Current through Register Vol. 48, No. 12, March 22, 2024
a) Types of Rates to be Established by the
Director
The Director will establish maximum rate schedules for fees
charged for check cashing and the issuance of money orders by community and
ambulatory currency exchanges. Such schedules of maximum fees to be established
by the Director may provide maximum fees for community currency exchanges which
may be different than the maximum fees for ambulatory currency
exchanges.
b) Criteria
In establishing the maximum rate schedules set forth in
paragraph (a) above, the Director will consider the following criteria:
1) Rates charged in the past for the cashing
of checks and the issuance of money orders by community and ambulatory currency
exchanges;
2) Rates charged by
banks or other business entities for rendering the same or similar services and
the factors upon which those rates are based;
3) The income, cost and expense of the
operation of currency exchanges;
4)
Rates charged by currency exchanges or other similar entities located in other
states for the same or similar services and the factors upon which those rates
are based;
5) Rates charged by the
United States Postal Service for the issuing of money orders and the factors
upon which those rates are based;
6) A reasonable profit for a currency
exchange operation.
c)
Matters to be Considered in Setting Rates
1)
In establishing the maximum rate schedules set forth in paragraph (a) above,
the Director shall consider the oral and written submissions of interested
parties as set forth in paragraph (e) herein. In addition, the Director may
consider:
A) any of the files, records and
documents on file at the Department of Financial Institutions which have been
filed or submitted by community or ambulatory currency exchanges pursuant to
Section 16 of the Act.
B) any audit
or examination reports of currency exchanges on file at the Department prepared
by the Department pursuant to Section 16 of the Act and
C) generally recognized technical facts
within the Department's specialized knowledge relating to community and
ambulatory currency exchanges.
2) All written information submitted to the
Director, pursuant to this Section, will be made available for examination to
any interested persons upon request and will be made available for copying by
any interested persons at such person's expense. In supplying such information,
the Director will take whatever precautions necessary to insure the anonymity
and privacy of those entities submitting confidential information to the
Department.
d)
Submission of Additional Information Required by the Director
1) In addition to the matters set forth in
paragraph (c) above if at any time the Director deems it appropriate to secure
any further information from any community or ambulatory currency exchange in
order to establish the maximum rate schedules set forth in paragraph (a) above,
the Director may require any such currency exchange or exchanges to submit
additional data or information. The Director may require that such additional
information be submitted under oath, or on forms prescribed by the Director, or
both.
2) The Director shall make
such request if he or his designee finds that the material(s) originally filed
are:
A) Ambiguous, or
B) Not accompanied with specific detail to
support allegation(s), or
C) Not
complete in substance, or
D)
Otherwise do not afford sufficient information to enable the Director to
determine whether a change in rates would be warranted.
e) Oral and Written Submissions
Allowed
1) All interested persons shall submit
data, views, comments or arguments with respect to the maximum rate schedules
to be established pursuant to paragraph (a) above; and these submissions may be
made either orally or in writing, or both, provided that such submissions
comply with the requirements of these Rules.
2) All written submissions which set forth
the information in the nature of expert testimony and/or opinions, including
but not limited to statistical data, compilations, charts, diagrams, accounting
procedures and/or computer printouts, must be filed with the Director at least
15 days prior to the first date for each annual rate hearing.
f) Procedure for Oral Submissions
1) Public Hearings
A) The Director shall conduct public hearings
on the establishment, revision or modification of the maximum rate schedules
described in paragraph (a) above. Upon written request by an interested party
hearings will be conducted annually on the revision, modification or repeal of
the maximum rate schedules provided that any request for an increase of the
rates set forth in the maximum rate schedule must comply with the requirements
of Section 19.3 of the Currency Exchange Act (Ill. Rev. Stat. 1983, ch. 17,
par. 4838) and Section
125.50 of
this Part.
B) Notification of the
exact date or dates, times and location of the hearings must be published in a
newspaper of general circulation in the State of Illinois at least forty-five
(45) days prior to the commencement of the first day of the hearings.
2) Manner of Making Oral
Submissions at Public Hearings
Any interested person who gives timely notice to the Director
of his intention to do so as set forth in paragraph (f)(3) below may orally
submit data, views, comments or arguments by testifying under oath at the
public hearings with respect to the maximum rate schedules to be established by
the Director.
3) Notice of
Intention to Testify at Public Hearings
Any interested party wishing to testify under oath at the
public hearings and submit data, views, comments or arguments on the maximum
rate schedules to be established by the Director must give written notice to
the Director of his or her intention to do so at least five (5) days prior to
the commencement of rate-making hearings. Such notice shall be filed in person
or by mail with the Director of the Department of Financial Institutions either
at The State of Illinois Building, 100 W. Randolph Suite 15-700, Chicago,
Illinois 60601, or at 421 East Capitol Street, Springfield, Illinois 62706.
Such notice must be received by the Director no later than 5:00 PM on the fifth
day preceding the commencement of the hearing. In the event that the deadline
for the filing of such notice falls on a day when the Department is not open
for business, then the deadline shall be extended to the next available date on
which the Department is open for business. Any person failing to file timely
notice under this Section will not be permitted to testify at the public
hearings. However, any interested person who fails to file timely notice under
this Section will not be precluded from submitting his or her views, comments,
data or arguments in writing in accord with the requirements of paragraph (g).
With respect to the rate-making hearings, any interested person wishing to
orally offer views, comments, data or arguments by testifying under oath at
said hearings must file notice of his or her intention to do so with the
Director as previously set forth.
4) Availability of Transcript of Proceedings
The proceedings of the public rate-making hearings must be
recorded and a transcript of the proceedings will be made available to any
person at his or her cost and expense. Orders for such a transcript should be
placed directly with the reporting service responsible for recording the
proceedings.
5) Questioning
of Persons Testifying
The Director, or any person designated by the Director to
assist him in the conduct of the public hearings pursuant to paragraph(i) of
this Section, may ask questions of persons testifying at said hearings.
g) Procedure for Filing
Written Submissions
1) In addition to or in
lieu of offering oral testimony as previously described, any interested person
may submit his or her views, comments, data or arguments on the maximum rate
schedules to be established by the Director in writing by filing said written
submission with the Director by no later than 5:00 PM of the last day of the
scheduled public hearings, except as to all written submissions which set forth
information in the nature of expert testimony pursuant to paragraph (d) which
written submissions must be submitted no later than 15 days prior to the first
date for each annual rate hearing along with ten copies of each such written
submission. Written submissions may be filed in person or by mail with the
Director of the Department of Financial Institutions either at The State of
Illinois Building, 100 W. Randolph Suite 15-700, Chicago, Illinois 60601, or
421 East Capitol Street, Springfield, Illinois 62706. Any written submission
which is not timely filed will not be considered by the Director in
establishing the maximum rate schedules.
2) Expert testimony shall be considered any
testimony given by individuals with a specialized knowledge of the currency
exchange business or of rate making in general.
h) Procedure for Filing Written Rebuttal
Submissions
Any interested person wishing to respond to oral testimony
presented at the public hearings and/or written submissions filed with the
Director pursuant to paragraph (g) above, may submit his or her views,
comments, data, or arguments in writing by filing said written submission with
the Director by no later than 5:00 p.m. of the tenth day following the last day
of the scheduled public hearings. Such written submissions may be filed in
person or by mail with the Director of the Department of Financial Institutions
either at the State of Illinois Building, 100 W. Randolph Suite 15-700,
Chicago, Illinois 60601, or 421 East Capitol Street, Springfield, Illinois
62706. Any written submission which is not timely filed will not be considered
by the Director in establishing the maximum rate schedules.
i) All Written Submissions Available for
Public Inspection
All written submissions filed timely with the Director pursuant
to paragraph (g) and (h) above will be available for public inspection at any
time when the Department is open for business either at The State of Illinois
Building, 100 W. Randolph Suite 15-700, Chicago, Illinois 60601, or at 421 East
Capitol Street, Springfield, Illinois 62706.
j) Persons Authorized to Assist Director
The Director may seek and contract for legal or technical
assistance and advice with persons, partnerships, corporations or businesses
who are not employees of the Department in connection with the conduct of the
rate-making hearings and the establishment of the maximum rate schedules. The
Director may designate any such person or persons and one or more employees of
the Department to assist him in the conduct of the public hearings as
previously set forth and in the establishment of maximum rate schedules.
k) Filing and Effective Date of
Maximum Rate Schedules
1) With respect to the
rate-making hearings scheduled to take place, the Director will issue and adopt
maximum rate schedules for check cashing and writing of money orders and file
said rate schedules with the Administrative Code Unit of the Illinois State
Library of the Secretary of State's Office in Springfield, Illinois
expeditiously upon approval of said rules by the Joint Committee on
Administrative Rules pursuant to the provisions of the Illinois Administrative
Procedure Act (Ill. Rev. Stat. 1991, ch. 127, pars. 1001-1 et seq.) Said rates
will be effective ten (10) days after such filing.
2) With respect to the future revisions,
modification, amendment or repeal of the maximum rate schedules pursuant to
public hearings, the Director will file a certified copy of such revisions,
modifications, amendments or repeals, as the case may be, with the
Administrative Code Unit of the Illinois State Library of the Secretary of
State's Office in Springfield pursuant to the requirements of Section 5-40(d)
of the Illinois Administrative Procedure Act (Ill. Rev. Stat. 1991, ch. 127,
par. 1005-40(d)). Any revisions, modifications, amendments or repeals of the
maximum rate schedules will be effective ten (10) days after such
filing.
3) At the time the Director
issues and adopts the maximum rate schedules, or emergency rates pursuant to
this Section, or Section
125.30(l),
or with respect to the future revision, modification, amendment, or repeal of
the maximum rate schedules, the Director will also publish in the Illinois
Register a statement setting forth the Director's findings regarding the
criteria established in Section
125.30(b)
and the information upon which such findings are based.
l) Emergency Rates
In the event that the Director deems it appropriate, pursuant
to the requirements of Section 5-45 of the Illinois Administrative Procedure
Act (Ill. Rev. Stat. 1991, ch. 127, par. 1005-45), the Director may adopt and
issue emergency maximum rate schedules which may be effective for a period of
not longer than 150 days.
m) Rates and Rules of Practice and Procedure
Available for Public Inspection
These Rules and any maximum rate schedules, or any revisions,
modifications, amendments or repeal thereof, will be available for public
inspection at all times on any day the Department of Financial Institutions is
open for business at the offices of the Department located either at The State
of Illinois Building, 100 W. Randolph Suite 15-700, Chicago, Illinois 60601, or
at 421 East Capitol Street, Springfield, Illinois 62706.
