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Illinois Orders Six Unlicensed Money Transmitters to Cease & Desist

March 21, 2013

Authors

Bryan Cave

Illinois Orders Six Unlicensed Money Transmitters to Cease & Desist

March 21, 2013

by: Bryan Cave

The Illinois Department of Financial & Professional Regulation recently released five cease and desist orders from January 2013 against six entities charging each with unlicensed activities under the state’s Transmitters of Money Act. These six entities offer a variety of services in Illinois, including domestic and international money transfer, bill payment services and prepaid cards.

One of these companies, Square, Inc. is described in its order as providing “mobile card reading devices for the express purpose of transmitting money,” providing iPhone and Android apps to Illinois consumers “for the express purpose of transmitting money” through those

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Federal Reserve Board Issues Final Gift Card Rules

March 29, 2010

Authors

Bryan Cave

Federal Reserve Board Issues Final Gift Card Rules

March 29, 2010

by: Bryan Cave

On March 23, 2010, the Federal Reserve Board issued its final rule, a summary and analysis of the final rule, and the official staff interpretation of the final rule in connection with Title IV of the CARD Act (the “Final Rules” or “Rules”).  The Final Rules are comparable to the proposed rules that were issued in November 2009, and follow the gift card related provisions set forth in the CARD Act addressing fees, expiration, disclosures, and various exemptions.  Set forth in this Bryan Cave Client Alert is a brief summary of key provisions of the Rules.

The Rules set

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