Bill Text: IL HB1403 | 2019-2020 | 101st 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: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1403 Detail]

Download: Illinois-2019-HB1403-Introduced.html

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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.
LRB101 03399 JRG 48407 b
A BILL FOR
HB1403 LRB101 03399 JRG 48407 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.)