IL HB3681

Amends the Transmitters of Money Act to add a new exemption for operators of payment systems that provide processing, clearing, or settlement services between exempt persons.

Payment system operators are exempt when providing services for wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearing house transfers, or similar funds transfers.

Exemption applies only to the extent payment system operators process transactions between or among entities already exempt under the Act (including banks, credit unions, currency exchanges, and government agencies).

Takes effect upon becoming law.