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Can you summarize 205 ILCS 657?
FINANCIAL REGULATION > Transmitters of Money Act.
Short Summary
The Transmitters of Money Act, as defined in the Illinois Compiled Statutes, governs the business activities of money transmitters in the state of Illinois. It applies to persons located in or doing business in Illinois who engage in the business of selling or issuing payment instruments, receiving money for transmission or transmitting money, or exchanging money of the United States Government or a foreign government to or from money of another government. The Act provides definitions for various terms used within it, such as ‘authorized seller,’ ‘bill payment service,’ ‘controlling person,’ ‘department,’ ‘director,’ ’licensee,’ ’location,’ ‘material litigation,’ ‘money,’ ‘money transmitter,’ ‘outstanding payment instrument,’ ‘payment instrument,’ ‘person,’ and ‘stored value card.’ The Act does not specify any exemptions. This section does not mention specific penalties for non-compliance or violation of the Act.
Whom does it apply to?
Persons located in or doing business in Illinois who engage in the business of selling or issuing payment instruments, receiving money for transmission or transmitting money, or exchanging money of the United States Government or a foreign government to or from money of another government.
What does it govern?
The Transmitters of Money Act governs the business activities of money transmitters in the state of Illinois.
What are exemptions?
The Act does not specify any exemptions.
What are the Penalties?
The Act does not mention specific penalties for non-compliance or violation of the Act.
Jurisdiction
Illinois