Bill Text: IL HB5628 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2025-01-07 - Session Sine Die [HB5628 Detail]

Download: Illinois-2023-HB5628-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5628 Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED:
205 ILCS 657/15
Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government.
LRB103 38246 RTM 68381 b
A BILL FOR
HB5628 LRB103 38246 RTM 68381 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 15 as follows:
(205 ILCS 657/15)
Sec. 15. Exemptions. The following are exempt from the
licensing requirements of this Act:
(1) The United States and any department or agency of
the United States.
(2) This State and any political subdivision of this
State.
(3) Banks, trust companies, building and loan
associations, savings and loan associations, savings
banks, or credit unions, licensed or organized under the
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.
(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, or (iii) exchanging for
compensation money of the United States Government or a

HB5628 - 2 - LRB103 38246 RTM 68381 b