HB3681 EnrolledLRB098 13680 MGM 48206 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  



 
 
4    Section 5. The Transmitters of Money Act is amended  by 
5changing Section 15 as follows:
 



6    (205 ILCS 657/15)



7    Sec. 15. Exemptions. The following are exempt from the

8licensing requirements of this Act:

9        (1) The United States and any department or agency of 
10    the United States.

11        (2) This State and any political subdivision of this 
12    State.

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

16    laws of any
state
or of the United States and any foreign 
17    bank maintaining a branch or agency
licensed or organized 
18    under the laws of any state or of the United States.

19        (4) Currency exchanges licensed under the Currency 
20    Exchange Act are exempt
from licensing only for (i) the 
21    issuance of money orders or (ii) the sale, loading, or 
22    unloading of stored value cards.

23        (5) Corporations and associations exempt under item 
 
 
HB3681 Enrolled- 2 -LRB098 13680 MGM 48206 b

1    (3) or (4) from
the licensing
requirements of this Act are 
2    not exempt
from approval by the Director as authorized 
3    sellers.  Nothing in this Act shall
be
deemed to enlarge the 
4    powers of those corporations and associations.

5        (6) An operator of a payment system to the extent that 
6    it provides processing, clearing, or settlement services 
7    between or among persons exempt under this Section in 
8    connection with wire transfers, credit card transactions, 
9    debit card transactions, stored value transactions, 
10    automated clearing house transfers, or similar funds 
11    transfers. 
12(Source: P.A. 97-511, eff. 8-23-11.)

 
 
13    Section 99. Effective date. This Act takes effect upon 
14becoming law.