CURRENCY EXCHANGE ACT-ADMIN Senate SponsorsSen. Jacqueline Y. Collins-Martin A. Sandoval House Sponsors(Rep. Lou Lang-Monique D. Davis-Joseph M. Lyons) 8/23/2011SenatePublic Act . . . . . . . . . 97-0511 205 ILCS 405/1from Ch. 17, par. 4802205 ILCS 405/2from Ch. 17, par. 4803205 ILCS 405/3from Ch. 17, par. 4804205 ILCS 405/3.1from Ch. 17, par. 4805205 ILCS 405/3.2from Ch. 17, par. 4806205 ILCS 405/3.3from Ch. 17, par. 4807205 ILCS 405/4from Ch. 17, par. 4808205 ILCS 405/4.1from Ch. 17, par. 4809205 ILCS 405/4.2from Ch. 17, par. 4810205 ILCS 405/4.3from Ch. 17, par. 4811205 ILCS 405/5from Ch. 17, par. 4812205 ILCS 405/6from Ch. 17, par. 4813205 ILCS 405/7from Ch. 17, par. 4814205 ILCS 405/10from Ch. 17, par. 4817205 ILCS 405/12from Ch. 17, par. 4820205 ILCS 405/13from Ch. 17, par. 4821205 ILCS 405/13.1from Ch. 17, par. 4822205 ILCS 405/14from Ch. 17, par. 4823205 ILCS 405/15from Ch. 17, par. 4824205 ILCS 405/15.1from Ch. 17, par. 4825205 ILCS 405/15.1afrom Ch. 17, par. 4826205 ILCS 405/15.1bfrom Ch. 17, par. 4827205 ILCS 405/15.1dfrom Ch. 17, par. 4829205 ILCS 405/15.2from Ch. 17, par. 4831205 ILCS 405/16from Ch. 17, par. 4832205 ILCS 405/17from Ch. 17, par. 4833205 ILCS 405/18from Ch. 17, par. 4834205 ILCS 405/19from Ch. 17, par. 4835205 ILCS 405/19.3from Ch. 17, par. 4838205 ILCS 405/19.4from Ch. 17, par. 4839205 ILCS 405/20from Ch. 17, par. 4840205 ILCS 405/21from Ch. 17, par. 4841205 ILCS 405/22.01from Ch. 17, par. 4843205 ILCS 405/29.5 new205 ILCS 405/10.1 rep.205 ILCS 405/22.03 rep.205 ILCS 405/25 rep. Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.Senate Committee Amendment No. 1 Adds reference to:205 ILCS 405/11from Ch. 17, par. 4819205 ILCS 405/14.1Replaces everything after the enacting clause. Reinserts the introduced bill with the following changes. Makes changes in provisions concerning: definitions; powers of community currency exchanges; license application, contents, fees; bond, condition, amount; availability of funds, minimum amount; fines; licensee books, accounts, and records; and notice. Further amends the Currency Exchange Act to add provisions concerning license names and the Financial Institutions Fund. Effective January 1, 2012.Senate Floor Amendment No. 3 Provides that a currency exchange, group of currency exchanges, or association of currency exchanges must request, in writing, the Secretary's approval of additional services prior to rendering such additional service to the public. Provides that any approval shall be deemed an approval for all currency exchanges and any currency exchange wishing to provide an additional service as approved by the Secretary must provide notice to the Secretary 30 days prior to offering the approved additional service to the public. Removes the provision that nothing in the Act shall prevent a community currency exchange from selling products by means of vending machines on its premises. Aggregates the amount of a blanket bond to $3,000,000 as of May 1, 2012, and not less than $4,000,000 as of May 1, 2014 (instead of $4,000,000). Provides a graduate scale for the annual license fee renewal. Removes the provision that prior to suspension or revocation of the licenses issued under the Act, the Director may fine a licensee up to $100 a day. Makes changes to the provisions concerning confidentiality and cease and desist orders. Makes other changes.House Committee Amendment No. 1 Deletes reference to:205 ILCS 405/1from Ch. 17, par. 4802205 ILCS 405/2from Ch. 17, par. 4803205 ILCS 405/3from Ch. 17, par. 4804205 ILCS 405/3.1from Ch. 17, par. 4805205 ILCS 405/3.2from Ch. 17, par. 4806205 ILCS 405/3.3from Ch. 17, par. 4807205 ILCS 405/4from Ch. 17, par. 4808205 ILCS 405/4.1from Ch. 17, par. 4809205 ILCS 405/4.2from Ch. 17, par. 4810205 ILCS 405/4.3from Ch. 17, par. 4811205 ILCS 405/5from Ch. 17, par. 4812205 ILCS 405/6from Ch. 17, par. 4813205 ILCS 405/7from Ch. 17, par. 4814205 ILCS 405/10from Ch. 17, par. 4817205 ILCS 405/11205 ILCS 405/12from Ch. 17, par. 4820205 ILCS 405/13from Ch. 17, par. 4821205 ILCS 405/13.1from Ch. 17, par. 4822205 ILCS 405/14from Ch. 17, par. 4823205 ILCS 405/14.1205 ILCS 405/15from Ch. 17, par. 4824205 ILCS 405/15.1from Ch. 17, par. 4825205 ILCS 405/15.1afrom Ch. 17, par. 4826205 ILCS 405/15.1bfrom Ch. 17, par. 4827205 ILCS 405/15.1dfrom Ch. 17, par. 4829205 ILCS 405/15.2from Ch. 17, par. 4831205 ILCS 405/16from Ch. 17, par. 4832205 ILCS 405/17from Ch. 17, par. 4833205 ILCS 405/18from Ch. 17, par. 4834205 ILCS 405/19from Ch. 17, par. 4835205 ILCS 405/19.3from Ch. 17, par. 4838205 ILCS 405/19.4from Ch. 17, par. 4839205 ILCS 405/20from Ch. 17, par. 4840205 ILCS 405/21from Ch. 17, par. 4841205 ILCS 405/22.01from Ch. 17, par. 4843205 ILCS 405/29.5 new205 ILCS 405/10.1 rep.205 ILCS 405/22.03 rep.205 ILCS 405/25 rep.Adds reference to:205 ILCS 657/15Replaces everything after the enacting clause. Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for the sale, loading, or unloading of stored value cards. Effective immediately. 1/27/2011SenateFiled with Secretary by Sen. Jacqueline Y. Collins 1/27/2011SenateFirst Reading 1/27/2011SenateReferred to Assignments 1/27/2011SenateAssigned to Financial Institutions 3/10/2011SenatePostponed - Financial Institutions 3/11/2011SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins 3/11/2011SenateSenate Committee Amendment No. 1 Referred to Assignments 3/14/2011SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions 3/17/2011SenateSenate Committee Amendment No. 1 Adopted 3/17/2011SenateDo Pass as Amended Financial Institutions; 009-002-000 3/17/2011SenatePlaced on Calendar Order of 2nd Reading March 29, 2011 3/17/2011SenateAdded as Chief Co-Sponsor Sen. Martin A. Sandoval 4/4/2011SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Jacqueline Y. Collins 4/4/2011SenateSenate Floor Amendment No. 2 Referred to Assignments 4/5/2011SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Jacqueline Y. Collins 4/5/2011SenateSenate Floor Amendment No. 3 Referred to Assignments 4/6/2011SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions 4/6/2011SenateSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions 4/7/2011SenateSenate Floor Amendment No. 2 Tabled in Financial Institutions 4/7/2011SenateSenate Floor Amendment No. 3 Recommend Do Adopt Financial Institutions; 010-002-000 4/8/2011SenateSecond Reading 4/8/2011SenateSenate Floor Amendment No. 3 Adopted; J. Collins 4/8/2011SenatePlaced on Calendar Order of 3rd Reading April 11, 2011 4/12/2011SenateThird Reading - Passed; 031-020-000 4/12/2011HouseArrived in House 4/12/2011HousePlaced on Calendar Order of First Reading 4/12/2011HouseChief House Sponsor Rep. Monique D. Davis 4/12/2011HouseFirst Reading 4/12/2011HouseReferred to Rules Committee 5/4/2011HouseAssigned to Executive Committee 5/13/2011HouseCommittee Deadline Extended-Rule 9(b) May 20, 2011 5/20/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang 5/20/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/20/2011HouseAlternate Chief Sponsor Changed to Rep. Lou Lang 5/20/2011HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis 5/20/2011HouseFinal Action Deadline Extended-9(b) May 27, 2011 5/23/2011HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee 5/24/2011HouseHouse Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote 5/24/2011HouseDo Pass as Amended / Short Debate Executive Committee; 011-000-000 5/24/2011HousePlaced on Calendar 2nd Reading - Short Debate 5/25/2011HouseSecond Reading - Short Debate 5/25/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/26/2011HouseAdded Alternate Chief Co-Sponsor Rep. Joseph M. Lyons 5/26/2011HouseThird Reading - Short Debate - Passed 109-006-000 5/26/2011SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/26/2011SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 27, 2011 5/27/2011SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins 5/27/2011SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/27/2011SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions 5/27/2011SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000 5/28/2011SenateHouse Committee Amendment No. 1 Senate Concurs 050-000-000 5/28/2011SenatePassed Both Houses 6/24/2011SenateSent to the Governor 8/23/2011SenateGovernor Approved 8/23/2011SenateEffective Date August 23, 2011 8/23/2011SenatePublic Act . . . . . . . . . 97-0511