Bill Text: IL HB0652 | 2011-2012 | 97th General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0652 Detail]

Download: Illinois-2011-HB0652-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0652 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.
LRB097 03470 CEL 43507 b
A BILL FOR
HB0652 LRB097 03470 CEL 43507 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 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.)