Illinois Administrative Code

Section 120.120 Food Stamps Account (Repealed) (Source: Repealed at 9 Ill. Reg. 1358, effective January 17, 1985)

Section 120.125 Supplemental Nutrition Assistance Program 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 Su…

Section 120.130 Reconciling Accounts Each licensee must reconcile all Currency Exchange Accounts with the appropriate accounting records at least once each month. (Source: Amended at 9 Ill. Reg. 1358, effective January 17, 1985)

Section 120.140 Reference Material Each licensed location will ensure its employees have access to an electronic or physical copy of the Act and its implementing rules and regulations at all times. (Source: Amended at 45 Ill. Reg. 9947, effective July 26, 2021)

Section 120.150 Annual Report Information Each licensee shall maintain all transaction records necessary to provide the information requested by the Department on its Annual report forms.

Section 120.160 Retention of Records 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. (Source: Amended at 45 Ill. Reg. …

Section 120.170 Physical Condition of Exchange Premises (Repealed) (Source: Repealed at 9 Ill. Reg. 1358, effective January 17, 1985)

Section 120.180 Display of Fee Schedules 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 sal…

Section 120.190 Continuity of Operations 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.

Section 120.20 Minimum Requirements for Office Records − Ambulatory Currency Exchanges 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) Mo…

Section 120.200 Out-of-Town Trips 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.

Section 120.210 Bribery and Gratuities No licensee, or employee of a licensee, may, directly or indirectly, give, offer or promise anything of value to any employee of the Department. (Source: Amended at 36 Ill. Reg. 13851, effective September 7, 2012)

Section 120.220 Conviction of Crime 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 o…

Section 120.230 Ambulatory License Application 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 chang…

Section 120.240 Ambulatory Office Records 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 i…

Section 120.250 Sale of Capital Stock 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 …

Section 120.260 Corporate Officers and Directors 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 w…

Section 120.270 Fines, Suspension, or Revocation of License 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…

Section 120.280 Cease and Desist 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…

Section 120.290 Hearing Procedures All administrative hearings shall be conducted in accordance with 38 Ill. Adm. Code 100. (Source: Amended at 46 Ill. Reg. 12507, effective July 8, 2022)

Section 120.30 Cash Sheet 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 c…

Section 120.40 Cashed Check Register 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 instrum…

Section 120.5 Definitions "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 organi…

Section 120.50 Issued Money Order Register 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 und…

Section 120.60 Money Orders 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 …

Section 120.70 Checks Written by Exchange All checks issued by the Currency Exchange must be made available at the time of examination to any authorized representative of the Department. (Source: Amended at 9 Ill. Reg. 1358, effective January 17, 1985)

Section 120.80 "NSF" Checks and Items for Collection 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 …

Section 120.90 Returned Items Record 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, at…

Section 125.10 Authority 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 a…

Section 125.100 Hearing Procedure 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 designe…

Section 125.20 Purposes 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 mon…

Section 125.30 Procedure and Criteria for Rate Making 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 sc…

Section 125.40 Procedure for Submission, Consideration and Disposition of Petitions Seeking the Promulgation, Amendment or Repeal of Part 125 a) Right to Petition Any interested person may petition the Director requesting the promulgation of a Rule or Rules of Practice and Proced…

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 a) Right to Petition At least one-fourth of all community currency exchange licensees must join in a petition o…

Section 125.60 Prohibition Against and Sanctions for Charging More than Rates Set Forth in the Maximum Rate Schedule 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 cu…

Section 125.70 Procedure for Charging Less than Applicable Maximum Rates 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 wit…

Section 125.80 Prohibition Against Charging More than Posted Fees 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, C…

Section 125.90 Construction of Rules 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 o…

Section 130.10 Authority 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]…

Section 130.20 Purposes 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. (Source: Amended at 42 Ill. Reg. 6374, effective M…

Section 130.30 Maximum Rate − Check Cashing 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 t…

Section 130.40 Maximum Rate – Issuance of Money Orders 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…

Section 130.50 Disclosure Requirements – Check Cashing And Money Orders 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 es…

Section 130.60 Effective Date (Repealed) (Source: Repealed at 42 Ill. Reg. 6374, effective March 23, 2018)

Section 140.10 Office Records 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…

Section 140.100 Examination a) The Director may make an examination of the office and records of each licensee and shall charge $400 for each examiner day or portion thereof. b) All communications shall be addressed to the Director, Division of Financial Institutions, to any addr…

Section 140.110 Revocation – Suspension – Surrender of License a) If it is determined that the Director had the authority to issue the suspension or revocation of a license pursuant to Section 10 of the Act, he or she may issue orders as may be reasonably necessary to correct, el…