IL HB4451

Amends the Transmitters of Money Act to establish comprehensive regulation of general-use prepaid cards sold in Illinois.

Requires all vendors of general-use prepaid cards to be licensed money transmitters or authorized sellers unless otherwise exempt.

Limits activation fees to the greater of $1 or 1% of card value, and prohibits reloading fees, balance check fees, overdraft protection fees, dormancy fees, inactivity charges, and service fees with limited exceptions.

Mandates clear disclosure of all fees and charges on the card or packaging before purchase, whether the card is sold in person, online, or by phone.

Prohibits vendors from imposing expiration dates on prepaid cards, charging unauthorized fees, engaging in deceptive practices, or making loans including overdraft protection; restricts check cashing activities to licensed entities under the Currency Exchange Act.