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 130.50 - Disclosure Requirements - Check Cashing And Money Orders

Current through Register Vol. 48, No. 28, July 12, 2024
a) Charging by Means of Brackets -
			 Definition. Charging by means of brackets is a method of establishing fees for
			 cashing checks or issuing money orders in which a community or ambulatory
			 currency exchange establishes a set fee to be charged uniformly for cashing all
			 checks or issuing all money orders within a certain range of stated face
			 amounts.
b) Checks - $500 or Less.
			 For all checks of the face amount of $500 or less, each community and
			 ambulatory currency exchange must post and display to the public the fees to be
			 charged for cashing those checks by means of brackets as defined in subsection
			 (a), provided that no fee charged within any bracket shall exceed the maximum
			 rate set forth in Section
			 130.30(a),
			 and provided further that all fees and brackets for all checks of the face
			 amount of $500 or less must be fully and completely stated without resort to
			 language such as "repeat" or its equivalent.
c) Checks in Excess of $500. For all checks
			 of face amounts in excess of $500, community and ambulatory currency exchanges
			 need not, but may, post and display to the public the fees to be charged by
			 means of brackets set forth in subsections (a) and (b). They must post and
			 display to the public a statement setting forth the rate of fees to be charged
			 for cashing checks in excess of their posted and displayed bracketed fees, and
			 the posting and display must be done without resort to language such as
			 "repeat" or its equivalent. In no event shall the rate or fee to be charged
			 exceed the maximum rate for cashing checks set forth in Section
			 130.30(a).
d) Money Orders - $500 or Less. For all money
			 orders of the face amount of $500 or less, each community and ambulatory
			 currency exchange must post and display to the public the fees to be charged to
			 issue money orders by means of brackets as defined in subsection (a), provided
			 that no fee charged within any bracket shall exceed the maximum rate as set
			 forth in Section
			 130.40(a),
			 and provided further that all fees and brackets for all money orders of the
			 face amount of $500 or less must be fully and completely stated without resort
			 to language such as "repeat" or its equivalent.
e) Money Orders in Excess of $500. For all
			 money orders of face amounts in excess of $500, community and ambulatory
			 currency exchanges need not, but may, post and display to the public the fees
			 to be charged by means of brackets as set forth in subsections (a) and (d).
			 They must post and display to the public a statement setting forth the rate or
			 fees to be charged for issuing money orders in excess of their posted and
			 displayed bracketed fees, and the posting and display must be done without
			 resort to language such as "repeat" or its equivalent. In no event shall the
			 rate or fee to be charged exceed the maximum rate for issuing money orders set
			 forth in Section
			 130.40(a).
			 Nothing in this Part shall be construed to modify, amend or abrogate any rule
			 or regulation of the Department of Financial and Professional Regulation
			 relating to the issuance of money orders.
f) Posting Requirements. The public posting
			 and display required by subsections (b), (c) and (e) must be complete, detailed
			 and unambiguous in lettering and numerals of no less than one-half inch in
			 height and the posting or display must be in a conspicuous place on the
			 premises of the community currency exchange or in the location being served by
			 the ambulatory currency exchange in such a manner that the posting or display
			 is unobstructed and is clearly and easily visible and legible to the customers
			 of the community or ambulatory currency exchange.
g) Filing of Fees with Director. Within 30
			 days after licensure, each community and ambulatory currency exchange must file
			 with the Director a full, complete and accurate statement of all charges and
			 fees for rendering all services authorized by the Currency Exchange Act,
			 including, but not limited to, all fees and charges for cashing checks and
			 issuing money orders. Within 30 days after the effective date of either any
			 increase or decrease in any fees or charges for rendering any service
			 authorized by the Act, including, but not limited to, fees and charges for
			 cashing checks and issuing money orders, community and ambulatory currency
			 exchanges must file with the Director a full, complete and accurate statement
			 of all such increases or decreases.