HB3049 Summary: Currency Exchange Act Amendments

• Increases community currency exchange license application fees from $500 to $1,500 and annual license fees from $200 to $500, with $250 for applications after July 1st.

• Raises surety bond requirements for community currency exchanges from $10,000 to $50,000 and establishes a $500 investigation fee for reviewing new products and services offered by currency exchanges.

• Expands permitted activities for currency exchanges to include money transmission, debit/credit card services, ATMs, foreign currency exchange, public transit passes, phone services, precious metals purchase, and sale of tangible personal property.

• Changes regulatory oversight from "Director of Financial Institutions" to "Secretary of Financial and Professional Regulation" throughout the Act and establishes binding arbitration (instead of hearing officers) for disputes.

• Requires Secretary to investigate whether new license applications will negatively impact financial stability of existing currency exchanges within 2 miles (Chicago) or 4 miles (outside Chicago) and allows denial of licenses based on this community impact analysis.