Bill > HB5384

This bill makes several changes to various financial regulation acts, primarily by removing requirements for mandatory annual investigations of certain businesses and instead establishing provisions for setting fees to cover the costs of administering these acts. Specifically, it amends the Currency Exchange Act by removing the requirement for the Secretary of Financial and Professional Regulation (Secretary) to investigate currency exchange businesses at least once a year and to report on the costs of the Currency Exchange Section, and instead allows the Secretary to set fees for licensing, investigations, and examinations. Similar fee-setting provisions are added to the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, the Safety Deposit License Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act, allowing the Secretary to establish fees to cover administrative expenses. The bill also modifies the authority of the Secretary and the Director of the Division of Financial Institutions to examine and investigate businesses to ensure compliance with these acts, shifting from mandatory annual checks to more flexible examination schedules and allowing for fees to be charged for these examinations.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5384&GAID=18&DocTypeID=HB&SessionID=114&GA=104