103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5628
 
Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr.
 
SYNOPSIS AS INTRODUCED:
 
205 ILCS 657/15
    Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government.


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A BILL FOR
 
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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 
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 
17    bank maintaining a branch or agency licensed or organized 
18    under the laws of any state or of the United States.
19        (4) Currency exchanges licensed under the Currency 
20    Exchange Act are exempt from licensing only for (i) the 
21    issuance of money orders, or (ii) the sale, loading, or 
22    unloading of stored value cards, or (iii) exchanging for 
23    compensation money of the United States Government or a 
 
 
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1    foreign government to or from money of another government.
2        (5) Corporations and associations exempt under item 
3    (3) or (4) from the licensing requirements of this Act are 
4    not exempt from approval by the Director as authorized 
5    sellers. Nothing in this Act shall be deemed to enlarge 
6    the powers of those corporations and associations.
7        (6) An operator of a payment system to the extent that 
8    it provides processing, clearing, or settlement services 
9    between or among persons exempt under this Section in 
10    connection with wire transfers, credit card transactions, 
11    debit card transactions, stored value transactions, 
12    automated clearing house transfers, or similar funds 
13    transfers. 
14(Source: P.A. 97-511, eff. 8-23-11; 98-991, eff. 8-18-14.)