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Administrative Law Keyed to Asimow
Thygesen v. Callahan
Citation:
385 N.E.2d 699 (1979)Facts
The plaintiffs each owned and operated one of approximately 613 licensed community currency exchanges in Illinois. Prior to the enactment of Section 19.3 of the currency exchange act, the rates that currency exchange licensees could charge for cashing checks and writing money orders were not regulated by the Director of Financial Institutions or by any statute. Currency exchanges set their rates in open competition with other financial service providers. Section 19.3, which became effective on October 1, 1977, delegated to the Director of Financial Institutions the authority to establish maximum rates for check cashing and money order services. The plaintiffs did not question the legislature’s right to set maximum rates or to delegate this power, but challenged the constitutionality of the delegation because the legislature failed to provide any intelligible standards or guidelines for the Director to follow in setting these rates.
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