Cottage-63rd Street Currency Exchange, Inc. v. Callahan

In separate actions plaintiffs, two licensed community currency exchanges, and the Community Currency Exchange Association of lilinois, Inc., a not-for-profit corporation, brought complaints against defendants seeking declaratory relief that a “3% rule” allegedly used by Edgar F. Callahan, the Director of the Illinois Department of Financial Institutions (Director), in approving the applications of ambulatory currency exchanges was invalid and injunctive relief restraining its use as well as the operation of two of defendant Thillens, Inc., ambulatory currency exchanges whose applications…