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| | SB0087 Enrolled | | LRB097 05582 CEL 45644 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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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 the |
| 10 | | United States.
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| 11 | | (2) This State and any political subdivision of this State.
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| 12 | | (3) Banks, trust companies, building and loan |
| 13 | | associations, savings and loan
associations, savings banks, or |
| 14 | | credit unions, licensed or organized under the
laws of any
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| 15 | | state
or of the United States and any foreign bank maintaining |
| 16 | | a branch or agency
licensed or organized under the laws of any |
| 17 | | state or of the United States.
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| 18 | | (4) Currency exchanges licensed under the Currency |
| 19 | | Exchange Act are exempt
from licensing only for (i) the |
| 20 | | issuance of money orders or (ii) the sale, loading, or |
| 21 | | unloading of stored value cards.
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| 22 | | (5) Corporations and associations exempt under item (3) or |
| 23 | | (4) from
the licensing
requirements of this Act are not exempt
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