2023-2024 Regular Session • Illinois Legislature
SB3670: FINANCIAL REGULATION-VARIOUS
Legislative Summary
Creates the Uniform Money Transmission Modernization Act. Provides that the provisions supersede the Transmitters of Money Act. Sets forth provisions concerning money transmission licenses; acquisition of control; reporting and records; authorized delegates; timely transmission, refunds, and disclosures; prudential standards; and enforcement. Repeals the Transmitters of Money Act. Makes other changes. Effective immediately, except the repeal of the Transmitters of Money Act is effective January 1, 2026.
Bill History
2/9/2024
Filed with Secretary by Sen. Laura Ellman
Senate
2/9/2024
First Reading
Senate
2/9/2024
Referred to Assignments
Senate
2/28/2024
Assigned to Executive
Senate
3/8/2024
Added as Chief Co-Sponsor Sen. Ann Gillespie
Senate
3/15/2024
Rule 2-10 Committee Deadline Established As April 5, 2024
Senate
3/21/2024
Added as Co-Sponsor Sen. Napoleon Harris, III
Senate
3/22/2024
Postponed - Executive
Senate
4/5/2024
Rule 2-10 Committee Deadline Established As April 19, 2024
Senate
4/12/2024
Rule 2-10 Third Reading Deadline Established As May 3, 2024
Senate
4/19/2024
Rule 2-10 Committee Deadline Established As May 3, 2024
Senate
5/3/2024
Rule 3-9(a) / Re-referred to Assignments
Senate
Status Information
Current Status
Introduced(2/9/2024)
Chamber
Senate
Committee
Assignments(Senate)
