Rep. Lou Lang

Filed: 5/20/2011

 

 


 

 


 
09700SB0087ham001LRB097 05582 CEL 55940 a

1
AMENDMENT TO SENATE BILL 87

2    AMENDMENT NO. ______. Amend Senate Bill 87 by replacing
3everything after the enacting clause with the following:
 
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

 

 

09700SB0087ham001- 2 -LRB097 05582 CEL 55940 a

1state or of the United States.
2    (4) Currency exchanges licensed under the Currency
3Exchange Act are exempt from licensing only for (i) the
4issuance of money orders or (ii) the sale, loading, or
5unloading of stored value cards.
6    (5) Corporations and associations exempt under item (3) or
7(4) from the licensing requirements of this Act are not exempt
8from approval by the Director as authorized sellers. Nothing in
9this Act shall be deemed to enlarge the powers of those
10corporations and associations.
11(Source: P.A. 88-643, eff. 1-1-95; 89-601, eff. 8-2-96.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.".