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

NOTE: For additional amemendments please see the Bill Drafting List

---

Bill Title: UNIFORM MONEY TRANSMISSION ACT

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

Download: Illinois-2023-SB3412-Senate_Amendment_002.html

---

Sen. Laura Ellman

Filed: 4/12/2024

10300SB3412sam002 LRB103 35570 RTM 71644 a
AMENDMENT TO SENATE BILL 3412
AMENDMENT NO. ______. Amend Senate Bill 3412 on page 61,
by replacing lines 20 through 24 with the following:
"(b) With the exception of payroll processing services,
the amount of the required security shall be the greater of
$1,000,000 or an amount equal to 100% of the licensee's
average daily money transmission liability in this State
calculated for the most recently completed quarter, up to a
maximum of $2,000,000. The amount of the required security
shall be not greater than $100,000 for payroll processing
services."; 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 amendatory Act of the 103rd General
Assembly shall not be required to be licensed and comply with
this Act until January 1, 2025. A person who provided payroll

10300SB3412sam002 - 2 - LRB103 35570 RTM 71644 a