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.

Limited Time Offer

Save over $700 on your subscription. Special offer expires April 30, 2017.

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry