Ill. Admin. Code tit. 38, § 130.30 - Maximum Rate - Check Cashing

Current through Register Vol. 46, No. 15, April 8, 2022

a) The Maximum Rate. Through June 30, 2018, the maximum rate to be charged by community and ambulatory currency exchanges for cashing any check shall not exceed the following:
1) For all checks $100 or less, an amount equal to 1.4 % of the face amount of the check plus a service charge of $1.00;
2) For all checks $100.01 or greater, an amount equal to 2.25 % of the face amount of the check.
b) The rates established in this subsection (b) shall be effective beginning July 1, 2018.
1) Public Assistance Checks

For all public assistance checks, 1.5 % of the face value of the check. For purposes of these rates, a public assistance check means a check issued by a federal or State government agency for payment to a recipient of federal or State monetary assistance, Social Security, Unemployment Compensation, Railroad Retirement, veteran's benefits, or housing assistance.

2) Government Checks

For purposes of these rates, government check includes a check issued by the federal government, State government, or local government, other than a public assistance check.

A) For government checks $100 or less, 2.40 % of the face value of the check plus a service charge of $1.00.
B) For government checks between $100 and $1250, 2.33 % of the face value of the check.
C) For government checks over $1250, 3.0 % of the face amount of the check.
3) Personal Checks

For purposes of these rates, personal check is any check bearing the name of an individual as the maker of the check that is not a printed payroll check.

A) For personal checks $100 or less, 2.45 % of the face value of the check plus a service charge of $1.00.
B) For personal checks between $100 and $1250, 3.0% of the face amount of the check.
C) For personal checks over $1250, 3.5 % of the face amount of the check.
4) Printed Payroll Check

For purposes of these rates, a printed payroll check means a check for wages issued by an employer to an employee subject to withholding, other than a payroll check issued by the federal government, State government, or local government. Printed payroll checks must be typewritten, electronically generated, or computer generated.

A) For printed payroll checks $100 or less, 2.4 0% of the face value of the check plus a service charge of $1.00.
B) For printed payroll checks between $100 and $1250, 2.33% of the face amount of the check.
C) For printed payroll checks over $1250, 3.5% of the face amount of the check.
5) All Other Checks
A) For all other checks $100 or less, 2.40% of the face value of the check plus a service charge of $1.00.
B) For all other checks between $100 and $1250, 2.4% of the face amount of the check.
C) For all other checks over $1250, 3.5% of the face amount of the check.
c) Prohibition. No community or ambulatory currency exchange may charge a fee for cashing any check in excess of the maximum rate set forth in subsections (a) or (b).

Notes

Ill. Admin. Code tit. 38, § 130.30

Amended at 32 Ill. Reg. 170, effective December 21, 2007

Amended at 42 Ill. Reg. 6374, effective 3/23/2018

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