Illinois seems to be doing anything in its power to outwardly promote technology through government means only. Trying to end Uber Taxi service, now attacking Square. It’s time for Illinois legislators to start understanding how technology works instead of leaping to prevent its implementation.
Mobile payments company Square appears to have just received a cease and desist order from the Illinois Department of Financial & Professional Regulation. You can access the document here. The C&D was first noticed by Thomas Noyes.
We’re not lawyers but the scuffle appears to be over an Illinois state law, the Transmitters of Money Act. According to the Statute, No person may engage in this State in the business of selling or issuing payment instruments, transmitting money, or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government without first obtaining a license under this Act.
So it seems that, according to what Illinois says, Square needs some sort of license to transmit payments in the state.
Square issued this statement about the C&D: “We’ve been in close contact with the Illinois Division of Financial Institutions…
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