Support SB 2433 – Check Cashing Fairness Act

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This bill, which passed the Senate 54-0, reflects an agreement among the major stakeholders on the issue of check-cashing fees at currency exchanges.


The major stakeholders are the currency exchanges, the Illinois Department of Financial and Professional Regulation (IDFPR), and consumer groups.


The bill would add two factors to the criteria used by IDFPR in setting the maximum rates that currency exchanges may charge for check-cashing.

The two new factors that IDFPR would consider are:


  1. The impact on consumers, and


  1. Whether the proposed rates would disproportionately impact classes of persons protected under the Illinois Human Rights Act, e.g., people of color, older adults, etc.


Under the current law, IDFPR does not have to consider the impact on consumers when setting the rates.  Rather, IDFPR only considers industry-related factors, such as a “reasonable profit” for the industry.

This bill is part of an agreement that included an agreed set of new maximum rates on check cashing.  Those rates were approved in March 2018 by the Joint Committee on Administrative Rules.  Under the agreement, the maximum rates on most check types (e.g., payroll checks, personal checks, etc.) were increased while the maximum rates on public assistance checks were cut.


For more information, contact Brent Adams at or 773-844-5544.