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1 | | "Controlling person" means a person owning or holding the |
2 | | power to vote
25% or more of the outstanding voting securities |
3 | | of a licensee or the power to
vote the securities of another |
4 | | controlling person of the licensee. For
purposes of determining |
5 | | the percentage of a licensee controlled by a
controlling |
6 | | person,
the person's interest shall be combined with the |
7 | | interest of any other
person controlled, directly or |
8 | | indirectly, by that person
or by a spouse, parent, or child of |
9 | | that person.
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10 | | "Department" means the Department of Financial |
11 | | Institutions.
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12 | | "Director" means the Director of Financial Institutions.
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13 | | "Licensee" means a person licensed under this Act.
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14 | | "Location" means a place of business at which activity |
15 | | regulated by this Act
occurs.
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16 | | "Material litigation" means any litigation that, according |
17 | | to generally
accepted accounting principles, is deemed |
18 | | significant to a licensee's financial
health and would be |
19 | | required to be referenced in a licensee's annual audited
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20 | | financial statements, reports to shareholders, or similar |
21 | | documents.
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22 | | "Money" means a medium of exchange that is authorized or |
23 | | adopted by a
domestic or foreign government as a part of its |
24 | | currency and that is
customarily used and accepted as a medium |
25 | | of exchange in the country of
issuance.
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26 | | "Money transmitter" means a person
who is located in or |
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1 | | doing business in this State and who directly or through
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2 | | authorized sellers does any of the
following in this State:
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3 | | (1) Sells or issues payment instruments.
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4 | | (2) Engages in the business of receiving money for |
5 | | transmission or
transmitting money.
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6 | | (3) Engages in the business of exchanging, for |
7 | | compensation, money of the
United States Government or a |
8 | | foreign government to or from money of another
government.
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9 | | "Outstanding payment instrument" means, unless otherwise |
10 | | treated by or
accounted for under generally accepted accounting |
11 | | principles on the books of
the licensee, a payment instrument |
12 | | issued by the
licensee that has been sold in the United States |
13 | | directly by the licensee
or
has been sold in the United States |
14 | | by an
authorized seller of the licensee and reported
to the |
15 | | licensee as having been sold, but has not been paid by or for
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16 | | the licensee.
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17 | | "Payment instrument" means a check, draft, money order, |
18 | | traveler's check,
stored value card, or
other instrument or |
19 | | memorandum, written order or written receipt for the
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20 | | transmission or payment of money sold or issued to one or more |
21 | | persons whether
or not that instrument or order is negotiable. |
22 | | Payment instrument does not
include an instrument that is |
23 | | redeemable by the issuer in merchandise or
service, a credit |
24 | | card voucher, or a letter of credit. A written order for the
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25 | | transmission or payment of money that results in the issuance |
26 | | of a check,
draft, money order, traveler's check, or other |
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1 | | instrument or memorandum is not
a
payment instrument.
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2 | | "Person" means an individual, partnership, association, |
3 | | joint stock
association, corporation, or any other form of |
4 | | business organization.
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5 | | "Stored value card" means any magnetic stripe card or other |
6 | | electronic
payment instrument given in exchange for
money and |
7 | | other similar consideration, including but not limited to
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8 | | checks, debit payments, money orders, drafts, credit payments, |
9 | | and traveler's
checks,
where the card
or other
electronic |
10 | | payment instrument represents a dollar value that the
consumer |
11 | | can either use or give to another
individual.
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12 | | "Transmitting money" means the transmission of money by any |
13 | | means, including
transmissions to or from locations within the |
14 | | United States or to and from
locations outside of the United |
15 | | States by payment instrument, facsimile or
electronic |
16 | | transfer, or otherwise, and includes bill payment
services. |
17 | | "Transmitting money" does not include providing payment |
18 | | services to a seller of goods or services, a payee, or a |
19 | | payment processor in connection with the sale of goods or |
20 | | services, including (1) providing payment processing services |
21 | | and payment settlement services, (2) acting as an agent or |
22 | | service provider of entities that engage in payment processing |
23 | | or settlement services, or (3) receiving and disbursing |
24 | | currency, funds, or other value as an agent of the payee.
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25 | | (Source: P.A. 92-400, eff. 1-1-02; 93-535, eff. 1-1-04.)
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1 | | (205 ILCS 657/15)
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2 | | Sec. 15. Exemptions. The following are exempt from the
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3 | | licensing requirements of this Act:
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4 | | (1) The United States and any department or agency of |
5 | | the United States.
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6 | | (2) This State and any political subdivision of this |
7 | | State.
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8 | | (3) Banks, trust companies, building and loan |
9 | | associations, savings and loan
associations, savings |
10 | | banks, or credit unions, licensed or organized under the
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11 | | laws of any
state
or of the United States and any foreign |
12 | | bank maintaining a branch or agency
licensed or organized |
13 | | under the laws of any state or of the United States.
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14 | | (4) Currency exchanges licensed under the Currency |
15 | | Exchange Act are exempt
from licensing only for (i) the |
16 | | issuance of money orders or (ii) the sale, loading, or |
17 | | unloading of stored value cards.
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18 | | (5) Corporations and associations exempt under item |
19 | | (3) or (4) from
the licensing
requirements of this Act are |
20 | | not exempt
from approval by the Director as authorized |
21 | | sellers. Nothing in this Act shall
be
deemed to enlarge the |
22 | | powers of those corporations and associations.
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23 | | (6) An operator of a payment system to the extent that |
24 | | it provides processing, clearing, or settlement services |
25 | | between or among persons exempt under this Section in |
26 | | connection with wire transfers, credit card transactions, |