Bill Texts: IL SB3670 | 2023-2024 | 103rd General Assembly

Bill Title: Creates the Uniform Money Transmission Modernization Act. Provides that the provisions supersede the Transmitters of Money Act. Sets forth provisions concerning money transmission licenses; acquisition of control; reporting and records; authorized delegates; timely transmission, refunds, and disclosures; prudential standards; and enforcement. Repeals the Transmitters of Money Act. Makes other changes. Effective immediately, except the repeal of the Transmitters of Money Act is effective January 1, 2026.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments [SB3670 Detail]

Bill Drafts

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Introduced2024-02-09HTML/TextLinkView

Amendments

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No bill amendments currently on file for Illinois SB3670

Supplemental Documents

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No supplemental documents for Illinois SB3670 currently on file.

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