§ 130.40

Ill. Admin. Code tit. 38, § 130.40

Maximum Rate – Issuance of Money Orders

Effective Mar 23, 201842 Ill. Reg. 6374AUTHORITY: Implementing Sections 19.3 and 19.4 and authorized by Section 19 of the Currency Exchange Act [205 ILCS 405].DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION

a) The Maximum Rate. The maximum rate to be charged by community and ambulatory currency exchanges for issuing any money order shall not exceed an amount equal to 1% of the face amount of the money order plus a service charge of $.75.
b) Prohibition. No community or ambulatory currency exchange may charge a fee for issuing any money order in excess of the maximum rate set forth in subsection (a).

(Source: Amended at 42 Ill. Reg. 6374, effective March 23, 2018)