Rep. Lou Lang
Filed: 2/27/2014
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 3681




2    AMENDMENT NO. ______. Amend House Bill 3681 by replacing 
3everything after the enacting clause with the following:


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



6    (205 ILCS 657/15)



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

8licensing 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 
 
 
09800HB3681ham002- 2 -LRB098 13680 ZMM 56192 a

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

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

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

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

 
 
20    Section 99. Effective date. This Act takes effect upon 
21becoming law.".