IL SB3412 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-0991
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-0991
Text: Latest bill text (Chaptered) [HTML]
Summary
Creates the Uniform Money Transmission Modernization Act. Provides that the provisions supersede the Transmitters of Money Act. Provides that a person may not engage in the business of money transmission or advertise, solicit, or hold oneself out as providing money transmission unless the person is licensed under the Act. Sets forth provisions concerning the purpose of the Act; definitions; money transmission licenses; license application; license renewal; acquisition of control and change of key individuals; reporting and records; authorized delegates of a licensee; timely transmission, refunds, and disclosures; confidentiality of records; required reports; prudential standards; and enforcement. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Provides that the Transmitters of Money Act is repealed on January 1, 2026. Makes other changes. Effective immediately, except that the changes to the Transmitters of Money Act take effect January 1, 2026.
Title
UNIFORM MONEY TRANSMISSION ACT
Sponsors
Roll Calls
2024-05-26 - Senate - Concurrence in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]
2024-05-22 - House - Third Reading in House (Y: 108 N: 0 NV: 3 Abs: 0) [PASS]
2024-05-02 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 2 Abs: 0) [PASS]
2024-05-22 - House - Third Reading in House (Y: 108 N: 0 NV: 3 Abs: 0) [PASS]
2024-05-02 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 2 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-0991 |
| 2024-08-09 | Senate | Effective Date January 1, 2025; Some Provisions |
| 2024-08-09 | Senate | Effective Date August 9, 2024; Some Provisions; |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-24 | Senate | Sent to the Governor |
| 2024-05-26 | Senate | Passed Both Houses |
| 2024-05-26 | Senate | Senate Concurs |
| 2024-05-26 | Senate | House Committee Amendment No. 1 Senate Concurs 058-000-000 |
| 2024-05-25 | Senate | House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000 |
| 2024-05-23 | Senate | House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive |
| 2024-05-23 | Senate | House Committee Amendment No. 1 Motion to Concur Referred to Assignments |
| 2024-05-23 | Senate | House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Laura Ellman |
| 2024-05-22 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 22, 2024 |
| 2024-05-22 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 2024-05-22 | House | Third Reading - Short Debate - Passed 108-000-000 |
| 2024-05-22 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-21 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2024-05-21 | House | Second Reading - Short Debate |
| 2024-05-21 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-05-20 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-000-000 |
| 2024-05-20 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
| 2024-05-20 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2024-05-16 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2024-05-16 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke |
| 2024-05-16 | House | Added Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr. |
| 2024-05-16 | House | Alternate Chief Sponsor Changed to Rep. Margaret Croke |
| 2024-05-13 | House | Committee/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-13 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-05-03 | House | Referred to Rules Committee |
| 2024-05-03 | House | First Reading |
| 2024-05-03 | House | Chief House Sponsor Rep. Marcus C. Evans, Jr. |
| 2024-05-03 | House | Arrived in House |
| 2024-05-02 | Senate | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) |
| 2024-05-02 | Senate | Third Reading - Passed; 056-000-000 |
| 2024-05-02 | Senate | Placed on Calendar Order of 3rd Reading |
| 2024-05-02 | Senate | Senate Floor Amendment No. 3 Adopted; Ellman |
| 2024-05-02 | Senate | Senate Floor Amendment No. 1 Adopted; Ellman |
| 2024-05-02 | Senate | Recalled to Second Reading |
| 2024-05-02 | Senate | Senate Floor Amendment No. 3 Recommend Do Adopt Executive; 009-000-000 |
| 2024-05-02 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 009-000-000 |
| 2024-05-01 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Executive |
| 2024-05-01 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 2024-05-01 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Laura Ellman |
| 2024-04-19 | Senate | Rule 2-10 Third Reading Deadline Established As May 3, 2024 |
| 2024-04-16 | Senate | Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments |
| 2024-04-12 | Senate | Rule 2-10 Third Reading Deadline Established As April 19, 2024 |
| 2024-04-12 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 2024-04-12 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman |
| 2024-04-10 | Senate | Placed on Calendar Order of 3rd Reading April 11, 2024 |
| 2024-04-10 | Senate | Second Reading |
| 2024-04-09 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Executive |
| 2024-04-08 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2024-04-08 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman |
| 2024-03-22 | Senate | Placed on Calendar Order of 2nd Reading April 9, 2024 |
| 2024-03-22 | Senate | Do Pass Executive; 012-000-001 |
| 2024-03-21 | Senate | Added as Chief Co-Sponsor Sen. Cristina Castro |
| 2024-03-21 | Senate | Chief Sponsor Changed to Sen. Laura Ellman |
| 2024-03-15 | Senate | Rule 2-10 Committee Deadline Established As April 5, 2024 |
| 2024-02-20 | Senate | Assigned to Executive |
| 2024-02-08 | Senate | Referred to Assignments |
| 2024-02-08 | Senate | First Reading |
| 2024-02-08 | Senate | Filed with Secretary by Sen. Cristina Castro |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 205 | 657 | Act | Repealed Code | Citation Text |
| 30 | 105 | 5.1015 | New Code | See Bill Text |
| 5 | 140 | 7.5 | Amended Code | Citation Text |
