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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1403 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Transmitters of Money Act. Makes a technical change in a Section
concerning licenses.
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| | A BILL FOR |
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| | HB1403 | | LRB101 03399 JRG 48407 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Transmitters of Money Act is amended by |
| 5 | | changing Section 10 as follows:
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| 6 | | (205 ILCS 657/10)
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| 7 | | Sec. 10. License required. No person may engage in this |
| 8 | | State in the
the
business
of selling or issuing payment |
| 9 | | instruments, transmitting money, or
exchanging, for |
| 10 | | compensation, payment instruments or money of the United States
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| 11 | | government or a foreign government to or from money of another |
| 12 | | government
without first obtaining a license under this Act. |
| 13 | | Separate licenses shall not
be
required, however, for persons |
| 14 | | acting as authorized sellers of licensees under
this Act. |
| 15 | | (Source: P.A. 88-643, eff. 1-1-95.)
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