IL SB2433

Secretary of Financial and Professional Regulation shall establish reasonable maximum rate schedules for check cashing and money order issuance by community and ambulatory currency exchanges through rulemaking.

Secretary must consider factors including historical rates, rates charged by banks and other states, operational costs, reasonable profit margins, consumer impact, and whether rates disproportionately impact protected classes under the Illinois Human Rights Act.

Currency exchanges may charge lower fees than the maximum schedule after filing their proposed fee schedule with the Secretary.

Rate schedules may be modified by the Secretary or adjusted upon verified petition if at least nine months have passed since last promulgation and at least one-fourth of community exchange licensees (or ambulatory licensees serving 100+ locations) join the petition.

Secretary must annually review Currency Exchange Section operating costs and revenue, and report to the General Assembly whether fee increases are needed for fiscal self-sufficiency, including amounts remitted as unclaimed property; Act takes effect June 1, 2019.