Advertisement

Square Receives Cease and Desist Order in Illinois 

March 3, 2013

Mobile card-acceptance pioneer Square has been sent packing—perhaps temporarily—by the state of Illinois. Late last week, it was revealed that the San Francisco-based startup received a cease-and-desist order from the Illinois Department of Financial and Professional Regulation claiming it was in violation of the state’s Transmitters of Money Act.

According to the order, Square never has been licensed as a money transmitter in the state of Illinois and could be fined $1,000 per violation and $1,000 per day that the company is in violation of the act.

While it is not clear whether Square qualifies as a money transmitter—despite Illinois’ stance—the company does appear in the directory of California money transmitters, which indicates the mobile payments company sought and received a money transmitter license in the Golden State.

Square said in a statement that it has been working with the state on the issue “for several months and [is] addressing their concerns.”



Advertisement


  • Apple Pay Coming to Websites - June 14, 2016
    Apple Pay Coming to Websites

    Apple Senior Vice President Craig Federighi announced during the company's Worldwide Developers Conference that consumers will be able to use Apple Pay to make online purchases through the Safari browser on iPhones, iPads and Macs before the holiday shopping season this year.

  • House Republicans Move to Repeal Dodd-Frank, Durbin Caps - June 9, 2016
    House Republicans Move to Repeal Dodd-Frank, Durbin 

CapsIn a speech on Tuesday, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he will introduce legislation this month called the Financial CHOICE Act repealing parts of the controversial Dodd-Frank Act, including the cap on interchange banks can charge on debit transactions.
  • Trulioo Authenticates BRIC - May 24, 2016
    Trulioo Authenticates BRIC

    Vancouver, Canada-based Trulioo today announced its primary verification solution now is authenticating identities throughout the BRIC countries (Brazil, Russia, India and China).

  • MCX on the Ropes, Postpones CurrentC Rollout - May 19, 2016
    MCX on the Ropes, Postpones CurrentC Rollout

    Only a day after Walmart announced plans to launch a pilot for its in-store mobile payment system Walmart Pay in 110 Arkansas stores, the Merchant Customer Exchange (MCX) and its CurrentC mobile payment app appear to be struggling for survival.

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here