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Can you summarize 205 ILCS 657/25?
Transmitters of Money Act. >
Short Summary
This section of the Illinois Compiled Statutes, specifically the Transmitters of Money Act, outlines the requirements for obtaining a license as a money transmitter in the state of Illinois. The application for a license must be in writing, under oath, and contain various information and accompanying documents, including the applicant’s name and address, business organization details, financial statements, filings with regulatory entities, list of other licensed states, sample contracts and payment instruments, clearing bank information, surety bond, applicable fees, consent to service of process, compliance with money laundering regulations, and any additional information requested by the Director. Additionally, individuals associated with the applicant must submit their fingerprints for criminal history record checks. The Director has the authority to waive certain requirements for good cause shown. Overall, this section provides the necessary guidelines and procedures for individuals or entities seeking to operate as money transmitters in Illinois.
Whom does it apply to?
Applicants seeking a license as a money transmitter in the state of Illinois
What does it govern?
Transmitters of Money Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Illinois