Bill Title: 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. Creates the Digital Assets Regulation Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning customer protections; compliance; licensure; supervision; general restrictions and prohibitions; confidentiality; and rulemaking authority. Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Makes conforming changes in the Freedom of Information Act, the Illinois Banking Act, and the Consumer Fraud and Deceptive Business Practices Act. Provides that the Transmitters of Money Act is repealed on January 1, 2025. Makes other changes. Effective immediately, except that the changes to the Transmitters of Money Act take effect January 1, 2025.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed) 2023-05-02 - Referred to Assignments
[HB3479 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
|---|
| Engrossed | 2023-03-27 | HTML/Text | Link | View |
| Introduced | 2023-02-17 | HTML/Text | Link | View |
Amendments
Supplemental Documents
| Title | Description | Date | Format | Source | View |
|---|
| No supplemental documents for Illinois HB3479 currently on file. |
Social Comments on IL HB3479
