Currency Exchange Section
The Currency Exchange Section administers the Currency Exchange Act, which
charges DFI with the regulation of the currency exchange industry. DFI
currently licenses over 500 community currency exchanges and 200 ambulatory
currency exchanges. The licensing procedure together with the mandated
annual examinations guarantee that all Illinois currency exchanges adhere
to the high standards established by the State. These currency exchanges
not only cash checks but also provide a number of other
services.
A Currency Exchange
License is required for businesses that offer as their primary service
the cashing of checks and selling money orders for a fee as well as engaging
in similar activities. Licenses are issued on the basis of a "Need
of Community" investigation. The Department will assess whether the
community needs the proposed currency exchange and the effect it will
have on the financial stability of existing currency exchanges. Licenses
are valid for one year and may be renewed. A separate license is required
for each exchange.
Public Hearing Record of March 19, 2009 of the relocation of the Wilson-Western Currency Exchange
NOTE: This document is approximately 12 mb in size.
Notice of Public Hearing, March 19, 2009
Chicago Currency Exchanges Closed
Notice Regarding Payday Loans in Currency Exchanges |