Illinois General Assembly - Bill Status for SB3412
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 Bill Status of SB3412  103rd General Assembly

Short Description:  UNIFORM MONEY TRANSMISSION ACT

Senate Sponsors
Sen. Laura Ellman - Cristina Castro

Hearings
Executive Hearing May 1 2024 2:30PM Capitol 212 Springfield, IL - Senate Floor Amendment 1


Last Action
DateChamber Action
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading April 11, 2024

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 Provides that the Transmitters of Money Act is repealed on January 1, 2026.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

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

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