Loading chat...

IL HB5628

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Jaime Andrade

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Amends the Transmitters of Money Act (205 ILCS 657/15) to expand exemptions from licensing requirements
  • Currency exchanges licensed under the Currency Exchange Act are exempt from licensing for issuing money orders and selling, loading, or unloading stored value cards
  • Adds new exemption allowing currency exchanges to exchange money of the United States Government or a foreign government to or from money of another government without obtaining a transmitter license
  • Exemption applies only to the three specified activities: money orders, stored value cards, and government currency exchanges

Legislative Description

MONEY TRANSMITTERS-EXCEPTION

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/5/2024
Financial Institutions and Licensing3/5/2024
Rules2/9/2024

Full Bill Text

No bill text available