Bill Amendment: IL SB3412 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: UNIFORM MONEY TRANSMISSION ACT

Status: 2024-08-09 - Public Act . . . . . . . . . 103-0991 [SB3412 Detail]

Download: Illinois-2023-SB3412-Senate_Amendment_001.html

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Sen. Laura Ellman

Filed: 4/8/2024

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AMENDMENT TO SENATE BILL 3412
AMENDMENT NO. ______. Amend Senate Bill 3412 on page 14,
line 6, after "(7)", by adding "or (16)"; and
on page 15, by deleting lines 5 through 7; and
on page 22, line 23, by deleting "that"; and
on page 25, line 4, by deleting "next"; and
on page 26, line 18, by deleting "next"; and
on page 36, line 2, by replacing "The" with "(a) The"; and
on page 57, line 7, by replacing "after" with "of"; and
on page 61, line 21, by replacing "$1,000,000" with
"$100,000"; and

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on page 67, line 8, by replacing "If" with "In the event of";
and
on page 68, by replacing lines 6 through 22 with the following:
"date of the letter of credit:
(i) the original letter of credit (including
any amendments); and
(ii) a written statement from the beneficiary
stating that any of the following events have
occurred:
(I) the filing of a petition by or against
the licensee under the United States
Bankruptcy Code, 11 U.S.C. 101 through 110, as
amended or recodified from time to time, for
bankruptcy or reorganization;
(II) the filing of a petition by or
against the licensee for receivership, or the
commencement of any other judicial or
administrative proceeding for its dissolution
or reorganization;
(III) the seizure of assets of a licensee
by a Secretary pursuant to an emergency order
issued in accordance with applicable law, on
the basis of an action, violation, or
condition that has caused or is likely to

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cause the insolvency of the licensee; or
(IV) the beneficiary has received notice
of expiration or nonextension of a letter of
credit and the licensee failed to demonstrate
to the satisfaction of the beneficiary that
the licensee will maintain permissible
investments in accordance with subsection (a)
of Section 10-3 upon the expiration or
nonextension of the letter of credit."; and
on page 74, line 4, by replacing "willful blindness" with
"grossly negligent inattention to its legal obligations"; and
on page 78, immediately below line 8, by inserting the
following:
"Section 11-4. Orders to cease and desist and civil
penalties.
(a) If the Secretary determines that a licensee, an
authorized delegate, or any other person has engaged or is
engaged in practices contrary to this Act, the rules adopted
under this Act, or an order issued under this Act, the
Secretary may issue an order requiring the licensee or
authorized delegate to cease and desist from the violation.
The order becomes effective upon service of it upon the
licensee or authorized delegate.

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(b) The Secretary may issue an order against a licensee to
cease and desist from providing money transmission through an
authorized delegate that is the subject of a separate order by
the Secretary.
(c) The Secretary may, in addition to or without the
issuance of a cease and desist order, assess a penalty up to
$1,000 against a licensee or other person for each violation
of this Act, the rules adopted under this Act, or an order
issued under this Act as set forth in Section 11-6. The
issuance of an order under this Section shall not be a
prerequisite to the taking of any action by the Secretary
under this or any other Section of this Act.
(d) The Secretary shall issue a formal written notice of
the cease and desist order, setting forth the specific reasons
for the order and serve the licensee or the authorized
delegate, either personally or by certified mail. Service by
certified mail shall be deemed completed when the notice is
deposited in the U.S. Mail."; and
on page 82, by replacing lines 10 and 11 with the following:
"(e) A provider of payroll processing services that was
not licensed pursuant to the Transmitters of Money Act on the
effective date of this Act and transmitted no more than
$10,000,000 in calendar year 2023 shall not be required to be
licensed and comply with this Act until October 1, 2024. A
provider of payroll processing services that was not licensed

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