Bill Title: 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 Provides that the Transmitters of Money Act is repealed on January 1, 2026.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.

Spectrum: Partisan Bill (Democrat 4-0)

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

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2024-08-09	HTML/Text	Link	View
Enrolled	2024-05-26	HTML/Text	Link	View
Engrossed	2024-05-02	HTML/Text	Link	View
Introduced	2024-02-08	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2024-05-16	Proposed	HTML/Text	Link	View
Senate Amendment 003	2024-05-01	Proposed	HTML/Text	Link	View
Senate Amendment 002	2024-04-12	Proposed	HTML/Text	Link	View
Senate Amendment 001	2024-04-08	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3412 currently on file.

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