				Regulation-Division of Financial Institutions with the authority delegated by
				the Secretary.
"Licensed Location" means the premises at which a
				licensee is authorized to operate a community currency exchange to offer to the
				public services, products, or activities under the Act.
[205 ILCS
				405/1]
"Licensee" means any person, firm, association,
				partnership, limited liability company, or corporation issued one or more
				licenses by the Secretary under the Act.
[205 ILCS
				405/1 ]
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.10 - Minimum Requirements for Office Records - Community Currency Exchanges

Current through Register Vol. 48, No. 28, July 12, 2024
Every licensed location must maintain the following records in
				any medium or format that accurately reproduces original documents or
				papers:
a) Daily cash sheets (see
			 Section
			 120.30)
			 for the preceding 90 days.
b) Bank
			 statements.
c) Money order register
			 (see Section
			 120.50)
			 of money order stating original issue amount.
d) General ledger and supporting
			 journals.
e) Copy of the latest
			 Annual Report filed with the Department.
f) Transmittal record for utility bills,
			 vehicle licenses, certificates of title, vehicle stickers, stored value cards,
			 and any other type of transmittal made for the benefit of a third
			 party.
g) Record of daily
			 transactions.
h) Check register
			 (see Section
			 120.40).
i) Corporate records.
j) Copies of all contracts and business
			 agreements entered into by the currency exchange.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.20 - Minimum Requirements for Office Records - Ambulatory Currency Exchanges

Current through Register Vol. 48, No. 28, July 12, 2024
Every licensed location must maintain the following records in
				any medium or format that accurately reproduces original documents or
				papers:
a) Bank statements and itemized
			 deposit slips.
b) Money order
			 register or carbonized copy of money order.
c) General ledger and support
			 journals.
d) Copy of the latest
			 Annual Report filed with the Department.
e) All corporate records.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.30 - Cash Sheet

Current through Register Vol. 48, No. 28, July 12, 2024
a) A cash sheet
			 must be prepared daily for each day's business reflecting all transactions for
			 that day. A fiscal day may be used. All items on the cash sheet must be
			 balanced at the end of the day or prior to the opening of the next days
			 business. The cash sheet may be maintained by the licensee in any medium or
			 format that accurately reproduces original documents or papers.
b) The closing cash count must include all
			 cash and cash items. Cash items include postage stamps and stamped envelopes
			 sold in the currency exchange.
c)
			 The beginning and ending number of money orders issued each day must be
			 recorded on the cash sheet.
d)
			 Returned checks must not be counted as part of the cash on hand.
e) Payment for utility bills and all other
			 company bills must be remitted or transmitted to the respective utility or
			 other company by the currency exchange before the end of the next business
			 day.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.40 - Cashed Check Register

Current through Register Vol. 48, No. 28, July 12, 2024
a) A check
			 register must be maintained for all checks, drafts, money orders or other
			 evidence of money that the licensed location cashes.
b) The check register must show for each
			 instrument cashed: the maker, the payee, the date of the instrument, its amount
			 and its number.
c) The foregoing
			 check register requirements will not apply to those currency exchanges that
			 maintain electronic copies of all checks, drafts, money orders or other
			 evidence of money, provided that the electronic records are available to the
			 Department upon request and the method of electronic storage is maintained in
			 working order.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.50 - Issued Money Order Register

Current through Register Vol. 48, No. 28, July 12, 2024
A money order register recording the date issued, money order
				number, amount and date paid, must be kept by each licensed location. This
				Section and all other provisions of this Part related to money orders apply to
				money orders sold under the name of the Currency Exchange, as well as second
				party money orders.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.60 - Money Orders

Current through Register Vol. 48, No. 28, July 12, 2024
a) Paid money
			 orders must be filed or searchable in numerical sequence.
b) No licensee shall issue any money order,
			 except in payment of an obligation incurred by the licensee in the usual course
			 of its Currency Exchange business, without concurrently receiving the face
			 amount thereof in cash. Such cash may be the proceeds of the cashing by the
			 licensee of a check, draft, money order, or other evidence of money.
c) No licensee shall issue any money order
			 for the payment of any debt of obligation of the licensee incurred by it
			 outside of the usual course of its Currency Exchange business nor as evidence
			 of or security for such debt or obligation.
d) Money orders in each series sold by the
			 Exchange must be issued in numerical order.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.80 - "NSF" Checks and Items for Collection

Current through Register Vol. 48, No. 28, July 12, 2024
No licensee shall cash or place for collection any check,
				draft, money order, or other evidence of money if it has reason to believe or
				if upon the exercise of reasonable prudence it would find that on the date it
				is delivered to the licensee there are insufficient funds on deposit with the
				depository upon which it is drawn for its payment in full.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.90 - Returned Items Record

Current through Register Vol. 48, No. 28, July 12, 2024
A currency exchange must maintain a trailing 12 log of all
				returned checks, drafts, money orders or other evidence of money. The log must
				include the maker, payee, check number, date of instrument, amount, reason for
				return, date of return, attempts to collect by the currency exchange, and any
				fees charged by the currency exchange.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.110 - Timely Deposits

Current through Register Vol. 48, No. 28, July 12, 2024
Each check, draft, money order, or other evidence of money
				cashed by a licensee shall be deposited or transmitted for deposit within the
				ordinary course of business no later than the following business day after the
				instrument has been cashed. A deposit to an armored-car service satisfies this
				requirement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.125 - Supplemental Nutrition Assistance Program

Current through Register Vol. 48, No. 28, July 12, 2024
Licensees shall comply with all applicable regulations
				promulgated by the Secretary of the Illinois Department of Human Services and
				the Secretary of the United States Department of Agriculture regarding
				distribution of Supplemental Nutrition Assistance Program benefits and any
				successor program.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.160 - Retention of Records

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to those records required to be retained by Section
				17 of the Act, all cash sheets, consumer initiated transactions, and utility
				transmittal sheets, must be preserved for not less than three
				years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.180 - Display of Fee Schedules

Current through Register Vol. 48, No. 28, July 12, 2024
a) In the
			 case of a community currency exchange, each licensed location must post, at all
			 times, a complete, detailed and unambiguous schedule for all of its fees for
			 the cashing of checks, money orders and other evidence of money; the sale or
			 issuance of money orders; and the rendering of all services authorized by the
			 Act in a conspicuous place on its premises so that it is clearly legible to its
			 customers. The lettering and numerals on this schedule shall be no less than .5
			 inch in height. The format of the schedule must be approved, in writing, by the
			 Secretary.
b) In the case of an
			 ambulatory currency exchange, each licensed location must conspicuously post,
			 in the location it is servicing, a complete, legible, detailed and unambiguous
			 schedule for all of its fees for the cashing of checks, money orders or other
			 evidences of money; the sale or issuance of money orders; and the rendering of
			 all services authorized by the Act. The format of the schedule must be
			 approved, in writing by the Secretary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.190 - Continuity of Operations

Current through Register Vol. 48, No. 28, July 12, 2024
When a Community Currency Exchange intends to cease operations
				for two or more consecutive business days, written notice shall be sent to this
				office at least ten (10) days prior to said closing.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.200 - Out-of-Town Trips

Current through Register Vol. 48, No. 28, July 12, 2024
If a licensee will be going out of town and be unavailable for
				matters relating to the Currency Exchange, all books and records pertaining to
				the Currency Exchange must be available to the Department for examination
				purposes.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.210 - Bribery and Gratuities

Current through Register Vol. 48, No. 28, July 12, 2024
No licensee, or employee of a licensee, may, directly or
				indirectly, give, offer or promise anything of value to any employee of the
				Department.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.220 - Conviction of Crime

Current through Register Vol. 48, No. 28, July 12, 2024
If any stockholder, director, officer, owner or partner of a
				community or ambulatory currency exchange is convicted of a crime under any law
				for which the crime was punishable by imprisonment in excess of one year under
				the law under which he or she was convicted, the Secretary may order that he or
				she divest himself or herself of any interest that he or she may hold in any
				entity licensed by the Department.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.230 - Ambulatory License Application

Current through Register Vol. 48, No. 28, July 12, 2024
Every applicant for an ambulatory currency exchange license
				must specify in the application the location where the service will be provided
				on the premises, as well as the day, time and type of service to be provided.
				Permanent changes cannot be made without written notification to the
				Secretary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.240 - Ambulatory Office Records

Current through Register Vol. 48, No. 28, July 12, 2024
The books and records pertaining to the business of an
				ambulatory licensee are to be available upon written request to representatives
				of the Department. The records are not to be moved from their permanent
				location unless the Secretary is notified, in writing, of the move. Removal for
				accounting or business purposes is allowed.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.250 - Sale of Capital Stock

Current through Register Vol. 48, No. 28, July 12, 2024
No sale, transfer or assignment of capital stock of a corporate
				licensee shall be made without first obtaining the consent and approval of the
				Secretary. Any person contemplating the acquisition of these shares of stock
				shall first apply for consent and approval by filing with the Secretary an
				applicant's questionnaire, together with a personal sworn financial statement,
				credit report, investigation fee and any other information the Secretary may
				deem necessary, pursuant to Section 10 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.260 - Corporate Officers and Directors

Current through Register Vol. 48, No. 28, July 12, 2024
a) Controlling Persons of Licensees
1) The provisions of Sections 4 and 10 of the
			 Act, relating to the qualifications of controlling persons of corporate
			 licensees, shall apply to all officers and directors of corporate licensees
			 without regard to the time of the election or to the designation of the
			 officers or directors.
2)
			 Investigation fees when the officer or director of a licensee or licensed
			 location changes, in whole or in Part, are as follows:
A) $500 if the new officer or director is not
			 current officer or director of a licensee or licensed location; or
B) $300 if the new officer or director is a
			 current officer or director of a licensee or licensed location. (See Section 4
			 of the Act.)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.270 - Fines, Suspension, or Revocation of License

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Director may impose any of the
			 sanctions authorized by Section 15 of the Act if the Division finds that any
			 community or ambulatory currency exchange has violated any of the requirements
			 of the Act or this Part.
b)
			 Violations
When any licensee violates any Section of the Act or this Part,
				the Department, except as allowed under subsection (c), will take the following
				steps to assess remedial action:
1)
			 Category of Fines
A) For licensing violations
			 relating to licensure, including, but not limited to, timely and accurate
			 submission of annual renewals and annual reports, the violator may be assessed
			 between $100 and $250;
B) For
			 disclosure violations relating to representations required under the Act,
			 including, but not limited to, posting of license and/or renewal certificates
			 and posting of all fees charged by the licensee, the licensee may be assessed
			 between $250 and $500;
C) For
			 operational violations relating to nonpecuniary business, including, but not
			 limited to, unauthorized additional services and record keeping requirements,
			 the licensee may be assessed between $250 and $1,000; or
D) For pecuniary violations relating to
			 monetary issues, including, but not limited to, minimum fund requirements,
			 anti-money laundering requirements, cash sheet maintenance, check register
			 maintenance, money orders issued in numerical order and rates charged to
			 consumers in excess of those allowed by law, the licensee may be assessed
			 between $500 and $1,000.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 120 - CURRENCY EXCHANGE ACT › Section 120.280 - Cease and Desist

Current through Register Vol. 48, No. 28, July 12, 2024
The Secretary may issue a cease and desist order to any
				currency exchange or other person doing business without the license required
				by Section 2 of the Act when, in the opinion of the Secretary, the currency
				exchange or other person is violating, or is about to violate, any provision of
				the Act or this Part or any requirement imposed in writing by the Department.
				If it is determined that the Secretary has the authority to suspend or revoke a
				license pursuant to Section 15 of the Act, he or she may issue orders as may be
				reasonably necessary to correct, eliminate or remedy the situation.
				[205 ILCS
				405/29.5 ]
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is issued by the Director of the Department of
				Financial Institutions (hereinafter referred to as the "Director") pursuant to
				Section 19.3 of "An Act in relation to the definitions, licensing and
				regulations of community currency exchanges and ambulatory currency exchanges
				and the operators and employees thereof, and to make an appropriation therefor,
				and to provide penalties and remedies for the violation thereof" (Ill. Rev.
				Stat. 1981, ch. 17, par. 4838), herinafter called the Act, and Sections 5-35,
				5-145 and 1-65 of the Illinois Administrative Procedure Act (Ill. Rev. Stat.
				1991, ch. 127, pars. 1005-35, 1005-145 and 1001-65).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.20 - Purposes

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to the authority set forth in Section
				125.10 these Rules
				accomplish the following purposes:
a)
			 Establish the procedures and criteria to be followed by the Director in
			 establishing maximum rate schedules for the cashing of checks and writing of
			 money orders by community and ambulatory currency exchanges;
b) Establish the procedures to be followed
			 for charging less than the applicable maximum fee schedule;
c) Establish the form and procedure for the
			 submission, consideration and disposition of petitions filed by interested
			 parties requesting an increase of the rates set forth in the maximum rate
			 schedule;
d) Establish the form and
			 procedure for the submission, consideration and disposition of petitions filed
			 by interested parties requesting the promulgation of new Rules or the amendment
			 of any of the Rules set forth hereafter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.30 - Procedure and Criteria for Rate Making

Current through Register Vol. 48, No. 28, July 12, 2024
a) Types of Rates to be Established by the
			 Director
The Director will establish maximum rate schedules for fees
				charged for check cashing and the issuance of money orders by community and
				ambulatory currency exchanges. Such schedules of maximum fees to be established
				by the Director may provide maximum fees for community currency exchanges which
				may be different than the maximum fees for ambulatory currency
				exchanges.
b) Criteria
In establishing the maximum rate schedules set forth in
				paragraph (a) above, the Director will consider the following criteria:
1) Rates charged in the past for the cashing
			 of checks and the issuance of money orders by community and ambulatory currency
			 exchanges;
2) Rates charged by
			 banks or other business entities for rendering the same or similar services and
			 the factors upon which those rates are based;
3) The income, cost and expense of the
			 operation of currency exchanges;
4)
			 Rates charged by currency exchanges or other similar entities located in other
			 states for the same or similar services and the factors upon which those rates
			 are based;
5) Rates charged by the
			 United States Postal Service for the issuing of money orders and the factors
			 upon which those rates are based;
6) A reasonable profit for a currency
			 exchange operation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.40 - Procedure for Submission, Consideration and Disposition of Petitions Seeking the Promulgation, Amendment or Repeal of Part 125

Current through Register Vol. 48, No. 28, July 12, 2024
a) Right to Petition
Any interested person may petition the Director requesting the
				promulgation of a Rule or Rules of Practice and Procedure for rate-making, or
				for an amendment, modification, revision or repeal of any of this Part
				regarding rate-making.
b)
			 Form of Petition
1) Petitions to be in
			 Writing and Signed
The petition must be in writing and signed by the party
				requesting the promulgation, amendment, modification, revision or repeal of any
				of this Part.
2) Contents
			 of Petition
The petition must set forth the following:
A) A statement of whether the promulgation of
			 a new Rule, or the amendment, modification, revision or repeal of a present
			 Rule, is being sought, and
B)
			 Petition Requirements for New, Amended or Repealed Rules
i) If the petition requests the promulgation
			 of a new Rule, the petition must set forth the full text of the suggested new
			 Rule; or
ii) If the petition
			 requests the amendment, revision or modification of an existing Rule, the
			 petition must identify the existing Rule as to which amendment, revision or
			 modification is being requested and must set forth the full text of the Rule as
			 amended, revised or modified; or
iii) If the petition requests the repeal of
			 an existing Rule, the petition must identify the particular Rule as to which
			 repeal is being requested; and
C) A statement of the petitioner's reasons
			 for requesting the promulgation, amendment, revision, modification or repeal,
			 as the case may be.
3)
			 Filing of Petition
Such petition may be filed in person or by mail with the
				Director of the Department of Financial Institutions, either at The State of
				Illinois Building, 100 W. Randolph St. 15-700, Chicago, Illinois 60601, or at
				421 East Capitol Avenue, Springfield, Illinois 62706.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.50 - Form and Procedure for the Submission, Consideration and Disposition of Petitions Seeking an Increase of the Rates Set Forth in the Maximum Rate Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
a) Right to
			 Petition
At least one-fourth of all community currency exchange
				licensees must join in a petition or, in the case of ambulatory currency
				exchanges, licensees authorized to serve at least 100 locations, must join in a
				petition requesting an increase of the rates set forth in the maximum rate
				schedule established by the Director pursuant to these Rules.
b) Form of Petition
1) Petitions to be in Writing and Signed
The petition must be in writing, signed and verified under oath
				by all of the licensees requesting an increase of the rates set forth in the
				maximum rate schedule.
2)
			 Contents of Petition
The petition must set forth the following:
A) A statement identifying the particular
			 rates as to which an increase is being requested and the proposed amounts by
			 which the rates are to be increased; and
B) Allegations demonstrating reasonable cause
			 to believe that the schedule of maximum rates previously issued and promulgated
			 should be increased.
3)
			 Filing of Petition
Such petition may be filed in person or by mail with the
				Director of the Department of Financial Institutions, either at The State of
				Illinois Building, 100 W. Randolph Suite 15-700, Chicago, Illinois 60601, or at
				421 East Capitol Street, Springfield, Illinois 62706. No petition may be filed
				unless at least nine months have expired since the last promulgation of
				schedules of maximum rates.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.60 - Prohibition Against and Sanctions for Charging More than Rates Set Forth in the Maximum Rate Schedule

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Prohibition
Upon the effective date of the maximum rate schedules
				established by the Director pursuant to these Rules, each and every community
				or ambulatory currency exchange may not charge more than the applicable maximum
				rates set forth on said schedules.
b) Sanctions
1) The Director shall impose a fine up to
			 $100 per violation, or suspension as authorized by Section 15 of the Currency
			 Exchange Act if he finds that any community or ambulatory currency exchange has
			 violated paragraph (a) of this Section.
2) For the first and second violations within
			 a twelve month period the amount of the fine will be determined by duration of
			 the violation and the compliance history of the currency exchange.
3) Any ambulatory or community currency
			 exchange found to be charging over the maximum rates three times within the
			 same twelve month period shall have its license suspended.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.70 - Procedure for Charging Less than Applicable Maximum Rates

Current through Register Vol. 48, No. 28, July 12, 2024
Any currency exchange may charge lower fees than those of the
				applicable maximum fee schedule after filing with the Director a schedule of
				the fees it proposes to use. That filing will be made in writing with the
				Director by email to FPR.CurrencyExchange@illinois.gov or by mail to any of the
				official addresses of the Illinois Department of Financial & Professional
				Regulation listed on https://www.idfpr.com. Upon receipt of the schedule of
				lower fees by the Director, the currency exchange submitting the schedule may
				not charge more than the fees set forth on the schedule; however, that currency
				exchange may revert to the maximum fee schedule upon notification to the
				Director in writing of its intention to do so as provided in this
				Section.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.80 - Prohibition Against Charging More than Posted Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prohibition
No community or ambulatory currency exchange may charge fees in
				excess of those posted pursuant to 38 Ill. Adm. Code 120 of the Rules of the
				State of Illinois, Department of Financial Institutions, Currency Exchange
				Division.
b) Sanctions
1) The Director shall impose a fine up to
			 $100 per violation or suspension as authorized by Section 15 of the Currency
			 Exchange Act if he finds that any community or ambulatory currency exchange has
			 violated paragraph (a) of this Section.
2) For the first and second violations within
			 a twelve month period the amount of the fine will be determined by the duration
			 of the violation and the compliance history of the currency exchange.
3) Any ambulatory or community currency
			 exchange found to be charging more than the posted fees three times within the
			 same twelve month period shall have its license suspended.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.90 - Construction of Rules

Current through Register Vol. 48, No. 28, July 12, 2024
These Rules shall not be construed to abrogate, modify or limit
				any rights, privileges or immunities granted or protected by the Constitution
				or laws of the United States or the Constitution or laws of the State of
				Illinois. If any provision of these Rules shall be declared unconstitutional or
				invalid by any court of competent jurisdiction, such declaration shall not
				invalidate the remaining provisions of these Rules.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 125.100 - Hearing Procedure

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Authority of Director
Pursuant to Section
				125.30(f)(1)
				of this Part and the Administrative Procedure Act (Ill. Rev. Stat 1991, ch.
				127., par. 1010-25), the Director or his designee shall oversee the maximum
				rate schedules hearings. Any designee named by the Director shall be appointed
				in writing. The Director or his designee shall have those powers and duties
				necessary to accomplish this purpose including the following:
1) Scheduling hearings;
2) Administer oaths and
			 affirmations;
3) The Director or
			 his designee shall call upon Department personnel to testify as to information
			 gathered pursuant to Section 19.3 B1 of the Currency Exchange Act (Ill. Rev.
			 Stat. 1983, ch. 17, par. 4838).
4)
			 Subpoena Power
The Director or his designee will issue a subpoena upon request
				or when the Director determines that information otherwise unavailable is
				necessary to assist him in the ratemaking process. The Director, for purposes
				of maximum rate schedules hearing shall have the same subpoena power as in the
				Currency Exchange Act, (Ill. Rev. Stat. 1983, ch. 17, par. 4818).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 130 - SCHEDULES OF MAXIMUM RATES TO BE CHARGED FOR CHECK CASHING AND WRITING OF MONEY ORDERS BY COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 130.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
These rates are issued by the Director of the Department of
				Financial and Professional Regulation-Division of Financial Institutions
				(hereinafter referred to as the "Director") pursuant to Sections 19.3 and 19.4
				of the Currency Exchange Act [ 205 ILCS 405 ] (the Act) and Section 5-35 of the
				Illinois Administrative Procedure Act [ 5 ILCS 100 ].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 130 - SCHEDULES OF MAXIMUM RATES TO BE CHARGED FOR CHECK CASHING AND WRITING OF MONEY ORDERS BY COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 130.20 - Purposes

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to the authority set forth in Section
				130.10, this Part
				establishes the maximum rates that can be charged by community and ambulatory
				currency exchanges for check cashing and writing money
				orders.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 130 - SCHEDULES OF MAXIMUM RATES TO BE CHARGED FOR CHECK CASHING AND WRITING OF MONEY ORDERS BY COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 130.30 - Maximum Rate - Check Cashing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Maximum Rate. Through June 30, 2018, the maximum rate to be charged by
			 community and ambulatory currency exchanges for cashing any check shall not
			 exceed the following:
1) For all checks $100
			 or less, an amount equal to 1.4 % of the face amount of the check plus a
			 service charge of $1.00;
2) For all
			 checks $100.01 or greater, an amount equal to 2.25 % of the face amount of the
			 check.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 130 - SCHEDULES OF MAXIMUM RATES TO BE CHARGED FOR CHECK CASHING AND WRITING OF MONEY ORDERS BY COMMUNITY AND AMBULATORY CURRENCY EXCHANGES › Section 130.40 - Maximum Rate - Issuance of Money Orders

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Maximum Rate. The maximum rate to be
			 charged by community and ambulatory currency exchanges for issuing any money
			 order shall not exceed an amount equal to 1% of the face amount of the money
			 order plus a service charge of $.75.
b) Prohibition. No community or ambulatory
			 currency exchange may charge a fee for issuing any money order in excess of the
			 maximum rate set forth in subsection (a).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.10 - Office Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required
			 Files
1) Every licensee shall keep the
			 following records or their equivalent in accord with generally accepted
			 accounting principles as approved by the Department of Financial and
			 Professional Regulation-Division of Financial Institutions (Division):
A) Client File
B) Client Activity Record
C) Payment Detail Report
D) Index System
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.20 - Bank Account

Current through Register Vol. 48, No. 28, July 12, 2024
a) A separate
			 trust bank account shall be maintained for the purpose of depositing customer's
			 receipts and making disbursements to creditors or transferring earned fees to
			 the general account. Funds shall be deposited within one business day after
			 receipt.
b) Trust account bank
			 statements and cancelled checks shall be retained at the office of the licensee
			 for a period of 3 years.
c) Copies
			 of the original trust account bank statement and canceled checks, either in
			 hard copy, microfilm, microfiche, or by other electronic means, shall be kept
			 at the office of the licensee, at licensee's headquarters, or at an off-site
			 storage facility for a period of 5 years.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.40 - License

Current through Register Vol. 48, No. 28, July 12, 2024
a) For purposes of
			 determining an applicant's qualifications for a license, the Division shall
			 find an applicant financially responsible if it has a positive net worth. Net
			 worth means total assets minus total liabilities.
b) An applicant shall possess at least 6
			 months of relevant business experience.
c) In order to determine the applicant's
			 general fitness and character, the Director of the Division of Financial
			 Institutions with the authority delegated by the Secretary (Director) may
			 require applicants to submit at least 2 letters of recommendation from persons
			 familiar with the applicant or the applicant's business.
d) Any applicant applying for a license shall
			 submit the required bond, the application for license and all required
			 information at the time of application for a license.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.50 - General Operations

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 licensee shall explain clearly and distinctly to each customer exactly the
			 services to be rendered and the fees to be paid.
b) If, after analyzing the debtor's total
			 income and expenses, it is determined that a payment plan should be developed,
			 the licensee shall create a Debt Management Plan (DMP) that is considered
			 feasible and practical to allow a payment of funds by the debtor for
			 distribution to debtor's creditors as may be mutually agreed upon.
1) The licensee shall seek to obtain the
			 consent of a majority of the creditors to accept the terms of the payment plan.
			 Creditor acceptance may be determined by acceptance of a payment without
			 written objection.
2) The debtor
			 has the right to cancel the Debt Management Plan at any time by notifying the
			 licensee, in writing, of debtor's desire to discontinue.
3) The cancellation will take effect on the
			 first day of the month following receipt of the cancellation notice from the
			 debtor.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.60 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) A printed
			 schedule of fees charged by a licensee shall be given to the debtor prior to
			 the initial counseling session.
b)
			 A licensee shall not charge any fee in excess of those provided in Section 12
			 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 140 - DEBT MANAGEMENT SERVICE ACT › Section 140.70 - Prohibited Activities

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
			 licensee shall not take:
1) Any contract,
			 promise to pay, or other instrument which has any blank spaces when signed by a
			 debtor;
2) Any negotiable
			 instrument for the licensee's charges;
3) Any note, wage assignment, real estate or
			 chattel mortgage, or other security to secure the licensee's charges;
4) Any confession of judgement or power of
			 attorney to confess judgement against the debtor or to appear for the debtor in
			 a judicial proceedings;
5) Any real
			 or personal property as security for payment of a fee;
6) Concurrent with the signing of the
			 contract or as part of the application for the contract a release of any
			 obligation to be performed on the part of the licensee.