Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 125 - THE FORMULATION AND ISSUANCE OF SCHEDULES OF MAXIMUM RATES FOR CHECK CASHING AND THE WRITING OF MONEY ORDERS OF COMMUNITY AND AMBULATORY CURRENCY EXCHANGES
Section 125.80 - Prohibition Against Charging More than Posted Fees
Universal Citation: 38 IL Admin Code ยง 125.80
Current through Register Vol. 48, No. 12, March 22, 2024
a) Prohibition
No community or ambulatory currency exchange may charge fees in excess of those posted pursuant to 38 Ill. Adm. Code 120 of the Rules of the State of Illinois, Department of Financial Institutions, Currency Exchange Division.
b) Sanctions
1) The Director shall impose a fine up to
$100 per violation or suspension as authorized by Section 15 of the Currency
Exchange Act if he finds that any community or ambulatory currency exchange has
violated paragraph (a) of this Section.
2) For the first and second violations within
a twelve month period the amount of the fine will be determined by the duration
of the violation and the compliance history of the currency exchange.
3) Any ambulatory or community currency
exchange found to be charging more than the posted fees three times within the
same twelve month period shall have its license suspended.
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