IllinoisHB5384104th General Assembly (2025–2026)HouseWALLET

FINANCIAL REG-FEES-INVESTIGATE

Sponsored By: Sponsor information unavailable

Became Law

Summary

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

financial institutions and licensingassignments

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 2 benefits, 3 costs, 2 mixed.

Stricter licensing costs for installment lenders

You must pay a $300 application fee and a $450 yearly license fee (or $225 if first filed after June 30). You must keep at least $30,000 in positive net worth. You must maintain a $25,000 surety bond, and the Director can require more with 30 days’ notice. The Director examines each licensee at least once a year and sets exam fees to reflect actual costs, including travel.

Caps and clear prices at currency exchanges

The Secretary sets maximum fees for check cashing and money orders. Exchanges must post all service fees where customers can see them. Exchanges may charge less than the cap if they file their own lower fee schedule. Petitions to raise caps can be filed only after nine months, and must be joined by at least one‑quarter of community exchange licensees or ambulatory operators serving at least 100 locations.

Stronger exams and fees for currency exchanges

The Secretary can inspect any currency exchange anytime and must inspect at least once a year. Each exchange must file an annual sworn report by March 1 for the prior year. You must pay exam fees of $250 per examiner per day (or part), or $150 per day for ambulatory exchanges. The Secretary can also set and change other fees by rule to cover program costs.

New admin fees for debt and payday

Debt management, debt settlement, and payday lending businesses must pay the Department’s costs to run their programs, including licensing, investigations, and exams. The Secretary sets fee categories and amounts by rule and can change them. A general rule also lets the Secretary assign administrative costs to regulated businesses and amend fees over time.

Annual exams and fees for sales finance

Sales finance licensees are examined at least once a year, and you must pay exam costs under a fee schedule that reflects real costs. The Secretary can set and change other administrative fees by rule. If at least 20 licensed people, or an association representing 20, ask, the Department meets with the industry once each year to discuss fees, rules, and issues.

Safety deposit firms: inspections and fees

The Director inspects safety deposit licensees at least once each license period and keeps public inspection records. If a license is revoked for noncompliance, the business cannot get a new license for six months. The Secretary can set and change fees by rule to cover administrative costs.

Annual meeting option for installment lenders

If at least 20 licensed people, or an association for 20, ask, the Department meets with the consumer installment industry once a year. The meeting covers developments, fees, rules, and other issues.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Margaret Croke

    Affiliation unavailable

  • Mark L. Walker

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 123 • No: 62

Senate vote 5/14/2026

Third Reading - Passed;

Yes: 38 • No: 19

House vote 4/9/2026

Third Reading - Short Debate - Passed

Yes: 70 • No: 36

House vote 3/24/2026

House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee;

Yes: 8 • No: 4

House vote 3/18/2026

Do Pass / Short Debate Financial Institutions and Licensing Committee;

Yes: 7 • No: 3

Actions Timeline

  1. Public Act . . . . . . . . . 104-0520

    6/26/2026House
  2. Effective Date June 26, 2026

    6/26/2026House
  3. Governor Approved

    6/26/2026House
  4. Sent to the Governor

    6/12/2026House
  5. Passed Both Houses

    5/14/2026House
  6. Third Reading - Passed; 038-019-000

    5/14/2026Senate
  7. Placed on Calendar Order of 3rd Reading May 5, 2026

    4/30/2026Senate
  8. Second Reading

    4/30/2026Senate
  9. Placed on Calendar Order of 2nd Reading April 28, 2026

    4/22/2026Senate
  10. Approved for Consideration Assignments

    4/22/2026Senate
  11. Referred to Assignments

    4/16/2026Senate
  12. First Reading

    4/16/2026Senate
  13. Chief Senate Sponsor Sen. Mark L. Walker

    4/16/2026Senate
  14. Placed on Calendar Order of First Reading April 14, 2026

    4/10/2026Senate
  15. Arrive in Senate

    4/10/2026Senate
  16. Third Reading - Short Debate - Passed 070-036-000

    4/9/2026House
  17. Placed on Calendar Order of 3rd Reading - Short Debate

    4/7/2026House
  18. Second Reading - Short Debate

    4/7/2026House
  19. House Floor Amendment No. 1 Adopted

    4/7/2026House
  20. House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000

    3/24/2026House
  21. House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee

    3/24/2026House
  22. House Floor Amendment No. 1 Referred to Rules Committee

    3/23/2026House
  23. House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke

    3/23/2026House
  24. Placed on Calendar 2nd Reading - Short Debate

    3/19/2026House
  25. Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000

    3/18/2026House

Bill Text

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