Public Act 098-0991
 
HB3681 EnrolledLRB098 13680 MGM 48206 b


  
    AN ACT concerning regulation.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  



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



    (205 ILCS 657/15)



    Sec. 15. Exemptions. The following are exempt from the

licensing requirements of this Act:

        (1) The United States and any department or agency of 
    the United States.

        (2) This State and any political subdivision of this 
    State.

        (3) Banks, trust companies, building and loan 
    associations, savings and loan
associations, savings 
    banks, or credit unions, licensed or organized under the

    laws of any
state
or of the United States and any foreign 
    bank maintaining a branch or agency
licensed or organized 
    under the laws of any state or of the United States.

        (4) Currency exchanges licensed under the Currency 
    Exchange Act are exempt
from licensing only for (i) the 
    issuance of money orders or (ii) the sale, loading, or 
    unloading of stored value cards.

        (5) Corporations and associations exempt under item 
    (3) or (4) from
the licensing
requirements of this Act are 
    not exempt
from approval by the Director as authorized 
    sellers.  Nothing in this Act shall
be
deemed to enlarge the 
    powers of those corporations and associations.

        (6) An operator of a payment system to the extent that 
    it provides processing, clearing, or settlement services 
    between or among persons exempt under this Section in 
    connection with wire transfers, credit card transactions, 
    debit card transactions, stored value transactions, 
    automated clearing house transfers, or similar funds 
    transfers. 
(Source: P.A. 97-511, eff. 8-23-11.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  

Effective Date:  8/18/2014