Illinois Compiled Statutes
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205 ILCS 657/5
(205 ILCS 657/5)
As used in this Act, unless the context otherwise
requires, the words and phrases defined in this Section have the meanings
set forth in this Section.
"Authorized seller" means a person not an employee of a licensee who
engages in the business regulated by this Act on behalf of a licensee under
a contract between that person and the licensee.
"Bill payment service" means the business of transmitting money on behalf
of an Illinois resident for the purpose of paying the resident's bills.
"Controlling person" means a person owning or holding the power to vote
25% or more of the outstanding voting securities of a licensee or the power to
vote the securities of another controlling person of the licensee. For
purposes of determining the percentage of a licensee controlled by a
the person's interest shall be combined with the interest of any other
person controlled, directly or indirectly, by that person
or by a spouse, parent, or child of that person.
"Department" means the Department of Financial Institutions.
"Director" means the Director of Financial Institutions.
"Licensee" means a person licensed under this Act.
"Location" means a place of business at which activity regulated by this Act
"Material litigation" means any litigation that, according to generally
accepted accounting principles, is deemed significant to a licensee's financial
health and would be required to be referenced in a licensee's annual audited
financial statements, reports to shareholders, or similar documents.
"Money" means a medium of exchange that is authorized or adopted by a
domestic or foreign government as a part of its currency and that is
customarily used and accepted as a medium of exchange in the country of
"Money transmitter" means a person
who is located in or doing business in this State and who directly or through
authorized sellers does any of the
following in this State:
(1) Sells or issues payment instruments.
(2) Engages in the business of receiving money for
transmission or transmitting money.
(3) Engages in the business of exchanging, for
compensation, money of the United States Government or a foreign government to or from money of another government.
"Outstanding payment instrument" means, unless otherwise treated by or
accounted for under generally accepted accounting principles on the books of
the licensee, a payment instrument issued by the
licensee that has been sold in the United States directly by the licensee
has been sold in the United States by an
authorized seller of the licensee and reported
to the licensee as having been sold, but has not been paid by or for
"Payment instrument" means a check, draft, money order, traveler's check,
stored value card, or
other instrument or memorandum, written order or written receipt for the
transmission or payment of money sold or issued to one or more persons whether
or not that instrument or order is negotiable. Payment instrument does not
include an instrument that is redeemable by the issuer in merchandise or
service, a credit card voucher, or a letter of credit. A written order for the
transmission or payment of money that results in the issuance of a check,
draft, money order, traveler's check, or other instrument or memorandum is not
"Person" means an individual, partnership, association, joint stock
association, corporation, or any other form of business organization.
"Stored value card" means any magnetic stripe card or other electronic
payment instrument given in exchange for
money and other similar consideration, including but not limited to
checks, debit payments, money orders, drafts, credit payments, and traveler's
where the card
electronic payment instrument represents a dollar value that the
consumer can either use or give to another
"Transmitting money" means the transmission of money by any means, including
transmissions to or from locations within the United States or to and from
locations outside of the United States by payment instrument, facsimile or
electronic transfer, or otherwise, and includes bill payment
(Source: P.A. 92-400, eff. 1-1-02; 93-535, eff. 1-1-04.)