A state regulatory body has issued a cease-and-desist order to Square Inc., claiming that the San Francisco-based company is handling payments in Illinois without a license in place to do so.

The cease-and-desist order from the Illinois Department of Financial and Professional Regulation says the San Francisco-based mobile payments provider and processor is not abiding by the state’s Transmitters of Money Act because it has not obtained the proper license.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry