Bill Text: IL HB3233 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Higher Education Student Assistance Act. Provides that the Illinois Dream Fund Commission shall develop a comprehensive program, including creation of informational materials and a marketing plan, to educate people in the State of Illinois about the purpose and benefits of contributions made to the Illinois DREAM Fund. Provides that the Illinois DREAM Fund Commission shall develop specific marketing materials for the voluntary use by persons licensed pursuant to the Transmitters of Money Act. Amends the Transmitters of Money Act. Provides that licensees may offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM Fund. Provides that licensees may present customers with the option to make a donation to the Illinois DREAM Fund before the customer completes the transaction. Provides that the amount of the donation shall be no less than $1 per transaction. Provides that the Department of Financial and Professional Regulation may adopt rules to administer, implement, and interpret the provisions. Provides that licensees shall not use, deduct, or retain any amounts from donations to the Illinois DREAM Fund, except any actual cost imposed by third-party payment processors to receive or remit the funds. Provides that the Department shall provide to licensees electronic copies of all marketing materials created by the Illinois DREAM Fund Commission for licensees pursuant to specified provisions. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0338 [HB3233 Detail]

Download: Illinois-2023-HB3233-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3233 Introduced , by Rep. Elizabeth "Lisa" Hernandez SYNOPSIS AS INTRODUCED:
205 ILCS 405/26 new
205 ILCS 657/94 new
Amends the Currency Exchange Act. Provides that a customer who uses a service of a licensee to send money, money orders, or other evidences of money to a destination in a foreign country shall be offered an option to voluntarily donate a portion of those payments to the Illinois DREAM Fund by rounding the amount of the transaction up to the nearest dollar. Provides that the option to donate to the Illinois DREAM Fund must be presented to the customer before the completion of that transaction. Provides that the licensee shall ensure that the donated amount that is equal to the increase in amount by rounding up to the nearest dollar is provided to the Illinois DREAM Fund. Amends the Transmitters of Money Act. Provides that a customer who uses a service of a licensee to sell or issue payment instruments, transmit money, or exchange payment instruments or money of the United States government or a foreign government to or from money of another government shall be offered an option to voluntarily donate a portion of those payments to the Illinois DREAM Fund by rounding the amount of the transaction up to the nearest dollar. Provides that the option to donate to the Illinois DREAM Fund must be presented to the customer before the completion of that transaction. Provides that the licensee shall ensure that the donated amount that is equal to the increase in amount by rounding up to the nearest dollar is provided to the Illinois DREAM Fund.
LRB103 29414 BMS 55805 b
A BILL FOR
HB3233 LRB103 29414 BMS 55805 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Currency Exchange Act is amended by adding
Section 26 as follows:
(205 ILCS 405/26 new)
Sec. 26. Donations; Illinois DREAM Fund. A customer who
uses a service of a licensee to send money, money orders, or
other evidences of money to a destination in a foreign country
shall be offered an option to voluntarily donate a portion of
the money, money order, or other evidence of money to the
Illinois DREAM Fund by rounding the amount of the transaction
up to the nearest dollar. The option to donate to the Illinois
DREAM Fund must be presented to the customer before the
completion of that transaction. The licensee shall ensure that
the donated amount that is equal to the increase in amount by
rounding up to the nearest dollar is provided to the Illinois
DREAM Fund.
Section 10. The Transmitters of Money Act is amended by
adding Section 94 as follows:
(205 ILCS 657/94 new)

HB3233 - 2 - LRB103 29414 BMS 55805 b
Sec. 94. Donations; Illinois DREAM Fund. A customer who
uses a service of a licensee to sell or issue payment
instruments, transmit money, or exchange payment instruments
or money of the United States government or a foreign
government to or from money of another government shall be
offered an option to voluntarily donate a portion of the
payment instrument or money to the Illinois DREAM Fund by
rounding the amount of the transaction up to the nearest
dollar. The option to donate to the Illinois DREAM Fund must be
presented to the customer before the completion of that
transaction. The licensee shall ensure that the donated amount
that is equal to the increase in amount by rounding up to the
nearest dollar is provided to the Illinois DREAM Fund.