Bill Text: IL HB3681 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Amended.html
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-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 3681
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| 2 | AMENDMENT NO. ______. Amend House Bill 3681 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Transmitters of Money Act is amended by | ||||||
| 5 | changing Section 15 as follows:
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| 6 | (205 ILCS 657/15)
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| 7 | Sec. 15. Exemptions. The following are exempt from the
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| 8 | licensing requirements of this Act:
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| 9 | (1) The United States and any department or agency of | ||||||
| 10 | the United States.
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| 11 | (2) This State and any political subdivision of this | ||||||
| 12 | State.
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| 13 | (3) Banks, trust companies, building and loan | ||||||
| 14 | associations, savings and loan
associations, savings | ||||||
| 15 | banks, or credit unions, licensed or organized under the
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| 16 | laws of any
state
or of the United States and any foreign | ||||||
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| 1 | bank maintaining a branch or agency
licensed or organized | ||||||
| 2 | under the laws of any state or of the United States.
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| 3 | (4) Currency exchanges licensed under the Currency | ||||||
| 4 | Exchange Act are exempt
from licensing only for (i) the | ||||||
| 5 | issuance of money orders or (ii) the sale, loading, or | ||||||
| 6 | unloading of stored value cards.
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| 7 | (5) Corporations and associations exempt under item | ||||||
| 8 | (3) or (4) from
the licensing
requirements of this Act are | ||||||
| 9 | not exempt
from approval by the Director as authorized | ||||||
| 10 | sellers. Nothing in this Act shall
be
deemed to enlarge the | ||||||
| 11 | powers of those corporations and associations.
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| 12 | (6) An operator of a payment system to the extent that | ||||||
| 13 | it provides processing, clearing, or settlement services | ||||||
| 14 | between or among persons exempt under this Section in | ||||||
| 15 | connection with wire transfers, credit card transactions, | ||||||
| 16 | debit card transactions, stored value transactions, | ||||||
| 17 | automated clearing house transfers, or similar funds | ||||||
| 18 | transfers. | ||||||
| 19 | (Source: P.A. 97-511, eff. 8-23-11.)
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| 20 | Section 99. Effective date. This Act takes effect upon | ||||||
| 21 | becoming law.".
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