Rep. Lou Lang

Filed: 2/27/2014

 

 


 

 


 
09800HB3681ham002LRB098 13680 ZMM 56192 a

1
AMENDMENT TO HOUSE BILL 3681

2    AMENDMENT NO. ______. Amend House Bill 3681 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
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

 

 

09800HB3681ham002- 2 -LRB098 13680 ZMM 56192 a

1    bank maintaining a branch or agency licensed or organized
2    under the laws of any state or of the United States.
3        (4) Currency exchanges licensed under the Currency
4    Exchange Act are exempt from licensing only for (i) the
5    issuance of money orders or (ii) the sale, loading, or
6    unloading of stored value cards.
7        (5) Corporations and associations exempt under item
8    (3) or (4) from the licensing requirements of this Act are
9    not exempt from approval by the Director as authorized
10    sellers. Nothing in this Act shall be deemed to enlarge the
11    powers of those corporations and associations.
12        (6) An operator of a payment system to the extent that
13    it provides processing, clearing, or settlement services
14    between or among persons exempt under this Section in
15    connection with wire transfers, credit card transactions,
16    debit card transactions, stored value transactions,
17    automated clearing house transfers, or similar funds
18    transfers.
19(Source: P.A. 97-511, eff. 8-23-11.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.".