SPRINGFIELD, IL – Currency exchange customers could see lower fees under legislation sponsored by state Rep. Sonya Harper, D-Chicago.
“Many people rely on currency exchanges for the basic and necessary service of cashing checks,” said Harper. “Unfortunately, the folks who rely on currency exchanges find themselves stuck with extremely high fees and they are often the ones least in a position to be able to afford them. My legislation will hold currency exchanges accountable and help to ensure that these fees are reasonable and consider the impact on consumers.”
Harper’s Senate Bill 2433 modernizes current Illinois Department of Financial and Professional Regulation (IDFPR) practice by requiring the agency to take into account new fees and how those fees will disproportionately impact communities of color when setting the maximum fees that currency exchanges can charge.
“Too many currency exchanges are taking advantage of people who lack access to banks and credit unions by charging unreasonable fees on those who have no choice but to turn to these businesses to cash their checks,” Harper added. “This legislation provides added protection for consumers, particularly in disadvantaged neighborhoods, and help guarantee equal access to vital financial services for everyone regardless of income.”
Harper represents the 6th District, which includes all or portions of Armour Square, Bridgeport, Chicago Lawn, Englewood, Gage Park, Back of the Yards, Canaryville, New City, West Englewood, and Marquette Park.