Bill Text: IL HB3681 | 2013-2014 | 98th General Assembly | Chaptered
Bill Title: Amends the Transmitters of Money Act. Changes the definition of "transmitting money" to exclude providing payment services to a seller of goods or services, a payee, or a payment processor in connection with the sale of goods or services. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2014-08-18 - Public Act . . . . . . . . . 98-0991 [HB3681 Detail]
Download: Illinois-2013-HB3681-Chaptered.html
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Public Act 098-0991 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Transmitters of Money Act is amended by | ||||
changing Section 15 as follows:
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(205 ILCS 657/15)
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Sec. 15. Exemptions. The following are exempt from the
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licensing requirements of this Act:
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(1) The United States and any department or agency of | ||||
the United States.
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(2) This State and any political subdivision of this | ||||
State.
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(3) Banks, trust companies, building and loan | ||||
associations, savings and loan
associations, savings | ||||
banks, or credit unions, licensed or organized under the
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laws of any
state
or of the United States and any foreign | ||||
bank maintaining a branch or agency
licensed or organized | ||||
under the laws of any state or of the United States.
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(4) Currency exchanges licensed under the Currency | ||||
Exchange Act are exempt
from licensing only for (i) the | ||||
issuance of money orders or (ii) the sale, loading, or | ||||
unloading of stored value cards.
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(5) Corporations and associations exempt under item |
(3) or (4) from
the licensing
requirements of this Act are | ||
not exempt
from approval by the Director as authorized | ||
sellers. Nothing in this Act shall
be
deemed to enlarge the | ||
powers of those corporations and associations.
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(6) An operator of a payment system to the extent that | ||
it provides processing, clearing, or settlement services | ||
between or among persons exempt under this Section in | ||
connection with wire transfers, credit card transactions, | ||
debit card transactions, stored value transactions, | ||
automated clearing house transfers, or similar funds | ||
transfers. | ||
(Source: P.A. 97-511, eff. 8-23-11.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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