Lilly Bill Protects Currency Exchange Users from High Fees

SPRINGFIELD, Ill. — Legislation sponsored by state Rep. Camille Y. Lilly, D-Chicago, seeks to provide greater consumer protections by preventing currency exchanges from charging excessive fees and costs.

“Not everyone has the luxury of their own private bank accounts that they can easily access each day, and so they rely upon currency exchanges for assistance,” said Lilly. “The historic bad practices and high fees that gouge regular consumers are outrageous and will keep economically disadvantaged people from climbing the economic ladder.”

Lilly is sponsoring Senate Bill 2433 in the hopes of adding greater economic protections for consumers who usually are hit with unfairly high fees and costs for utilizing a currency exchange. The bill requires the Illinois Department of Financial and Professional Regulation (IDFPR) to account for the impact of new fee schedules and if those schedules unfairly burden people based on their race, color, age and other factors.

“People need to use banks, currency exchanges or some financial institution because they need money in order to provide for themselves and their families, and they should not be punished for that,” Lilly said. “A currency exchange’s motive is profit, but we need to make sure that the financial needs of individuals always supersede profits.”

Lilly represents the 78th District, which includes parts of Chicago, Elmwood Park, Franklin Park, Oak Park, Melrose Park and River Grove. If you need to contact her office, please call 708-613-5939 or email her at StateRepCamilleYLilly@gmail.com.