Fabio
117 lines
9.2 KiB
Markdown
117 lines
9.2 KiB
Markdown
---
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type: "Bill"
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title: "CURRENCY EXCHANGE ACT-ADMIN"
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description: "Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "97th"
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identifier: "SB 87"
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citation: "Illinois SB 87 (97th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 56
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vote_count: 3
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first_action: "2011-01-27"
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last_action: "2011-08-23"
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source: "openstates"
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source_identifier: "ocd-bill/c49b5090-0901-4ce7-b576-8c76921c1b8c"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=87&GAID=11&DocTypeID=SB&LegId=54722&SessionID=84&GA=97"
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source_hash: "ecae02cdfe3768caf254e8d88e6600f2b5064eebcceb187d8fb76196eb21ceb7"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 87 (97th) — CURRENCY EXCHANGE ACT-ADMIN
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Amends the Currency Exchange Act. Provides that all funds received by currency exchanges for remittance to utility and other companies be deposited into an escrow account no later than the next business day and the escrow account may not be used for any other use. Increases a community currency exchange license application fee to $1,500 (rather than $500) and increases the annual license fee to $500 (rather than $200). Requires that the community currency exchange retain a annual surety bond of $50,000 (rather than $10,000) or the community currency exchange may be covered by a blanket bond in a principal aggregate sum of not less than $10,000,000 (rather than $2,000,000). Requires that the community currency exchange maintain a minimum of $5,000 of its own cash funds to be available for the uses and purposes of its business. Requires that the community currency exchange deposit into an escrow account all funds received as payment for money orders no later than the next business day. Provides that the Secretary of Financial and Professional Regulation may fine a licensee an amount not to exceed $10,000 per violation, revoke, or suspend any license issued if the licensee fails to comply with any provision of this Act or any order, decision, finding, rule, regulation, or direction of the Secretary. Makes other changes. Effective January 1, 2012.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB0087&GA=97&SessionId=84&DocTypeId=SB&LegID=54722&DocNum=87&GAID=11&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB0087eng&GA=97&SessionId=84&DocTypeId=SB&LegID=54722&DocNum=87&GAID=11&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB0087enr&GA=97&SessionId=84&DocTypeId=SB&LegID=54722&DocNum=87&GAID=11&Session=&print=true)
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## Votes
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- Third Reading — **31–20** (pass) · upper
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- Concurrence — **50–0** (pass) · upper
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- Third Reading — **109–6** (pass) · lower
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## Sponsors
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- Jacqueline Y. Collins — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2011-01-27** Filed with Secretary by Sen. Jacqueline Y. Collins `filing`
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- **2011-01-27** First Reading `reading-1`
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- **2011-01-27** Referred to Assignments `referral-committee`
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- **2011-01-27** Assigned to Financial Institutions `referral-committee`
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- **2011-03-10** Postponed - Financial Institutions
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- **2011-03-11** Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins `amendment-introduction`
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- **2011-03-11** Senate Committee Amendment No. 1 Referred to Assignments `referral-committee`
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- **2011-03-14** Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
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- **2011-03-17** Senate Committee Amendment No. 1 Adopted `amendment-passage`
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- **2011-03-17** Do Pass as Amended Financial Institutions; 009-002-000 `committee-passage`
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- **2011-03-17** Placed on Calendar Order of 2nd Reading March 29, 2011
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- **2011-03-17** Added as Chief Co-Sponsor Sen. Martin A. Sandoval
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- **2011-04-04** Senate Floor Amendment No. 2 Filed with Secretary by Sen. Jacqueline Y. Collins `amendment-introduction`
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- **2011-04-04** Senate Floor Amendment No. 2 Referred to Assignments `referral-committee`
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- **2011-04-05** Senate Floor Amendment No. 3 Filed with Secretary by Sen. Jacqueline Y. Collins `amendment-introduction`
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- **2011-04-05** Senate Floor Amendment No. 3 Referred to Assignments `referral-committee`
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- **2011-04-06** Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions
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- **2011-04-06** Senate Floor Amendment No. 3 Assignments Refers to Financial Institutions
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- **2011-04-07** Senate Floor Amendment No. 2 Tabled in Financial Institutions `amendment-failure`
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- **2011-04-07** Senate Floor Amendment No. 3 Recommend Do Adopt Financial Institutions; 010-002-000
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- **2011-04-08** Second Reading `reading-2`
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- **2011-04-08** Senate Floor Amendment No. 3 Adopted; J. Collins `amendment-passage`
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- **2011-04-08** Placed on Calendar Order of 3rd Reading April 11, 2011
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- **2011-04-12** Third Reading - Passed; 031-020-000 `reading-3, passage`
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- **2011-04-12** Arrived in House `introduction`
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- **2011-04-12** Placed on Calendar Order of First Reading `reading-1`
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- **2011-04-12** Chief House Sponsor Rep. Monique D. Davis
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- **2011-04-12** First Reading `reading-1`
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- **2011-04-12** Referred to Rules Committee `referral-committee`
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- **2011-05-04** Assigned to Executive Committee `referral-committee`
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- **2011-05-13** Committee Deadline Extended-Rule 9(b) May 20, 2011
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- **2011-05-20** House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang `amendment-introduction`
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- **2011-05-20** House Committee Amendment No. 1 Referred to Rules Committee `referral-committee`
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- **2011-05-20** Alternate Chief Sponsor Changed to Rep. Lou Lang
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- **2011-05-20** Added Alternate Chief Co-Sponsor Rep. Monique D. Davis
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- **2011-05-20** Final Action Deadline Extended-9(b) May 27, 2011
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- **2011-05-23** House Committee Amendment No. 1 Rules Refers to Executive Committee
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- **2011-05-24** House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote `amendment-passage`
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- **2011-05-24** Do Pass as Amended / Short Debate Executive Committee; 011-000-000 `committee-passage`
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- **2011-05-24** Placed on Calendar 2nd Reading - Short Debate
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- **2011-05-25** Second Reading - Short Debate `reading-2`
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- **2011-05-25** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2011-05-26** Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
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- **2011-05-26** Third Reading - Short Debate - Passed 109-006-000 `reading-3, passage`
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- **2011-05-26** Secretary's Desk - Concurrence House Amendment(s) 1
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- **2011-05-26** Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 27, 2011
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- **2011-05-27** House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins `filing`
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- **2011-05-27** House Committee Amendment No. 1 Motion to Concur Referred to Assignments `referral-committee`
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- **2011-05-27** House Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions `referral-committee`
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- **2011-05-27** House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000
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- **2011-05-28** House Committee Amendment No. 1 Senate Concurs 050-000-000
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- **2011-05-28** Passed Both Houses
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- **2011-06-24** Sent to the Governor `executive-receipt`
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- **2011-08-23** Governor Approved `executive-signature`
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- **2011-08-23** Effective Date August 23, 2011
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- **2011-08-23** Public Act . . . . . . . . . 97-0511 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/c49b5090-0901-4ce7-b576-8c76921c1b8c`. Confidence: reported (aggregated from official Illinois legislature records).
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