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] (the Act) and Section 5-35 of the Illinois Administrative Procedure Act [5 ILCS 100].

 

(Source:  Amended at 42 Ill. Reg. 6374, effective March 23, 2018)

 

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 March 23, 2018)

 

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 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.

 

b)         The rates established in this subsection (b) shall be effective beginning July 1, 2018.

 

1)         Public Assistance Checks

For all public assistance checks, 1.5% of the face value of the check. For purposes of these rates, a public assistance check means a check issued by a federal or State government agency for payment to a recipient of federal or State monetary assistance, Social Security, Unemployment Compensation, Railroad Retirement, veteran's benefits, or housing assistance.

 

2)         Government Checks

For purposes of these rates, government check includes a check issued by the federal government, State government, or local government, other than a public assistance check.

 

A)        For government checks $100 or less, 2.40% of the face value of the check plus a service charge of $1.00.

 

B)        For government checks between $100 and $1250, 2.33% of the face value of the check.

 

C)        For government checks over $1250, 3.0% of the face amount of the check.

 

3)         Personal Checks

For purposes of these rates, personal check is any check bearing the name of an individual as the maker of the check that is not a printed payroll check.

 

A)        For personal checks $100 or less, 2.45% of the face value of the check plus a service charge of $1.00.

 

B)        For personal checks between $100 and $1250, 3.0% of the face amount of the check.

 

C)        For personal checks over $1250, 3.5% of the face amount of the check.

 

4)         Printed Payroll Check

For purposes of these rates, a printed payroll check means a check for wages issued by an employer to an employee subject to withholding, other than a payroll check issued by the federal government, State government, or local government. Printed payroll checks must be typewritten, electronically generated, or computer generated.

 

A)        For printed payroll checks $100 or less, 2.40% of the face value of the check plus a service charge of $1.00.

 

B)        For printed payroll checks between $100 and $1250, 2.33% of the face amount of the check.

 

C)        For printed payroll checks over $1250, 3.5% of the face amount of the check.

 

5)         All Other Checks

 

A)        For all other checks $100 or less, 2.40% of the face value of the check plus a service charge of $1.00.

 

B)        For all other checks between $100 and $1250, 2.4% of the face amount of the check.

 

C)        For all other checks over $1250, 3.5% of the face amount of the check.

 

c)         Prohibition.  No community or ambulatory currency exchange may charge a fee for cashing any check in excess of the maximum rate set forth in subsections (a) or (b).

 

(Source:  Amended at 42 Ill. Reg. 6374, effective March 23, 2018)

 

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 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).

 

(Source:  Amended at 42 Ill. Reg. 6374, effective March 23, 2018)

 

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 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.

 

(Source:  Amended at 42 Ill. Reg. 6374, effective March 23, 2018)

 

Section 130.60  Effective Date (Repealed)

 

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