Public Act 097-0511
 
SB0087 EnrolledLRB097 05582 CEL 45644 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.

    (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.

(Source: P.A. 88-643, eff. 1-1-95; 89-601, eff. 8-2-96.)

  
 

    Section 99. Effective date. This Act takes effect upon 
becoming law.