Illinois § 5-1
Full text of Illinois Illinois Compiled Statutes § 5-1, with citation guidance and answers to common questions.
§ 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. (Source: P.A. 103-991, eff. 8-9-24.)
Frequently Asked Questions About Illinois § 5-1
What does Illinois Compiled Statutes § 5-1 cover?
Section 5-1 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 § 5-1?
A common citation format is "Illinois Compiled Statutes § 5-1" (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 § 5-1 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.