IL SB3670 | 2023-2024 | 103rd General Assembly

Illinois Senate Bill 3670

Status

Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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 January 1, 2026.

Title

FINANCIAL REGULATION-VARIOUS

History

Date	Chamber	Action
2024-05-03	Senate	Rule 3-9(a) / Re-referred to Assignments
2024-04-19	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024
2024-04-12	Senate	Rule 2-10 Third Reading Deadline Established As May 3, 2024
2024-04-05	Senate	Rule 2-10 Committee Deadline Established As April 19, 2024
2024-03-22	Senate	Postponed - Executive
2024-03-21	Senate	Added as Co-Sponsor Sen. Napoleon Harris, III
2024-03-15	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
2024-03-08	Senate	Added as Chief Co-Sponsor Sen. Ann Gillespie
2024-02-28	Senate	Assigned to Executive
2024-02-09	Senate	Referred to Assignments
2024-02-09	Senate	First Reading
2024-02-09	Senate	Filed with Secretary by Sen. Laura Ellman

Code Citations

Chapter	Article	Section	Citation Type	Statute Text
205	657	Act	Repealed Code	Citation Text

Illinois State Sources

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3670&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB3670.htm