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