IL HB5384 Removes Currency Exchange Annual Investigation, Sets Fees
Summary
Illinois HB5384 removes the annual investigation requirement for currency exchange businesses under the Currency Exchange Act, eliminating mandatory yearly reviews by the Secretary of Financial and Professional Regulation. The bill also establishes fee-setting provisions across multiple financial services acts including the Sales Finance Agency Act, Consumer Installment Loan Act, Safety Deposit License Act, Debt Management Service Act, Debt Settlement Consumer Protection Act, and Payday Loan Reform Act. Changes to examination and investigation authority apply to regulated entities including currency exchanges, sales finance agencies, consumer lenders, and debt management services.
What changed
HB5384 makes substantive changes to Illinois financial services regulation by removing the statutory requirement for the Secretary of Financial and Professional Regulation to conduct annual investigations of currency exchange businesses. The bill also modifies examination authority under the Sales Finance Agency Act, Consumer Installment Loan Act, and Safety Deposit License Act, while establishing fee-setting provisions for the administration of these acts and three additional consumer finance laws.
For currency exchanges, sales finance agencies, consumer installment lenders, safety deposit licensees, debt management services, debt settlement providers, and payday lenders, the removal of mandatory annual investigations reduces regulatory burden but introduces new fee obligations. Regulated entities should monitor for implementing regulations establishing the new fee structures and update internal compliance procedures accordingly.
What to do next
- Review updated examination and investigation procedures under amended Financial Services Acts
- Assess new fee-setting provisions for applicability to your regulated activities
- Update compliance documentation to reflect removal of annual investigation requirement
Archived snapshot
Apr 10, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
ChangeBridge / Illinois / HB5384 Passed HB5384 House Bill Passed 2026-04-09
FINANCIAL REG-FEES-INVESTIGATE
Amends the Currency Exchange Act. Removes provisions requiring the Secretary of Financial and Professional Regulation to investigate a currency exchange business at least once in each year and to review and report on the cost of operation of the Currency Exchange Section. Establishes fee-setting provisions for the administration of the Act. Amends the Sales Finance Agency Act, the Consumer Installment Loan Act, and the Safety Deposit License Act. Makes changes to the authority of the Secretary and the Director of the Division of Financial Institutions to examine and investigate a business to determine if it is in compliance with those Acts. Establishes fee-setting provisions for the administration of those Acts. Amends the Debt Management Service Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Establishes fee-setting provisions for the administration of those Acts. Makes other changes. Effective immediately.
Bill Details
State Illinois
Session 104th General Assembly
Chamber House
Official Source www.ilga.gov/Legislation/BillStatus?DocNum...
LegiScan View on LegiScan
Sponsors
Margaret Croke (Rep - D)
Action History
2026-04-09 H Third Reading - Short Debate - Passed 070-036-000 2026-04-07 H Placed on Calendar Order of 3rd Reading - Short Debate 2026-04-07 H Second Reading - Short Debate 2026-04-07 H House Floor Amendment No. 1 Adopted 2026-03-24 H House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000 2026-03-24 H House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee 2026-03-23 H House Floor Amendment No. 1 Referred to Rules Committee 2026-03-23 H House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke 2026-03-19 H Placed on Calendar 2nd Reading - Short Debate 2026-03-18 H Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000 2026-02-24 H Assigned to Financial Institutions and Licensing Committee 2026-02-10 H Referred to Rules Committee 2026-02-10 H First Reading 2026-02-06 H Filed with the Clerk by Rep. Margaret Croke
Committee Referrals
2026-02-10 H Rules 2026-02-24 H Financial Institutions and Licensing 2026-03-23 H Rules 2026-03-24 H Financial Institutions and Licensing
Amendments
2026-03-23 House Amendment 001
Bill Text Versions
2026-02-06 Introduced 2026-04-07 Engrossed Legislative data powered by LegiScan (CC BY 4.0)
Named provisions
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