Rep. Lou Lang
Filed: 5/20/2011
 
 

 

 

 
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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.".