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 Provides that the Transmitters of Money Act is repealed on January 1, 2026.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]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2024-05-26	58	0	1	0	59	Passed	Link	View
House	Third Reading in House	2024-05-22	108	0	3	0	111	Passed	Link	View
Senate	Third Reading in Senate	2024-05-02	56	0	2	0	58	Passed	Link	View

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