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Square Slapped With Cease And Desist By Illinois State

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Mon, 4 Mar 2013 12:15:55 +0100
Message-ID: <CAKaEYhJLR69QDoZpq1Q+gxwxxFH1SAxD4JfX2j71VU1os4C8fg@mail.gmail.com>
To: Web Payments <public-webpayments@w3.org>
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.

http://techcrunch.com/2013/03/01/square-slapped-with-cease-and-desist-by-illinois-state-department-of-financial-regulation/
Received on Monday, 4 March 2013 11:16:23 UTC

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