103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5628 Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED: 205 ILCS 657/15 Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government. LRB103 38246 RTM 68381 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5628 Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED: 205 ILCS 657/15 205 ILCS 657/15 Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government. LRB103 38246 RTM 68381 b LRB103 38246 RTM 68381 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5628 Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED:
205 ILCS 657/15 205 ILCS 657/15
205 ILCS 657/15
Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government.
LRB103 38246 RTM 68381 b LRB103 38246 RTM 68381 b
LRB103 38246 RTM 68381 b
A BILL FOR
HB5628LRB103 38246 RTM 68381 b HB5628 LRB103 38246 RTM 68381 b
HB5628 LRB103 38246 RTM 68381 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Transmitters of Money Act is amended by
5 changing Section 15 as follows:
6 (205 ILCS 657/15)
7 Sec. 15. Exemptions. The following are exempt from the
8 licensing 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
17 bank maintaining a branch or agency licensed or organized
18 under the laws of any state or of the United States.
19 (4) Currency exchanges licensed under the Currency
20 Exchange Act are exempt from licensing only for (i) the
21 issuance of money orders, or (ii) the sale, loading, or
22 unloading of stored value cards, or (iii) exchanging for
23 compensation money of the United States Government or a
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5628 Introduced 2/9/2024, by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED:
205 ILCS 657/15 205 ILCS 657/15
205 ILCS 657/15
Amends the Transmitters of Money Act. Provides that currency exchanges licensed under the Currency Exchange Act are exempt from licensing for exchanging for compensation money of the United States Government or a foreign government to or from money of another government.
LRB103 38246 RTM 68381 b LRB103 38246 RTM 68381 b
LRB103 38246 RTM 68381 b
A BILL FOR
205 ILCS 657/15
LRB103 38246 RTM 68381 b
HB5628 LRB103 38246 RTM 68381 b
HB5628- 2 -LRB103 38246 RTM 68381 b HB5628 - 2 - LRB103 38246 RTM 68381 b
HB5628 - 2 - LRB103 38246 RTM 68381 b
HB5628 - 2 - LRB103 38246 RTM 68381 b