Chapter 205 — FINANCIAL REGULATION

(205 ILCS 405/15.1e) (from Ch. 17, par. 4830) Sec. 15.1e. Upon the filing of a complaint by the Attorney General for the orderly liquidation and dissolution of a community currency exchange, as provided in Section 15.1a, all pending suits and actions upon unsecured claims against…

(205 ILCS 405/15.2) (from Ch. 17, par. 4831) Sec. 15.2. No community currency exchange shall determine its affairs and close up its business unless it shall first deposit with the Secretary an amount of money equal to the whole of its debts, liabilities and lawful demands against…

(205 ILCS 405/16) (from Ch. 17, par. 4832) Sec. 16. Annual report; investigation; costs. (a) Each licensee shall annually, on or before the 1st day of March, file a report with the Secretary for the calendar year period from January 1st through December 31st, giving such relevant…

(205 ILCS 405/17) (from Ch. 17, par. 4833) Sec. 17. Every licensee shall keep and use in his business such books, accounts and records as will enable the Secretary to determine whether such licensee is complying with the provisions of this Act and with the rules, regulations and …

(205 ILCS 405/18) (from Ch. 17, par. 4834) Sec. 18. Proof of address. The applicant for a community currency exchange license shall have a permanent address as evidenced by a lease of at least 6 months duration or other suitable evidence of permanency, and the license issued, pur…

(205 ILCS 405/19) (from Ch. 17, par. 4835) Sec. 19. The Department may make and enforce such reasonable rules, directions, orders, decisions and findings as the execution and enforcement of the provisions of this Act require, and as are not inconsistent within this Act. All such …

(205 ILCS 405/19.1) (from Ch. 17, par. 4836) Sec. 19.1. Whenever an ambulatory currency exchange shall be actively engaged in the cashing of checks other than from within an armored vehicle, such currency exchange shall provide armed guards as it deems necessary for the protectio…

(205 ILCS 405/19.3) (from Ch. 17, par. 4838) Sec. 19.3. (A) The General Assembly hereby finds and declares: community currency exchanges and ambulatory currency exchanges provide important and vital services to Illinois citizens. In so doing, they transact extensive business invo…

(205 ILCS 405/19.4) (from Ch. 17, par. 4839) Sec. 19.4. The fees charged by community and ambulatory currency exchanges for rendering any service authorized by this Act shall be prominently displayed on the premises of the community currency exchange or at the location served by …

(205 ILCS 405/2) (from Ch. 17, par. 4803) Sec. 2. License required; violation; injunction. No person, firm, association, partnership, limited liability company, or corporation shall engage in the business of a community currency exchange or in the business of an ambulatory curren…

(205 ILCS 405/20) (from Ch. 17, par. 4840) Sec. 20. Every person having taken an oath in any proceeding or matter wherein an oath is required by this Act, who shall swear willfully, corruptly or falsely in a matter material to the issue or point in question, or shall suborn any o…

(205 ILCS 405/21) (from Ch. 17, par. 4841) Sec. 21. Except as otherwise provided for in this Act, whenever the Secretary is required to give notice to any applicant or licensee, such requirement shall be complied with if, within the time fixed herein, such notice shall be enclose…

(205 ILCS 405/22.01) (from Ch. 17, par. 4843) Sec. 22.01. All final administrative decisions of the Secretary hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review Law, and all amendments and modifications thereof, and the rules ado…

(205 ILCS 405/22.03) Sec. 22.03. (Repealed). (Source: P.A. 87-258. Repealed by P.A. 97-315, eff. 1-1-12.)

(205 ILCS 405/23) (from Ch. 17, par. 4846) Sec. 23. If any licensee, or agent or employee of a licensee, fraudulently takes and secretes any money, note, bill, bond or other property belonging to another and in the possession and custody of such licensee as agent or otherwise, he…

(205 ILCS 405/24) (from Ch. 17, par. 4847) Sec. 24. Violations. Any person, firm, association, partnership, limited liability company, or corporation who or which shall violate any provision of this Act for which no other penalty is herein prescribed shall be guilty of a petty of…

(205 ILCS 405/25) Sec. 25. (Repealed). (Source: Laws 1957, p. 320. Repealed by P.A. 97-315, eff. 1-1-12.)

(205 ILCS 405/27) (from Ch. 17, par. 4849) Sec. 27. Nothing contained in this Act shall be construed so as to limit the power of municipalities, to license and tax community currency exchanges, and to regulate their location and operation in a manner not inconsistent with this Ac…

(205 ILCS 405/28) (from Ch. 17, par. 4850) Sec. 28. Unless an ambulatory currency exchange shall engage in the business of selling or issuing money orders under his, their or its name, or any money orders other than those excepted in Section 1 of this Act, Sections 5, 6, 7, 15.1 …

(205 ILCS 405/29) (from Ch. 17, par. 4851) Sec. 29. The operation of any unlicensed community or ambulatory currency exchange, or the unlawful conduct or operation of any licensed community or ambulatory currency exchange, is hereby declared to constitute unfair competition with …

(205 ILCS 405/29.5) Sec. 29.5. Cease and desist. The Secretary may issue a cease and desist order to any currency exchange or other person doing business without the required license, when in the opinion of the Secretary, the currency exchange or other person is violating or is a…

(205 ILCS 405/3) (from Ch. 17, par. 4804) Sec. 3. Powers of community currency exchanges. No community or ambulatory currency exchange shall be permitted to accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order. No community…

(205 ILCS 405/3.1) (from Ch. 17, par. 4805) Sec. 3.1. Nothing in this Act shall prevent a currency exchange from rendering State or Federal income tax service; nor shall the rendering of such service be considered a violation of this Act if such service be rendered either by the …

(205 ILCS 405/3.2) Sec. 3.2. (Repealed). (Source: P.A. 97-315, eff. 1-1-12. Repealed by P.A. 102-1071, eff. 6-10-22.)

(205 ILCS 405/3.3) (from Ch. 17, par. 4807) Sec. 3.3. Additional public services. (a) Nothing in this Act shall prevent the Secretary from authorizing a currency exchange, group of currency exchanges, or association of currency exchanges to render additional services to the publi…

(205 ILCS 405/30) (from Ch. 17, par. 4852) Sec. 30. If any part or provision of this Act shall be declared unconstitutional, the unconstitutionality of such part or provision shall not invalidate the constitutional provisions of this Act. (Source: Laws 1951, p. 562.)

(205 ILCS 405/4) (from Ch. 17, par. 4808) Sec. 4. License application; contents; fees. A licensee shall obtain a separate license for each licensed location. Application for such license shall be in writing under oath and in the form prescribed and furnished by the Secretary. Eac…

(205 ILCS 405/4.1) (from Ch. 17, par. 4809) Sec. 4.1. Application; investigation; community need. (a) The General Assembly finds and declares that community currency exchanges provide important and vital services to Illinois citizens, that the number of community currency exchang…

(205 ILCS 405/4.1B) Sec. 4.1B. Anti-money laundering requirements. (a) Every licensee shall comply with all State and federal laws, rules, and regulations relating to the detection and prevention of money laundering, including, as applicable, 31 C.F.R. 103.20, 103.22, 103.23, 103…

(205 ILCS 405/4.2) (from Ch. 17, par. 4810) Sec. 4.2. Whensoever the ownership of any Currency Exchange, theretofore licensed under the provisions of this Act, shall be held or contained in any estate subject to the control and supervision of any Administrator, Executor or Guardi…

(205 ILCS 405/4.3) (from Ch. 17, par. 4811) Sec. 4.3. Upon receipt of an application from an ambulatory currency exchange for the conduct of its business at a location to be served by it, the Secretary shall cause an investigation to be made to determine whether to issue said lic…

(205 ILCS 405/5) (from Ch. 17, par. 4812) Sec. 5. Bond; condition; amount. (a) Before any license shall be issued to a licensee to operate a community currency exchange the applicant shall file annually with and have approved by the Secretary a surety bond, issued by a bonding co…

(205 ILCS 405/6) (from Ch. 17, par. 4813) Sec. 6. Insurance against loss. (a) Every applicant for a license hereunder shall, after his application for a license has been approved, file with and have approved by the Secretary, a policy or policies of insurance issued by an insuran…

(205 ILCS 405/7) (from Ch. 17, par. 4814) Sec. 7. Available funds; minimum amount. Each licensee shall have, at all times, a minimum of $5,000 for each currency exchange license it holds of its own cash funds available for the uses and purposes of its currency exchange business a…

(205 ILCS 405/8) (from Ch. 17, par. 4815) Sec. 8. A community or an ambulatory currency exchange shall not be conducted as a department of another business. It must be an entity, financed and conducted as a separate business unit. This shall not prevent a community or an ambulato…

(205 ILCS 405/9) (from Ch. 17, par. 4816) Sec. 9. No community or ambulatory currency exchange shall issue tokens to be used in lieu of money for the purchase of goods or services from any enterprise. (Source: P.A. 99-445, eff. 1-1-16.)

(205 ILCS 511/1-1) Sec. 1-1. Short title. This Act may be cited as the Pawnbroker Regulation Act of 2023. (Source: P.A. 103-585, eff. 3-22-24.)

(205 ILCS 511/1-5) Sec. 1-5. Definitions. As used in this Act: "Applicant" means a person applying for a license pursuant to this Act. "Department" means the Department of Financial and Professional Regulation. "Licensee" means a person licensed pursuant to this Act. "Pawn" means…

(205 ILCS 511/10-10) Sec. 10-10. Pawnbroker Regulation Fund. The Pawnbroker Regulation Fund, which was established by Public Act 90-477, shall continue to be a special fund in the State treasury. All moneys received by the Secretary under this Act in conjunction with the provisio…

(205 ILCS 511/10-15) Sec. 10-15. Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Department may adopt rules with respect to the frequ…

(205 ILCS 511/10-20) Sec. 10-20. Subpoena power of the Secretary. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and mat…

(205 ILCS 511/10-25) Sec. 10-25. Inspection of records and reports required of licensee. (a) Inspection of records. (1) The book or computer records, as well as every article or other thing of value so pawned or pledged, shall at all times be open to the inspection of the Secreta…

(205 ILCS 511/10-30) Sec. 10-30. Suspension; revocation of licenses; fines. (a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following: (1) that th…

(205 ILCS 511/10-35) Sec. 10-35. Investigation of complaints. The Secretary shall maintain staff and facilities adequate to receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each licensee shall open …

(205 ILCS 511/10-40) Sec. 10-40. Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license r…

(205 ILCS 511/10-45) Sec. 10-45. Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a pawn transaction, including all financial information of the ind…

(205 ILCS 511/10-5) Sec. 10-5. Functions; powers; duties. The functions, powers, and duties of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (2) to revoke or suspend for cause any license issued under this Act; (3)…

(205 ILCS 511/10-50) Sec. 10-50. Confidentiality. (a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, except as otherwise provided in 12 U.S.C. Section 5111, the requirements under any federal law or State law re…

(205 ILCS 511/10-55) Sec. 10-55. Reports of violations. Any person licensed under this Act or any other person may report to the Secretary any information to show that a person subject to this Act is or may be in violation of this Act. A licensee who files a report with the Depar…

(205 ILCS 511/10-60) Sec. 10-60. Pawnbroker annual report. (a) The Department shall, in conjunction with advice from a professional association that represents 50 or more licensees, issue an annual report, via an Internet-based program, of aggregate pawnbroker activity within 180…