Illinois General Assembly - Full Text of HB5628

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Full Text of HB5628 103rd General Assembly

Introduced
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HB5628 103RD GENERAL ASSEMBLY

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.

LRB103 38246 RTM 68381 b

A BILL FOR

HB5628 LRB103 38246 RTM 68381 b

1     AN ACT concerning regulation.

2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:

4     Section 5. The Transmitters of Money Act is amended by
5 changing Section 15 as follows:

6     (205 ILCS 657/15)
7     Sec. 15. Exemptions. The following are exempt from the
8 licensing 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

HB5628 - 2 - LRB103 38246 RTM 68381 b

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.)

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