101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1403

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 657/10

    Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.


LRB101 03399 JRG 48407 b

 

 

A BILL FOR

 

HB1403LRB101 03399 JRG 48407 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 10 as follows:
 
6    (205 ILCS 657/10)
7    Sec. 10. License required. No person may engage in this
8State in the the business of selling or issuing payment
9instruments, transmitting money, or exchanging, for
10compensation, payment instruments or money of the United States
11government or a foreign government to or from money of another
12government without first obtaining a license under this Act.
13Separate licenses shall not be required, however, for persons
14acting as authorized sellers of licensees under this Act.
15(Source: P.A. 88-643, eff. 1-1-95.)