Bill Status of SB 3412   103rd General Assembly

Short Description:  UNIFORM MONEY TRANSMISSION ACT

Senate Sponsors
Sen. Laura Ellman-Cristina Castro

House Sponsors
(Rep. Margaret Croke-Marcus C. Evans, Jr.)


Last Action  View All Actions

DateChamber Action
  8/9/2024SenatePublic Act . . . . . . . . . 103-0991

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
30 ILCS 105/5.1015 new
205 ILCS 657/Act rep.

Synopsis As Introduced
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 Provides that the Transmitters of Money Act is repealed on January 1, 2026.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.

Senate Floor Amendment No. 1
Deletes a provision that exempted from the Act's requirements a person licensed as a digital asset business under the Digital Asset Regulation Act to the extent of its operation as such a digital asset business. Provides that the amount of the required security is the greater of $100,000 (rather than $1,000,000) or an amount equal to 100% of the licensee's average daily money transmission liability in this State calculated for the most recently completed quarter, up to a maximum of $2,000,000. Makes changes in provisions concerning letters of credit and provisions concerning the circumstances under which orders to suspend or revoke a license may be issued. Adds a provision concerning cease and desist orders and civil penalties. Provides that a provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of the Act shall not be required to be licensed and comply with the Act until October 1, 2024. Provides that a provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of the Act and transmitted no more than $10,000,000 in calendar year 2023 shall not be penalized for providing such services before the effective date of the amendatory Act if the provider submits a completed application for licensure prior to October 1, 2024. Makes other technical changes.

Senate Floor Amendment No. 3
In the definition of "control", removes provisions concerning a rebuttable presumption of control. In a provision concerning exemptions from the Act for a person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, removes a requirement that the payee must hold the agent out to the public as accepting payments for goods or services on the payee's behalf.

House Committee Amendment No. 1
Deletes reference to:
30 ILCS 105/1.1015

Changes the definition of "in this State" for payroll processing services. Removes a reference to the Illinois Administrative Code. Provides that a provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of the Act and transmitted no more than $50,000,000 in this State (rather than $10,000,000) in calendar year 2023 shall not be required to be licensed and comply with the Act until January 1, 2025 (rather than October 1, 2024). Provides that a provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of the Act and transmitted no more than $50,000,000 in this State (rather than $10,000,000) in calendar year 2023 shall not be penalized for providing such services before January 1, 2025 (rather than the effective date of the Act) if the provider submits a completed application for licensure prior to January 1, 2025 (rather than October 1, 2024). Removes changes to the State Finance Act.

Actions 
DateChamber Action
  2/8/2024SenateFiled with Secretary by Sen. Cristina Castro
  2/8/2024SenateFirst Reading
  2/8/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Executive
  3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024
  3/21/2024SenateChief Sponsor Changed to Sen. Laura Ellman
  3/21/2024SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
  3/22/2024SenateDo Pass Executive; 012-000-001
  3/22/2024SenatePlaced on Calendar Order of 2nd Reading April 9, 2024
  4/8/2024SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
  4/8/2024SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/9/2024SenateSenate Floor Amendment No. 1 Assignments Refers to Executive
  4/10/2024SenateSecond Reading
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading April 11, 2024
  4/12/2024SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman
  4/12/2024SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As April 19, 2024
  4/16/2024SenateSenate Floor Amendment No. 2 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments
  4/19/2024SenateRule 2-10 Third Reading Deadline Established As May 3, 2024
  5/1/2024SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Laura Ellman
  5/1/2024SenateSenate Floor Amendment No. 3 Referred to Assignments
  5/1/2024SenateSenate Floor Amendment No. 3 Assignments Refers to Executive
  5/2/2024SenateSenate Floor Amendment No. 1 Recommend Do Adopt Executive; 009-000-000
  5/2/2024SenateSenate Floor Amendment No. 3 Recommend Do Adopt Executive; 009-000-000
  5/2/2024SenateRecalled to Second Reading
  5/2/2024SenateSenate Floor Amendment No. 1 Adopted; Ellman
  5/2/2024SenateSenate Floor Amendment No. 3 Adopted; Ellman
  5/2/2024SenatePlaced on Calendar Order of 3rd Reading
  5/2/2024SenateThird Reading - Passed; 056-000-000
  5/2/2024SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  5/3/2024HouseArrived in House
  5/3/2024HouseChief House Sponsor Rep. Marcus C. Evans, Jr.
  5/3/2024HouseFirst Reading
  5/3/2024HouseReferred to Rules Committee
  5/13/2024HouseAssigned to Financial Institutions and Licensing Committee
  5/13/2024HouseCommittee/Final Action Deadline Extended-9(b) May 24, 2024
  5/16/2024HouseAlternate Chief Sponsor Changed to Rep. Margaret Croke
  5/16/2024HouseAdded Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/16/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
  5/16/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/20/2024HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  5/20/2024HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
  5/20/2024HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-000-000
  5/21/2024HousePlaced on Calendar 2nd Reading - Short Debate
  5/21/2024HouseSecond Reading - Short Debate
  5/21/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  5/22/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/22/2024HouseThird Reading - Short Debate - Passed 108-000-000
  5/22/2024SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/22/2024SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 22, 2024
  5/23/2024SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Laura Ellman
  5/23/2024SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/23/2024SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive
  5/25/2024SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000
  5/26/2024SenateHouse Committee Amendment No. 1 Senate Concurs 058-000-000
  5/26/2024SenateSenate Concurs
  5/26/2024SenatePassed Both Houses
  6/24/2024SenateSent to the Governor
  8/9/2024SenateGovernor Approved
  8/9/2024SenateEffective Date August 9, 2024; Some Provisions;
  8/9/2024SenateEffective Date January 1, 2025; Some Provisions
  8/9/2024SenatePublic Act . . . . . . . . . 103-0991

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