Ill. Admin. Code tit. 38 § 125.60

Current through Register Vol. 48, No. 50, December 13, 2024

Section 125.60 - Prohibition Against and Sanctions for Charging More than Rates Set Forth in the Maximum Rate Schedule

a) Prohibition

Upon the effective date of the maximum rate schedules established by the Director pursuant to these Rules, each and every community or ambulatory currency exchange may not charge more than the applicable maximum rates set forth on said schedules.

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 duration of the violation and the compliance history of the currency exchange.

3) Any ambulatory or community currency exchange found to be charging over the maximum rates three times within the same twelve month period shall have its license suspended.

Ill. Admin. Code tit. 38, § 125.60

Amended at 9 Ill. Reg. 12284, effective July 30, 1985