Illinois § 11-8 Unlicensed persons

Illinois Statutes

§ 11-8 — Unlicensed persons

Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 658/ Uniform Money Transmission Modernization Act.·Art. Article XI - Enforcement

Any person who, without the required license, engages in conduct requiring a license under this Act shall be liable to the Department in an amount equal to the greater of (1) $5,000 or (2) an amount of money accepted for transmission plus an amount equal to 3 times the amount accepted for transmission. The Department shall cause any funds so recovered to be deposited into the TOMA Consumer Protection Fund.

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Any person who, without the required license, engages in conduct requiring a license under this Act shall be liable to the Department in an amount equal to the greater of (1) $5,000 or (2) an amount of money accepted for transmission plus an amount equal to 3 times the amount accepted for transmission. The Department shall cause any funds so recovered to be deposited into the TOMA Consumer Protection Fund.

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