Bill Text: IL HB1291 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB1291 Detail]

Download: Illinois-2017-HB1291-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1291 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 657/10
Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.
LRB100 03024 SMS 13029 b
A BILL FOR
HB1291 LRB100 03024 SMS 13029 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Transmitters of Money Act is amended by
changing Section 10 as follows:
(205 ILCS 657/10)
Sec. 10. License required. No person may engage in this
State in the the business of selling or issuing payment
instruments, transmitting money, or exchanging, for
compensation, payment instruments or money of the United States
government or a foreign government to or from money of another
government without first obtaining a license under this Act.
Separate licenses shall not be required, however, for persons
acting as authorized sellers of licensees under this Act.
(Source: P.A. 88-643, eff. 1-1-95.)