IL HB5510

Amends the Currency Exchange Act to define four new terms: "government assistance check" (federal or state assistance, Social Security, workers' compensation, unemployment, veterans, or housing assistance), "government check" (other government-issued checks), "payroll check" (employer-issued wages), and "printed" (typewritten, electronically generated, or computer generated).

Requires the Secretary of Financial and Professional Regulation to establish maximum rate schedules for check cashing and money order services by community and ambulatory currency exchanges, considering past rates, competitor rates, operational costs, rates in other states, postal service rates, reasonable profit, consumer impact, and potential disparate impact on protected classes.

Imposes specific rate caps: printed payroll checks ≤$100 capped at 1.4% plus $1 service charge; printed payroll checks >$100 capped at 2.25%; government checks capped at 1.5%; and government assistance checks capped at 0.5% of face amount.

Allows currency exchanges to charge lower fees than the maximum schedule after filing a fee schedule with the Secretary, and permits rate modifications through administrative procedures if at least one-fourth of licensees petition after nine months have passed since last rate promulgation.

Takes effect June 1, 2019.