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Code · Illinois · Chapter 205 — FINANCIAL REGULATION · Act 658

Sec. 5-1. License required.

107 words·~1 min read·/il/chapter-205/act-658/5-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 5-1. License required.
(a)A person may not engage in the business of money transmission or advertise, solicit, or hold oneself out as providing money transmission unless the person is licensed under this Act.
(b)Subsection
(a)does not apply to:
(1)A person who is an authorized delegate of a person licensed under this Act acting
within the scope of authority conferred by a written contract with the licensee; or
(2)A person who is exempt pursuant to Section 3-1 and does not engage in money
transmission outside the scope of such exemption.
(c)A license issued under Section 5-5 is not transferable or assignable.
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