Illinois § 1-2
Full text of Illinois Illinois Compiled Statutes § 1-2, with citation guidance and answers to common questions.
§ 1-2.
Purpose. (a) This Act is designed to replace existing State money transmission laws currently codified under the Transmitters of Money Act. It is the intent of the General Assembly that the provisions of this Act accomplish the following: (1) ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively use regulator resources; (2) protect the public from financial crime; (3) standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and (4) modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices. (b) The provisions of this Act shall be liberally construed to effectuate its purposes. (Source: P.A. 103-991, eff. 8-9-24.)
Frequently Asked Questions About Illinois § 1-2
What does Illinois Compiled Statutes § 1-2 cover?
Section 1-2 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 1-2?
A common citation format is "Illinois Compiled Statutes § 1-2" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 1-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.