HB5508 Summary

• Allows currency exchanges to accept checks regardless of imprinted date if immediately cashed, deposited, and processed in ordinary business course.

• Permits community and ambulatory currency exchanges to place self-service automated terminals, charge fees for information transmission, advertise legal services and products, and provide access to third-party travel reservation and ticketing services.

• Establishes presumption that lawful services are consistent with the Act and in the public interest, subject to Secretary approval; requires written notice 30 days prior to offering approved services.

• Restricts new community currency exchange licenses within one-half mile of existing licensees in municipalities over 500,000 population or one mile in smaller municipalities, with exceptions for business transfers, relocations, and written waivers from existing licensees.

• Revises enforcement procedures requiring Secretary to provide detailed notice of violations specifying corrective action options; allows licensees 15 business days to request hearing or take corrective action, with potential dismissal if completed within timeframe and confirmed by follow-up investigation.