HB1403 101ST GENERAL ASSEMBLY

LRB101 03399 JRG 48407 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1403

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:

205 ILCS 657/10

Amends the Transmitters of Money Act. Makes a technical change in a Section concerning licenses.

A BILL FOR

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 10 as follows:

(205 ILCS 657/10)

Sec. 10. License required. No person may engage in this State in the the business of selling or issuing payment instruments, transmitting money, or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government without first obtaining a license under this Act. Separate licenses shall not be required, however, for persons acting as authorized sellers of licensees under this Act.

(Source: P.A. 88-643, eff. 1-1-95.)