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Can you summarize 205 ILCS 616?
FINANCIAL REGULATION > Electronic Fund Transfer Act.
Short Summary
The provided legal document is the Electronic Fund Transfer Act under the Illinois Compiled Statutes. It defines various terms related to electronic fund transfers and applies to financial institutions, sellers of goods and services, issuers, and networks involved in electronic fund transfers. The Act does not specify any exemptions or penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The Act applies to financial institutions, sellers of goods and services, issuers, and networks involved in electronic fund transfers.
What does it govern?
The Electronic Fund Transfer Act governs the establishment and operation of electronic fund transfer communications networks and financial institutions 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 its provisions.
Jurisdiction
Illinois