Bill > HB3479

This bill proposes to replace the existing Transmitters of Money Act with the Uniform Money Transmission Modernization Act. The key provisions include: - Establishing consistent licensing and supervisory processes between Illinois and other states to reduce regulatory burden and more effectively utilize regulatory resources. - Protecting the public from financial crime and modernizing safety and soundness requirements to ensure customer funds are protected while supporting innovative and competitive business practices. - Defining key terms like "money transmission", "authorized delegate", and "outstanding money transmission obligations". - Providing exemptions from licensing requirements for certain activities like electronic funds transfers for government benefits or money transmission by the U.S. Postal Service. - Authorizing the Department of Financial and Professional Regulation to oversee and enforce compliance with the Act, including through examinations, investigations, and administrative actions. - Requiring licensees to maintain certain capital, liquidity, and permissible investments to protect customer funds. - Imposing customer disclosure, custody, and service requirements on licensees. - Establishing penalties and enforcement mechanisms for violations of the Act.