SB0087 EnrolledLRB097 05582 CEL 45644 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 the
10United States.
11    (2) This State and any political subdivision of this State.
12    (3) Banks, trust companies, building and loan
13associations, savings and loan associations, savings banks, or
14credit unions, licensed or organized under the laws of any
15state or of the United States and any foreign bank maintaining
16a branch or agency licensed or organized under the laws of any
17state or of the United States.
18    (4) Currency exchanges licensed under the Currency
19Exchange Act are exempt from licensing only for (i) the
20issuance of money orders or (ii) the sale, loading, or
21unloading of stored value cards.
22    (5) Corporations and associations exempt under item (3) or
23(4) from the licensing requirements of this Act are not exempt

 

 

SB0087 Enrolled- 2 -LRB097 05582 CEL 45644 b

1from approval by the Director as authorized sellers. Nothing in
2this Act shall be deemed to enlarge the powers of those
3corporations and associations.
4(Source: P.A. 88-643, eff. 1-1-95; 89-601, eff. 8-2-96.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.