Bill Text: IL HB3233 | 2023-2024 | 103rd General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Inserts the provisions of Senate Amendment No. 1 with the following changes. In provisions in the Higher Education Student Assistance Act regarding the Illinois DREAM Fund Commission developing a comprehensive program for education, provides that the Commission shall develop specific marketing materials for the voluntary use by persons licensed pursuant to the Transmitters of Money Act. In provisions in the Transmitters of Money Act regarding donations, provides that licensees may (rather than shall) offer customers the option to make a voluntary donation to the Illinois DREAM Fund before completing the transaction. Removes a provision that licensees shall be responsible for ensuring that authorized sellers comply with certain provisions. Removes a provision that, beginning January 1, 2024, certain provisions apply to international money transmissions initiated by customers at a licensee’s or authorized seller’s physical location. Removes a provision that, beginning January 1, 2025, certain provisions apply to international money transmissions that are initiated online or in any other manner. Adds a provision that the Department shall provide to licensees electronic copies of all marketing materials created by the Commission for licensees pursuant to a certain provision in the Higher Education Student Assistance Act. Effective immediately (rather than effective January 1, 2024).
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0338 [HB3233 Detail]
Download: Illinois-2023-HB3233-Engrossed.html
Bill Title: Inserts the provisions of Senate Amendment No. 1 with the following changes. In provisions in the Higher Education Student Assistance Act regarding the Illinois DREAM Fund Commission developing a comprehensive program for education, provides that the Commission shall develop specific marketing materials for the voluntary use by persons licensed pursuant to the Transmitters of Money Act. In provisions in the Transmitters of Money Act regarding donations, provides that licensees may (rather than shall) offer customers the option to make a voluntary donation to the Illinois DREAM Fund before completing the transaction. Removes a provision that licensees shall be responsible for ensuring that authorized sellers comply with certain provisions. Removes a provision that, beginning January 1, 2024, certain provisions apply to international money transmissions initiated by customers at a licensee’s or authorized seller’s physical location. Removes a provision that, beginning January 1, 2025, certain provisions apply to international money transmissions that are initiated online or in any other manner. Adds a provision that the Department shall provide to licensees electronic copies of all marketing materials created by the Commission for licensees pursuant to a certain provision in the Higher Education Student Assistance Act. Effective immediately (rather than effective January 1, 2024).
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0338 [HB3233 Detail]
Download: Illinois-2023-HB3233-Engrossed.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Currency Exchange Act is amended by adding | ||||||
| 5 | Section 26 as follows:
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| 6 | (205 ILCS 405/26 new) | ||||||
| 7 | Sec. 26. Donations; Illinois DREAM Fund. A customer who | ||||||
| 8 | uses a service of a licensee to send money, money orders, or | ||||||
| 9 | other evidences of money to a destination in a foreign country | ||||||
| 10 | shall be offered an option to voluntarily donate a portion of | ||||||
| 11 | the money, money order, or other evidence of money to the | ||||||
| 12 | Illinois DREAM Fund by rounding the amount of the transaction | ||||||
| 13 | up to the nearest dollar. The option to donate to the Illinois | ||||||
| 14 | DREAM Fund must be presented to the customer before the | ||||||
| 15 | completion of that transaction. The licensee shall ensure that | ||||||
| 16 | the donated amount that is equal to the increase in amount by | ||||||
| 17 | rounding up to the nearest dollar is provided to the Illinois | ||||||
| 18 | DREAM Fund.
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| 19 | Section 10. The Transmitters of Money Act is amended by | ||||||
| 20 | adding Section 94 as follows:
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| 21 | (205 ILCS 657/94 new) | ||||||
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| 1 | Sec. 94. Donations; Illinois DREAM Fund. A customer who | ||||||
| 2 | uses a service of a licensee to sell or issue payment | ||||||
| 3 | instruments, transmit money, or exchange payment instruments | ||||||
| 4 | or money of the United States government or a foreign | ||||||
| 5 | government to or from money of another government shall be | ||||||
| 6 | offered an option to voluntarily donate a portion of the | ||||||
| 7 | payment instrument or money to the Illinois DREAM Fund by | ||||||
| 8 | rounding the amount of the transaction up to the nearest | ||||||
| 9 | dollar. The option to donate to the Illinois DREAM Fund must be | ||||||
| 10 | presented to the customer before the completion of that | ||||||
| 11 | transaction. The licensee shall ensure that the donated amount | ||||||
| 12 | that is equal to the increase in amount by rounding up to the | ||||||
| 13 | nearest dollar is provided to the Illinois DREAM Fund.
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