UNIFORM MONEY TRANSMISSION ACT
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SB 3412 — UNIFORM MONEY TRANSMISSION ACT
Last action — Public Act . . . . . . . . . 103-0991
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced February 08, 2024. Enacted.
Signed by Governor JB Pritzker (Democratic) on August 09, 2024.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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4 sponsors
2 primary, 2 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (4 D).
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Cleared a recorded vote
Passed 8 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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 Provides that the Transmitters of Money Act is repealed on January 1, 2026.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.
Bill Text
What changed in the latest version
2565 added · 2568 removedPlain-language change summary
The latest version of Bill SB 3412 has clarified what it means for payroll processing services to be considered as occurring "in this State." Now, this term specifically refers to the mailing address a person uses with the Internal Revenue Service, as long as that address is in Illinois. Additionally, the description of "money" has been streamlined to simply refer to a medium of exchange authorized by the U.S. or foreign governments, removing additional details about its usage. These changes are important because they help ensure that the law is clearer and easier to understand for those dealing with payroll services and financial transactions in Illinois.
SB3412 EngrossedEnrolled LRB103 35570 RPS 65642 b AN ACT concerning regulation.
SB3412 EngrossedEnrolled - 2 - LRB103 35570 RPS 65642 b (b) The provisions of this Act shall be liberally construed to effectuate its purposes.
SB3412 EngrossedEnrolled - 3 - LRB103 35570 RPS 65642 b "Closed loop stored value" means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value.
SB3412 EngrossedEnrolled - 4 - LRB103 35570 RPS 65642 b "Division" means the Division of Financial Institutions of the Department of Financial and Professional Regulation.
"Federally insured depository financial institution" means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws of the United States or any state of the United States, if the bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or SB3412 EngrossedEnrolled - 5 - LRB103 35570 RPS 65642 b industrial loan company has federally insured deposits.
Solely for purposes of payroll processing services, "in this State" for a transaction requested electronically or by phone, means the mailing address the person requesting the payroll processing services uses with the Internal Revenue Service is in Illinois.
"Material litigation" means litigation, that according to United States generally accepted accounting principles, is significant to a person's financial health and would be SB3412 Enrolled - 6 - LRB103 35570 RPS 65642 b required to be disclosed in the person's annual audited financial statements, report to shareholders, or similar records.
"Money" means a medium of exchange that is authorized or SB3412 Engrossed - 6 - LRB103 35570 RPS 65642 b adopted by the United States or a foreign government as part of its currency and that is customarily used and accepted as a medium of exchange in the country of issuance.
"MSB accredited state agency" means a state agency that is accredited by the Conference of State Bank Supervisors and SB3412 Enrolled - 7 - LRB103 35570 RPS 65642 b Money Transmitter Regulators Association for money transmission licensing and supervision.
"Multistate licensing process" means any agreement entered into by and among state regulators relating to coordinated SB3412 Engrossed - 7 - LRB103 35570 RPS 65642 b processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations, or notice and information requirements for a change of key individuals.
or (2) Any money received for transmission by the licensee or an authorized delegate in the United States SB3412 Enrolled - 8 - LRB103 35570 RPS 65642 b from a person located in the United States that has not been received by the payee, refunded to the sender, or escheated in accordance with applicable abandoned property laws.
SB3412 Engrossed - 8 - LRB103 35570 RPS 65642 b For purposes of this definition, "in the United States" includes, to the extent applicable, a person in any state, territory, or possession of the United States;
SB3412 Enrolled - 9 - LRB103 35570 RPS 65642 b "Payment instrument" means a written or electronic check, draft, money order, traveler's check, or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable.
"Payment SB3412 Engrossed - 9 - LRB103 35570 RPS 65642 b instrument" does not include stored value or any instrument that (1) is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value;
"Receiving money for transmission" or "money received for transmission" means receiving money or monetary value in the United States for transmission within or outside the United SB3412 Enrolled - 10 - LRB103 35570 RPS 65642 b States by electronic or other means.
SB3412 Engrossed - 10 - LRB103 35570 RPS 65642 b "Stored value" means monetary value representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value, or payment for goods or services.
(1) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this Section or licensees, in SB3412 Enrolled - 11 - LRB103 35570 RPS 65642 b connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearinghouse transfers, or similar funds transfers.
(2) A person appointed as an agent of a payee to collect SB3412 Engrossed - 11 - LRB103 35570 RPS 65642 b and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, if:
and (C) bears sole responsibility to satisfy the SB3412 Enrolled - 12 - LRB103 35570 RPS 65642 b outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender's designated recipient.
SB3412 Engrossed - 12 - LRB103 35570 RPS 65642 b (4) The United States or a department, agency, or instrumentality thereof, or its agent.
SB3412 Enrolled - 13 - LRB103 35570 RPS 65642 b (9) A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C.
Sections 1 through 25, as amended or recodified from time to time, or a person that, in the ordinary course of business, provides SB3412 Engrossed - 13 - LRB103 35570 RPS 65642 b clearance and settlement services for a board of trade to the extent of its operation as or for such a board.
and SB3412 Enrolled - 14 - LRB103 35570 RPS 65642 b (B) the exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations upon SB3412 Engrossed - 14 - LRB103 35570 RPS 65642 b receipt of the purchaser's or holder's money or monetary value by the service provider or agent.
SB3412 Enrolled - 15 - LRB103 35570 RPS 65642 b ARTICLE IV.
Implementation, Confidentiality, Supervision & Relationship to Federal Law SB3412 Engrossed - 15 - LRB103 35570 RPS 65642 b Section 4-1.
SB3412 Enrolled - 16 - LRB103 35570 RPS 65642 b (b) The Department shall have the broad administrative authority to administer, interpret and enforce this Act, and adopt rules or regulations implementing this Act and to recover the cost of administering and enforcing this Act by SB3412 Engrossed - 16 - LRB103 35570 RPS 65642 b imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this Act.
(a) Except as otherwise provided in this Section, all SB3412 Enrolled - 17 - LRB103 35570 RPS 65642 b information or reports obtained by the Secretary from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or condition report prepared SB3412 Engrossed - 17 - LRB103 35570 RPS 65642 b by, on behalf of, or for the use of the Secretary, or financial statements, balance sheets, or authorized delegate information, are confidential and are not subject to disclosure under the Freedom of Information Act.
SB3412 Enrolled - 18 - LRB103 35570 RPS 65642 b (3) the name, business address, and telephone number of all authorized delegates;
(4) the terms of or a copy of any bond filed by a licensee, if confidential information, including, but not SB3412 Engrossed - 18 - LRB103 35570 RPS 65642 b limited to, prices and fees, for such bond is redacted;
(2) conduct an examination in conjunction with an SB3412 Enrolled - 19 - LRB103 35570 RPS 65642 b examination conducted by representatives of other state agencies or agencies of another state or of the federal government;
(3) accept the examination report of another state SB3412 Engrossed - 19 - LRB103 35570 RPS 65642 b agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Secretary;
SB3412 Enrolled - 20 - LRB103 35570 RPS 65642 b Section 4-4.
(a) To efficiently and effectively administer and enforce this Act and to minimize regulatory burden, the Secretary is authorized and encouraged to participate in multistate SB3412 Engrossed - 20 - LRB103 35570 RPS 65642 b supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this State and other states.
(b) The Secretary may not waive, and nothing in this Section constitutes a waiver of, the Secretary's authority to conduct an examination or investigation or otherwise take SB3412 Enrolled - 21 - LRB103 35570 RPS 65642 b independent action authorized by this Act or a rule adopted or order issued under this Act to enforce compliance with applicable state or federal law.
(c) A joint examination or investigation, or acceptance of SB3412 Engrossed - 21 - LRB103 35570 RPS 65642 b an examination or investigation report, does not waive an examination assessment provided for in this Act.
(a) 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 SB3412 Enrolled - 22 - LRB103 35570 RPS 65642 b under this Act.
(1) A person who is an authorized delegate of a person licensed under this Act acting within the scope of SB3412 Engrossed - 22 - LRB103 35570 RPS 65642 b authority conferred by a written contract with the licensee;
SB3412 Enrolled - 23 - LRB103 35570 RPS 65642 b (1) collect and maintain records;
and SB3412 Engrossed - 23 - LRB103 35570 RPS 65642 b (4) facilitate communication between this State and licensees or other persons subject to this Act.
SB3412 Enrolled - 24 - LRB103 35570 RPS 65642 b Section 5-3.
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Each such form shall contain content as set forth by rule, regulation, instruction SB3412 Engrossed - 24 - LRB103 35570 RPS 65642 b or procedure of the Secretary and may be changed or updated by the Secretary in accordance with applicable law in order to carry out the purposes of this Act and maintain consistency with NMLS licensing standards and practices.
(5) a list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action SB3412 Enrolled - 25 - LRB103 35570 RPS 65642 b taken against the applicant in another state;
SB3412 Engrossed - 25 - LRB103 35570 RPS 65642 b (7) a sample form of contract for authorized delegates, if applicable;
SB3412 Enrolled - 26 - LRB103 35570 RPS 65642 b (4) the legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the 10-year period preceding the submission of the application of each key individual and person in SB3412 Engrossed - 26 - LRB103 35570 RPS 65642 b control of the applicant;
(A) a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under Section 13 of the federal Securities SB3412 Enrolled - 27 - LRB103 35570 RPS 65642 b Exchange Act of 1934, 15 U.S.C.
or (B) a corporation publicly traded outside the United States, a copy of similar documentation filed SB3412 Engrossed - 27 - LRB103 35570 RPS 65642 b with the regulator of the parent corporation's domicile outside the United States;
(1) The individual's fingerprints for submission to the Federal Bureau of Investigation and the Secretary for SB3412 Enrolled - 28 - LRB103 35570 RPS 65642 b purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last 10 years.
SB3412 Engrossed - 28 - LRB103 35570 RPS 65642 b (2) Personal history and experience in a form and in a medium prescribed by the Secretary, to obtain the following:
(A) demonstrate that it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the SB3412 Enrolled - 29 - LRB103 35570 RPS 65642 b background report;
(2) At a minimum, the investigative background report SB3412 Engrossed - 29 - LRB103 35570 RPS 65642 b shall be written in the English language and shall contain the following:
and (E) financial services-related regulatory history, including, but not limited to, money transmission, SB3412 Enrolled - 30 - LRB103 35570 RPS 65642 b securities, banking, insurance, and mortgage related industries.
SB3412 Engrossed - 30 - LRB103 35570 RPS 65642 b (a) When an application for an original license under this Act appears to include all the items and addresses of all of the matters that are required, the application is complete and the Secretary shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and:
(b) A determination by the Secretary that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the Criminal Background Check response from the FBI, and address all of the matters that are required, and is not an assessment of the substance of the application or of the SB3412 Enrolled - 31 - LRB103 35570 RPS 65642 b sufficiency of the information provided.
(c) When an application is filed and considered complete under this Section, the Secretary shall investigate the applicant's financial condition and responsibility, financial SB3412 Engrossed - 31 - LRB103 35570 RPS 65642 b and business experience, character, and general fitness.
or SB3412 Enrolled - 32 - LRB103 35570 RPS 65642 b (2) if Illinois is a lead investigative state, the Secretary is authorized and encouraged to investigate the applicant pursuant to subsection (c) and the timeframes established by agreement through the multistate licensing SB3412 Engrossed - 32 - LRB103 35570 RPS 65642 b process, however, in no case shall such timeframe be noncompliant with the application period in paragraph (1) of subsection (a).
(f) The initial license term shall begin on the day that SB3412 Enrolled - 33 - LRB103 35570 RPS 65642 b the application is approved.
The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run SB3412 Engrossed - 33 - LRB103 35570 RPS 65642 b through December 31 of the following year.
At a minimum, the renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the Secretary and a statement of the dollar amount and number of money transmissions and payment instruments sold, issued, exchanged, or transmitted in this State by the licensee and its authorized delegatedelegates for the past 4 completed calendar quarters.
SB3412 Enrolled - 34 - LRB103 35570 RPS 65642 b (d) The Secretary, in his or her discretion, may grant an extension of the renewal date.
(e) The Secretary is authorized and encouraged to use NMLS to process license renewals if such functionality is SB3412 Engrossed - 34 - LRB103 35570 RPS 65642 b consistent with this Section.
SB3412 Enrolled - 35 - LRB103 35570 RPS 65642 b Section 5-7.
(a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Secretary SB3412 Engrossed - 35 - LRB103 35570 RPS 65642 b may suspend or revoke the licensee's license in accordance with the procedures established by this Act or other applicable State law for such suspension or revocation.
(b) The Secretary shall charge and collect fees, which shall be nonrefundable unless otherwise indicated,indicated. in accordance with 38 Ill.
SB3412 Enrolled - 36 - LRB103 35570 RPS 65642 b (c) All fees currently assessed in accordance with 38 Ill.
Code 205.35.
(c) All fees currently assessed in accordance with 38 Ill.
Adm.
Except for money required to be SB3412 Engrossed - 36 - LRB103 35570 RPS 65642 b deposited into the TOMA Consumer Protection Fund pursuant to this Act, all moneys received by the Department shall be deposited into the Financial Institution Fund.
An individual is not deemed to acquire control of a licensee and is not subject to this Section when that individual becomes a SB3412 Enrolled - 37 - LRB103 35570 RPS 65642 b key individual in the ordinary course of business.
(b) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall, in cooperation SB3412 Engrossed - 37 - LRB103 35570 RPS 65642 b with the licensee:
or (2) if the application is not approved or denied within 60 days after the completion date or any extension SB3412 Enrolled - 38 - LRB103 35570 RPS 65642 b thereof:
and (B) the person, or group of persons acting in SB3412 Engrossed - 38 - LRB103 35570 RPS 65642 b concert, are not prohibited from acquiring control.
and the competence, experience, character, and general fitness of the key individuals and persons that would be in control SB3412 Enrolled - 39 - LRB103 35570 RPS 65642 b of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person, or group of persons acting in concert, to control SB3412 Engrossed - 39 - LRB103 35570 RPS 65642 b the licensee.
An applicant whose application is denied by the Secretary under this subsection (i) may submit a written request for hearing which shall include the particular SB3412 Enrolled - 40 - LRB103 35570 RPS 65642 b reasons why the applicant believes that the decision to deny the application was incorrect, within 10 days after service of the notice of denial.
If an applicant submits a timely request SB3412 Engrossed - 40 - LRB103 35570 RPS 65642 b for a hearing, the Secretary shall schedule a hearing unless otherwise agreed to by the parties.
or SB3412 Enrolled - 41 - LRB103 35570 RPS 65642 b (7) An internal reorganization of a person in control of the licensee where the ultimate person in control of the licensee remains the same.
SB3412 Engrossed - 41 - LRB103 35570 RPS 65642 b (k) Persons in paragraphs (2), (3), (4), (6), and (7) of subsection (j) in cooperation with the licensee shall notify the Secretary within 15 days after the acquisition of control.
(C) the licensee to be acquired is projected to meet the requirements of Article X of this Act after the acquisition of control is completed, and if the SB3412 Enrolled - 42 - LRB103 35570 RPS 65642 b person acquiring control is a licensee, that licensee is also projected to meet the requirements of Article X of this Act after the acquisition of control is SB3412 Engrossed - 42 - LRB103 35570 RPS 65642 b completed;
SB3412 Enrolled - 43 - LRB103 35570 RPS 65642 b (n) If a multistate licensing process includes a determination pursuant to subsection (m) and an applicant avails itself or is otherwise subject to the multistate SB3412 Engrossed - 43 - LRB103 35570 RPS 65642 b licensing process:
(b) The Secretary may issue a formal written notice of denial of key individual within 90 days after the date on which the notice provided pursuant to subsection (a) was determined SB3412 Enrolled - 44 - LRB103 35570 RPS 65642 b to be complete if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the SB3412 Engrossed - 44 - LRB103 35570 RPS 65642 b individual to be a key individual of such licensee.
SB3412 Enrolled - 45 - LRB103 35570 RPS 65642 b (1) the Secretary is authorized and encouraged to accept the determination of another state;
(2) if the investigating state has sufficient SB3412 Engrossed - 45 - LRB103 35570 RPS 65642 b staffing, expertise, and minimum standards for the purpose of this Section;
(4) transaction destination country reporting for SB3412 Enrolled - 46 - LRB103 35570 RPS 65642 b money received for transmission, if applicable;
The Secretary is SB3412 Engrossed - 46 - LRB103 35570 RPS 65642 b authorized and encouraged to use NMLS for the submission of the report required by subsection (a) and is authorized to change or update as necessary the requirements of this Section to carry out the purposes of this Act and maintain consistency with NMLS reporting.
(c) The audited financial statements shall include or be SB3412 Enrolled - 47 - LRB103 35570 RPS 65642 b accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Secretary.
If SB3412 Engrossed - 47 - LRB103 35570 RPS 65642 b the opinion or certificate is qualified, the licensee must make a separate report to the Secretary notifying them of the qualified opinion or certification.
SB3412 Enrolled - 48 - LRB103 35570 RPS 65642 b (7) any fictitious or trade name;
SB3412 Engrossed - 48 - LRB103 35570 RPS 65642 b (10) end date acting as licensee's authorized delegate, if applicable;
(b) A licensee shall file a report with the Secretary SB3412 Enrolled - 49 - LRB103 35570 RPS 65642 b within 3 business days after the licensee has reason to know of the occurrence of any of the following events:
(1) a charge or conviction of the licensee or of a key SB3412 Engrossed - 49 - LRB103 35570 RPS 65642 b individual or person in control of the licensee for a felony;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and SB3412 Enrolled - 50 - LRB103 35570 RPS 65642 b expense accounts;
(4) records of outstanding money transmission SB3412 Engrossed - 50 - LRB103 35570 RPS 65642 b obligations;
SB3412 Enrolled - 51 - LRB103 35570 RPS 65642 b ARTICLE VIII.
Authorized Delegates SB3412 Engrossed - 51 - LRB103 35570 RPS 65642 b Section 8-1.
(d) The written contract required by subsection (b) must be signed by the licensee and the authorized delegate and, at a SB3412 Enrolled - 52 - LRB103 35570 RPS 65642 b minimum, must:
(1) expressly appoint the person signing the contract as the licensee's authorized delegate with the authority SB3412 Engrossed - 52 - LRB103 35570 RPS 65642 b to conduct money transmission on behalf of the licensee;
SB3412 Enrolled - 53 - LRB103 35570 RPS 65642 b (8) state that the licensee is subject to regulation by the Secretary and that, as part of that regulation, the Secretary may suspend or revoke an authorized delegate SB3412 Engrossed - 53 - LRB103 35570 RPS 65642 b designation or require the licensee to terminate an authorized delegate designation;
SB3412 Enrolled - 54 - LRB103 35570 RPS 65642 b (g) An authorized delegate may not use a subdelegate to conduct money transmission on behalf of a licensee.
SB3412 Engrossed - 54 - LRB103 35570 RPS 65642 b Section 8-2.
(b) If the circuit court issues an order prohibiting a person from acting as an authorized delegate for any licensee pursuant to subsection (a), the licensee that brought the action shall report the order to the Secretary within 30 days SB3412 Enrolled - 55 - LRB103 35570 RPS 65642 b and shall report the order through NMLS within 90 days.
(c) An authorized delegate who holds money in trust for the benefit of a licensee and knowingly fails to remit more SB3412 Engrossed - 55 - LRB103 35570 RPS 65642 b than $1,000 of such money is guilty of a Class 3 felony.
SB3412 Enrolled - 56 - LRB103 35570 RPS 65642 b (a) This Section does not apply to:
(1) money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as SB3412 Engrossed - 56 - LRB103 35570 RPS 65642 b amended or recodified from time to time;
or SB3412 Enrolled - 57 - LRB103 35570 RPS 65642 b (4) the refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of SB3412 Engrossed - 57 - LRB103 35570 RPS 65642 b law, rule, or regulation has occurred, is occurring, or may occur.
(2) money received for transmission pursuant to a SB3412 Enrolled - 58 - LRB103 35570 RPS 65642 b written agreement between the licensee and payee to process payments for goods or services provided by the payee;
SB3412 Engrossed - 58 - LRB103 35570 RPS 65642 b (3) payroll processing services;
(2) The receipt required by this Section shall be in English and in the language principally used by the SB3412 Enrolled - 59 - LRB103 35570 RPS 65642 b licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically or by phone, if other SB3412 Engrossed - 59 - LRB103 35570 RPS 65642 b than English.
SB3412 Enrolled - 60 - LRB103 35570 RPS 65642 b ARTICLE X.
SB3412 Engrossed - 60 - LRB103 35570 RPS 65642 b (a) A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and 0.5% of additional assets for over $1,000,000,000.
A claimant damaged by a breach SB3412 Enrolled - 61 - LRB103 35570 RPS 65642 b of the conditions of a bond shall have a right to action upon the bond for damages suffered thereby and may bring suit directly on the bond, or the Secretary may bring suit on behalf SB3412 Engrossed - 61 - LRB103 35570 RPS 65642 b of the claimant.
(f) Instead of a paper surety bond, each licensee and applicant shall file and maintain an electronic surety bond in SB3412 Enrolled - 62 - LRB103 35570 RPS 65642 b NMLS or in a manner otherwise authorized by the Secretary.
SB3412 Engrossed - 62 - LRB103 35570 RPS 65642 b (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations.
Sections 101 through 110, as amended or recodified from time to time, for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its SB3412 Enrolled - 63 - LRB103 35570 RPS 65642 b dissolution or reorganization, or in the event of an action by a creditor against the licensee who is not a beneficiary of this statutory trust.
No permissible investments impressed SB3412 Engrossed - 63 - LRB103 35570 RPS 65642 b with a trust pursuant to this subsection shall be subject to attachment, levy of execution, or sequestration by order of any court, except for a beneficiary of this statutory trust.
(e) The Secretary by rule or by order may allow other types SB3412 Enrolled - 64 - LRB103 35570 RPS 65642 b of investments that the Secretary determines are of sufficient liquidity and quality to be a permissible investment.
The Secretary is authorized to participate in efforts with other SB3412 Engrossed - 64 - LRB103 35570 RPS 65642 b state regulators to determine that other types of investments are of sufficient liquidity and quality to be a permissible investment.
SB3412 Enrolled - 65 - LRB103 35570 RPS 65642 b 1781, as amended or recodified from time to time;
an SB3412 Engrossed - 65 - LRB103 35570 RPS 65642 b obligation that is guaranteed fully as to principal and interest by the United States;
SB3412 Enrolled - 66 - LRB103 35570 RPS 65642 b (ii) be irrevocable, unconditional, and indicate that it is not subject to any condition or qualifications outside of the letter of credit;
SB3412 Engrossed - 66 - LRB103 35570 RPS 65642 b (iii) not contain reference to any other agreements, documents, or entities, or otherwise provide for any security interest in the licensee;
If the licensee is not able to do so, the SB3412 Enrolled - 67 - LRB103 35570 RPS 65642 b Secretary may draw on the letter of credit in an amount up to the amount necessary to meet the licensee's requirements to maintain permissible investments in SB3412 Engrossed - 67 - LRB103 35570 RPS 65642 b accordance with subsection (a) of Section 10-3.
SB3412 Enrolled - 68 - LRB103 35570 RPS 65642 b (II) the filing of a petition by or against the licensee for receivership, or the commencement of any other judicial or SB3412 Engrossed - 68 - LRB103 35570 RPS 65642 b administrative proceeding for its dissolution or reorganization;
The Secretary's agent may serve as agent for multiple SB3412 Enrolled - 69 - LRB103 35570 RPS 65642 b licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this Section are assigned to the SB3412 Engrossed - 69 - LRB103 35570 RPS 65642 b Secretary.
(2) of the receivables permissible under paragraph (1) of this subsection (b), receivables that are payable to a licensee from a single authorized delegate in the ordinary course of business may not exceed 10% of the aggregate SB3412 Enrolled - 70 - LRB103 35570 RPS 65642 b value of the licensee's total permissible investments.
(3) the following investments are permissible up to 20% per category and combined up to 50% of the aggregate SB3412 Engrossed - 70 - LRB103 35570 RPS 65642 b value of the licensee's total permissible investments:
(4) cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers, at foreign depository institutions are permissible up to 10% of the aggregate value of the licensee's total permissible investments if the licensee has received a satisfactory rating in its most recent SB3412 Enrolled - 71 - LRB103 35570 RPS 65642 b examination and the foreign depository institution:
(B) is registered under the Foreign Account Tax SB3412 Engrossed - 71 - LRB103 35570 RPS 65642 b Compliance Act;
(3) directly or indirectly obtain property by fraud or SB3412 Enrolled - 72 - LRB103 35570 RPS 65642 b misrepresentation;
(4) knowingly make, publish, or disseminate any false, deceptive, or misleading information in the provision of SB3412 Engrossed - 72 - LRB103 35570 RPS 65642 b money services;
(10) engage in unsafe and unsound practices directly SB3412 Enrolled - 73 - LRB103 35570 RPS 65642 b or indirectly relating to licensed activity;
or (11) fail to comply with the provisions of this Act or with any lawful order or agreement, rule, or regulations SB3412 Engrossed - 73 - LRB103 35570 RPS 65642 b made or issued under the provisions of this Act.
(5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, key individual, or responsible person of the authorized delegate indicates that it is not SB3412 Enrolled - 74 - LRB103 35570 RPS 65642 b in the public interest to permit the person to provide money transmission;
(6) the licensee engages in an unsafe or unsound SB3412 Engrossed - 74 - LRB103 35570 RPS 65642 b practice;
(12) the licensee has been convicted under the laws of this State, another state, or the United States of a felony or of a crime involving breach of trust or SB3412 Enrolled - 75 - LRB103 35570 RPS 65642 b dishonesty;
SB3412 Engrossed - 75 - LRB103 35570 RPS 65642 b (b) In determining whether a licensee is engaging in an unsafe or unsound practice, the Secretary may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this Act, and the previous conduct of the person involved.
Code 100, as SB3412 Enrolled - 76 - LRB103 35570 RPS 65642 b amended or recodified from time to time.
Suspension and revocation of authorized SB3412 Engrossed - 76 - LRB103 35570 RPS 65642 b delegates.
(b) In determining whether an authorized delegate is SB3412 Enrolled - 77 - LRB103 35570 RPS 65642 b engaging in an unsafe or unsound practice, the Secretary may consider the size and condition of the authorized delegate's provision of money transmission, the magnitude of the loss, SB3412 Engrossed - 77 - LRB103 35570 RPS 65642 b the gravity of the violation of this Act or a rule adopted or order issued under this Act, and the previous conduct of the authorized delegate.
SB3412 Enrolled - 78 - LRB103 35570 RPS 65642 b Section 11-4.
SB3412 Engrossed - 78 - LRB103 35570 RPS 65642 b (a) If the Secretary determines that a licensee, an authorized delegate, or any other person has engaged or is engaged in practices contrary to this Act, the rules adopted under this Act, or an order issued under this Act, the Secretary may issue an order requiring the licensee or authorized delegate to cease and desist from the violation.
(d) The Secretary shall issue a formal written notice of the cease and desist order, setting forth the specific reasons for the order and serve the licensee or the authorized SB3412 Enrolled - 79 - LRB103 35570 RPS 65642 b delegate, either personally or by certified mail.
SB3412 Engrossed - 79 - LRB103 35570 RPS 65642 b Section 11-5.
A person who engages in SB3412 Enrolled - 80 - LRB103 35570 RPS 65642 b conduct requiring a license under this Act and fails to obtain a license from the Secretary or knowingly makes a false statement, misrepresentation, or false certification in an SB3412 Engrossed - 80 - LRB103 35570 RPS 65642 b application, financial statement, account record, report, or other document filed or required to be maintained or filed under this Act or who knowingly makes a false entry or omits a material entry in a document is guilty of a Class 3 felony.
The Department shall cause any funds so recovered to be deposited into the TOMA Consumer SB3412 Enrolled - 81 - LRB103 35570 RPS 65642 b Protection Fund.
All final administrative SB3412 Engrossed - 81 - LRB103 35570 RPS 65642 b decisions of the Department under this Act are subject to judicial review under the Administrative Review Law and any rules adopted under the Administrative Review Law.
An authorized seller of licensee pursuant to the Transmitters of Money Act SB3412 Enrolled - 82 - LRB103 35570 RPS 65642 b in good standing as of the effective date shall become an authorized delegate of a licensee upon the filing of and approval by the Department of a renewal application by the SB3412 Engrossed - 82 - LRB103 35570 RPS 65642 b licensee in accordance with Section 5-6 and may continue to operate lawfully in this State as an authorized delegate of a licensee unless and until the licensee's next renewal application after the effective date is denied by the Department.
SB3412 Enrolled - 83 - LRB103 35570 RPS 65642 b (d) A person not required to be licensed pursuant to the Transmitters of Money Act shall not be required to be licensed and comply with this Act until January 1, 2026, unless the SB3412 Engrossed - 83 - LRB103 35570 RPS 65642 b Secretary extends the time by rule.
(e) A provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of this Act and transmitted no more than $10,000,000$50,000,000 in this State in calendar year 2023 shall not be required to be licensed and comply with this Act until OctoberJanuary 1, 2024.2025.
A provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of this Act and transmitted no more than $10,000,000$50,000,000 in this State in calendar year 2023 shall not be penalized for providing such services before theJanuary effective1, date2025 of this Act if the provider submits a completed application for licensure prior to OctoberJanuary 1, 2024.2025.
The fund shall be used solely for the purpose of providing restitution to consumers SB3412 Enrolled - 84 - LRB103 35570 RPS 65642 b who have suffered monetary loss arising out of a transaction regulated by this Act.
(c) The fund shall be applied only to restitution when SB3412 Engrossed - 84 - LRB103 35570 RPS 65642 b restitution has been ordered by the Secretary.
SB3412 Enrolled - 85 - LRB103 35570 RPS 65642 b Article 900.
Amendatory provisions SB3412 Engrossed - 85 - LRB103 35570 RPS 65642 b Section 900-5.
(d) Information and records held by the Department of Public Health and its authorized representatives relating to known or suspected cases of sexually transmissible SB3412 Enrolled - 86 - LRB103 35570 RPS 65642 b disease or any information the disclosure of which is restricted under the Illinois Sexually Transmissible Disease Control Act.
SB3412 Engrossed - 86 - LRB103 35570 RPS 65642 b (e) Information the disclosure of which is exempted under Section 30 of the Radon Industry Licensing Act.
(k) Law enforcement officer identification information or driver identification information compiled by a law SB3412 Enrolled - 87 - LRB103 35570 RPS 65642 b enforcement agency or the Department of Transportation under Section 11-212 of the Illinois Vehicle Code.
(l) Records and information provided to a residential SB3412 Engrossed - 87 - LRB103 35570 RPS 65642 b health care facility resident sexual assault and death review team or the Executive Council under the Abuse Prevention Review Team Act.
(p) Security portions of system safety program plans, investigation reports, surveys, schedules, lists, data, or information compiled, collected, or prepared by or for the Department of Transportation under Sections 2705-300 and 2705-616 of the Department of Transportation Law of the Civil Administrative Code of Illinois, the Regional SB3412 Enrolled - 88 - LRB103 35570 RPS 65642 b Transportation Authority under Section 2.11 of the Regional Transportation Authority Act, or the St.
Clair County Transit District under the Bi-State Transit Safety SB3412 Engrossed - 88 - LRB103 35570 RPS 65642 b Act (repealed).
(v-5) Records of the Firearm Owner's Identification Card Review Board that are exempted from disclosure under SB3412 Enrolled - 89 - LRB103 35570 RPS 65642 b Section 10 of the Firearm Owners Identification Card Act.
(w) Personally identifiable information which is exempted from disclosure under subsection (g) of Section SB3412 Engrossed - 89 - LRB103 35570 RPS 65642 b 19.1 of the Toll Highway Act.
SB3412 Enrolled - 90 - LRB103 35570 RPS 65642 b (dd) Information that is prohibited from being disclosed under Section 45 of the Condominium and Common Interest Community Ombudsperson Act.
SB3412 Engrossed - 90 - LRB103 35570 RPS 65642 b (ee) Information that is exempted from disclosure under Section 30.1 of the Pharmacy Practice Act.
(mm) Records that are exempt from disclosure under SB3412 Enrolled - 91 - LRB103 35570 RPS 65642 b Section 4.2 of the Crime Victims Compensation Act.
SB3412 Engrossed - 91 - LRB103 35570 RPS 65642 b (oo) Communications, notes, records, and reports arising out of a peer support counseling session prohibited from disclosure under the First Responders Suicide Prevention Act.
(vv) Information that is exempt from disclosure under subsections (f) and (j) of Section 5-36 of the Illinois SB3412 Enrolled - 92 - LRB103 35570 RPS 65642 b Public Aid Code.
SB3412 Engrossed - 92 - LRB103 35570 RPS 65642 b (xx) Information that is exempt from disclosure or information that shall not be made public under the Illinois Insurance Code.
(fff) Images from cameras under the Expressway Camera SB3412 Enrolled - 93 - LRB103 35570 RPS 65642 b Act.
(ggg) Information prohibited from disclosure under SB3412 Engrossed - 93 - LRB103 35570 RPS 65642 b paragraph (3) of subsection (a) of Section 14 of the Nurse Agency Licensing Act.
103-372, SB3412 Enrolled - 94 - LRB103 35570 RPS 65642 b eff.
103-472) SB3412 Engrossed - 94 - LRB103 35570 RPS 65642 b Sec.
SB3412 Enrolled - 95 - LRB103 35570 RPS 65642 b (f) Firm performance evaluations under Section 55 of the Architectural, Engineering, and Land Surveying Qualifications Based Selection Act.
SB3412 Engrossed - 95 - LRB103 35570 RPS 65642 b (g) Information the disclosure of which is restricted and exempted under Section 50 of the Illinois Prepaid Tuition Act.
(l) Records and information provided to a residential health care facility resident sexual assault and death review team or the Executive Council under the Abuse SB3412 Enrolled - 96 - LRB103 35570 RPS 65642 b Prevention Review Team Act.
(m) Information provided to the predatory lending database created pursuant to Article 3 of the Residential SB3412 Engrossed - 96 - LRB103 35570 RPS 65642 b Real Property Disclosure Act, except to the extent authorized under that Article.
(q) Information prohibited from being disclosed by the SB3412 Enrolled - 97 - LRB103 35570 RPS 65642 b Personnel Record Review Act.
SB3412 Engrossed - 97 - LRB103 35570 RPS 65642 b (s) Information the disclosure of which is restricted under Section 5-108 of the Public Utilities Act.
(x) Information which is exempted from disclosure SB3412 Enrolled - 98 - LRB103 35570 RPS 65642 b under Section 5-1014.3 of the Counties Code or Section 8-11-21 of the Illinois Municipal Code.
(y) Confidential information under the Adult SB3412 Engrossed - 98 - LRB103 35570 RPS 65642 b Protective Services Act and its predecessor enabling statute, the Elder Abuse and Neglect Act, including information about the identity and administrative finding against any caregiver of a verified and substantiated decision of abuse, neglect, or financial exploitation of an eligible adult maintained in the Registry established under Section 7.5 of the Adult Protective Services Act.
SB3412 Enrolled - 99 - LRB103 35570 RPS 65642 b (ff) Information that is exempted from disclosure under the Revised Uniform Unclaimed Property Act.
(gg) Information that is prohibited from being SB3412 Engrossed - 99 - LRB103 35570 RPS 65642 b disclosed under Section 7-603.5 of the Illinois Vehicle Code.
(oo) Communications, notes, records, and reports arising out of a peer support counseling session SB3412 Enrolled - 100 - LRB103 35570 RPS 65642 b prohibited from disclosure under the First Responders Suicide Prevention Act.
(pp) Names and all identifying information relating to SB3412 Engrossed - 100 - LRB103 35570 RPS 65642 b an employee of an emergency services provider or law enforcement agency under the First Responders Suicide Prevention Act.
(xx) Information that is exempt from disclosure or information that shall not be made public under the SB3412 Enrolled - 101 - LRB103 35570 RPS 65642 b Illinois Insurance Code.
SB3412 Engrossed - 101 - LRB103 35570 RPS 65642 b (zz) Information prohibited from being disclosed under the Illinois Public Labor Relations Act.
SB3412 Enrolled - 102 - LRB103 35570 RPS 65642 b (hhh) Information submitted to the Illinois State Police in an affidavit or application for an assault weapon endorsement, assault weapon attachment endorsement, SB3412 Engrossed - 102 - LRB103 35570 RPS 65642 b .50 caliber rifle endorsement, or .50 caliber cartridge endorsement under the Firearm Owners Identification Card Act.
revised 9-5-23.) SB3412 Enrolled - 103 - LRB103 35570 RPS 65642 b (205 ILCS 657/Act rep.) Section 900-10.900-30.
The State Finance Act is amended by adding Section 5.1015 as follows:
SB3412 Engrossed - 103 - LRB103 35570 RPS 65642 b (30 ILCS 105/5.1015 new) Sec.
5.1015.
The TOMA Consumer Protection Fund.
(205 ILCS 657/Act rep.) Section 900-30.
Show all 192 changed rows (152 more)
Amendments
4 amendments- House Amendment 001 Show changes
- Senate Amendment 003 Show changes
- Senate Amendment 002 Show changes
- Senate Amendment 001 Show changes
Click Show changes on an amendment above to see how it modifies the bill.
Action History
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Public Act . . . . . . . . . 103-0991
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Effective Date January 1, 2025; Some Provisions
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Effective Date August 9, 2024; Some Provisions;
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Governor Approved
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Sent to the Governor
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Passed Both Houses
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Senate Concurs
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House Committee Amendment No. 1 Senate Concurs 058-000-000
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House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000
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House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive
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House Committee Amendment No. 1 Motion to Concur Referred to Assignments
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House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Laura Ellman
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Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 22, 2024
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Secretary's Desk - Concurrence House Amendment(s) 1
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Third Reading - Short Debate - Passed 108-000-000
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Placed on Calendar Order of 3rd Reading - Short Debate
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Held on Calendar Order of Second Reading - Short Debate
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Second Reading - Short Debate
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Placed on Calendar 2nd Reading - Short Debate
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Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 011-000-000
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House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
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House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
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House Committee Amendment No. 1 Referred to Rules Committee
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House Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
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Added Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
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Alternate Chief Sponsor Changed to Rep. Margaret Croke
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Committee/Final Action Deadline Extended-9(b) May 24, 2024
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Assigned to Financial Institutions and Licensing Committee
-
Referred to Rules Committee
-
First Reading
-
Chief House Sponsor Rep. Marcus C. Evans, Jr.
-
Arrived in House
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Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
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Third Reading - Passed; 056-000-000
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Placed on Calendar Order of 3rd Reading
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Senate Floor Amendment No. 3 Adopted; Ellman
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Senate Floor Amendment No. 1 Adopted; Ellman
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Recalled to Second Reading
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Senate Floor Amendment No. 3 Recommend Do Adopt Executive; 009-000-000
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Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 009-000-000
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Senate Floor Amendment No. 3 Assignments Refers to Executive
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Senate Floor Amendment No. 3 Referred to Assignments
-
Senate Floor Amendment No. 3 Filed with Secretary by Sen. Laura Ellman
-
Rule 2-10 Third Reading Deadline Established As May 3, 2024
-
Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-8 (b-1), the following amendments will remain in the Committee on Assignments
-
Rule 2-10 Third Reading Deadline Established As April 19, 2024
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Senate Floor Amendment No. 2 Referred to Assignments
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Senate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman
-
Placed on Calendar Order of 3rd Reading April 11, 2024
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Second Reading
-
Senate Floor Amendment No. 1 Assignments Refers to Executive
-
Senate Floor Amendment No. 1 Referred to Assignments
-
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
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Placed on Calendar Order of 2nd Reading April 9, 2024
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Do Pass Executive; 012-000-001
-
Added as Chief Co-Sponsor Sen. Cristina Castro
-
Chief Sponsor Changed to Sen. Laura Ellman
-
Rule 2-10 Committee Deadline Established As April 5, 2024
-
Assigned to Executive
-
Referred to Assignments
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First Reading
-
Filed with Secretary by Sen. Cristina Castro
Sponsors
- Laura Ellman · Primary
- Cristina Castro · Cosponsor
- Margaret Croke · Primary
- Jr. Marcus C. Evans · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →2 sponsors · 2 co-sponsors · 179 not signed on
Sponsors (2)
- Laura Ellman Democrat
- Margaret Croke Democrat
Co-sponsors (2)
- Cristina Castro Democrat
- Marcus C. Evans, Jr. Democrat
Not signed on (179)
179 members have not signed on to this bill.
Show all 179 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 35 | 0 | 0 | 0 |
| Republican | 16 | 0 | 0 | 1 |
| Unaffiliated | 7 | 0 | 0 | 0 |
| Total | 58 | 0 | 0 | 1 |
| % of votes cast | 98% | 0% | 0% | 2% |
How each member voted (59)
| Member | Party | Vote |
|---|---|---|
| Stoller | — | Yea |
| Toro | — | Yea |
| Bennett | — | Yea |
| Harris, N. | — | Yea |
| Simmons | — | Yea |
| Glowiak Hilton | — | Yea |
| Loughran Cappel | — | Yea |
| Bill Cunningham | Democrat | Yea |
| Celina Villanueva | Democrat | Yea |
| Christopher Belt | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| David Koehler | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Doris Turner | Democrat | Yea |
| Elgie R. Sims, Jr. | Democrat | Yea |
| Emil Jones, III | Democrat | Yea |
| Gregg Johnson | Democrat | Yea |
| Javier L. Cervantes | Democrat | Yea |
| Julie A. Morrison | Democrat | Yea |
| Karina Villa | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Lakesia Collins | Democrat | Yea |
| Laura Ellman | Democrat | Yea |
| Laura Fine | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mark L. Walker | Democrat | Yea |
| Mary Edly-Allen | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Michael E. Hastings | Democrat | Yea |
| Michael W. Halpin | Democrat | Yea |
| Mike Porfirio | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Patrick J. Joyce | Democrat | Yea |
| Paul Faraci | Democrat | Yea |
| Rachel Ventura | Democrat | Yea |
| Ram Villivalam | Democrat | Yea |
| Robert F. Martwick | Democrat | Yea |
| Robert Peters | Democrat | Yea |
| Sara Feigenholtz | Democrat | Yea |
| Steve Stadelman | Democrat | Yea |
| Willie Preston | Democrat | Yea |
| Andrew S. Chesney | Republican | Yea |
| Chapin Rose | Republican | Yea |
| Craig Wilcox | Republican | Yea |
| Dale Fowler | Republican | Yea |
| Dan McConchie | Republican | Yea |
| Dave Syverson | Republican | Not Voting |
| Donald P. DeWitte | Republican | Yea |
| Erica Harriss | Republican | Yea |
| Jason Plummer | Republican | Yea |
| Jil Tracy | Republican | Yea |
| John F. Curran | Republican | Yea |
| Neil Anderson | Republican | Yea |
| Sally J. Turner | Republican | Yea |
| Seth Lewis | Republican | Yea |
| Steve McClure | Republican | Yea |
| Sue Rezin | Republican | Yea |
| Terri Bryant | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 7 | 0 | 0 | 1 |
| Republican | 4 | 0 | 0 | 0 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 12 | 0 | 0 | 1 |
| % of votes cast | 92% | 0% | 0% | 8% |
How each member voted (13)
| Member | Party | Vote |
|---|---|---|
| Harris III, Napoleon | — | Yea |
| Bill Cunningham | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Not Voting |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Chapin Rose | Republican | Yea |
| Jil Tracy | Republican | Yea |
| John F. Curran | Republican | Yea |
| Sue Rezin | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 59 | 0 | 0 | 5 |
| Unaffiliated | 14 | 0 | 0 | 2 |
| Republican | 35 | 0 | 0 | 2 |
| Total | 108 | 0 | 0 | 9 |
| % of votes cast | 92% | 0% | 0% | 8% |
How each member voted (117)
| Member | Party | Vote |
|---|---|---|
| Nichols | — | Yea |
| Ortiz | — | Yea |
| Burke | — | Yea |
| Caulkins | — | Yea |
| Frese | — | Yea |
| Yednock | — | Yea |
| Flowers | — | Not Voting |
| Costa Howard | — | Yea |
| Du Buclet | — | Yea |
| Faver Dias | — | Yea |
| Hernandez, Lisa | — | Yea |
| Katz Muhl | — | Yea |
| La Ha | — | Yea |
| Ladisch Douglass | — | Not Voting |
| Williams, Jawaharial | — | Yea |
| Yang Rohr | — | Yea |
| Abdelnasser Rashid | Democrat | Yea |
| Angelica Guerrero-Cuellar | Democrat | Yea |
| Ann M. Williams | Democrat | Yea |
| Anna Moeller | Democrat | Yea |
| Anne Stava | Democrat | Yea |
| Anthony DeLuca | Democrat | Yea |
| Barbara Hernandez | Democrat | Yea |
| Bob Morgan | Democrat | Yea |
| Camille Y. Lilly | Democrat | Yea |
| Carol Ammons | Democrat | Not Voting |
| Curtis J. Tarver, II | Democrat | Yea |
| Dagmara Avelar | Democrat | Yea |
| Daniel Didech | Democrat | Yea |
| Dave Vella | Democrat | Yea |
| Debbie Meyers-Martin | Democrat | Yea |
| Diane Blair-Sherlock | Democrat | Yea |
| Edgar González, Jr. | Democrat | Yea |
| Emanuel "Chris" Welch | Democrat | Yea |
| Eva-Dina Delgado | Democrat | Yea |
| Fred Crespo | Democrat | Yea |
| Gregg Johnson | Democrat | Yea |
| Harry Benton | Democrat | Yea |
| Hoan Huynh | Democrat | Not Voting |
| Jaime M. Andrade, Jr. | Democrat | Not Voting |
| Jay Hoffman | Democrat | Yea |
| Jehan Gordon-Booth | Democrat | Yea |
| Jennifer Gong-Gershowitz | Democrat | Yea |
| Joyce Mason | Democrat | Yea |
| Justin Slaughter | Democrat | Yea |
| Kam Buckner | Democrat | Yea |
| Katie Stuart | Democrat | Yea |
| Kelly M. Cassidy | Democrat | Yea |
| Kevin John Olickal | Democrat | Yea |
| La Shawn K. Ford | Democrat | Not Voting |
| Lawrence "Larry" Walsh, Jr. | Democrat | Yea |
| Lilian Jiménez | Democrat | Yea |
| Lindsey LaPointe | Democrat | Yea |
| Marcus C. Evans, Jr. | Democrat | Yea |
| Margaret Croke | Democrat | Yea |
| Martin J. Moylan | Democrat | Yea |
| Mary Beth Canty | Democrat | Yea |
| Mary Gill | Democrat | Yea |
| Matt Hanson | Democrat | Yea |
| Maura Hirschauer | Democrat | Yea |
| Maurice A. West, II | Democrat | Yea |
| Michael J. Kelly | Democrat | Yea |
| Michelle Mussman | Democrat | Yea |
| Nabeela Syed | Democrat | Yea |
| Natalie A. Manley | Democrat | Yea |
| Nicholas K. Smith | Democrat | Yea |
| Norma Hernandez | Democrat | Yea |
| Rita Mayfield | Democrat | Yea |
| Robert "Bob" Rita | Democrat | Yea |
| Robyn Gabel | Democrat | Yea |
| Sharon Chung | Democrat | Yea |
| Sonya M. Harper | Democrat | Yea |
| Stephanie A. Kifowit | Democrat | Yea |
| Sue Scherer | Democrat | Yea |
| Suzanne M. Ness | Democrat | Yea |
| Thaddeus Jones | Democrat | Yea |
| Theresa Mah | Democrat | Yea |
| Will Guzzardi | Democrat | Yea |
| William "Will" Davis | Democrat | Yea |
| Yolonda Morris | Democrat | Not Voting |
| Adam M. Niemerg | Republican | Yea |
| Amy Elik | Republican | Yea |
| Amy L. Grant | Republican | Yea |
| Blaine Wilhour | Republican | Yea |
| Brad Halbrook | Republican | Yea |
| Brad Stephens | Republican | Yea |
| Bradley Fritts | Republican | Yea |
| Brandun Schweizer | Republican | Yea |
| Charles Meier | Republican | Yea |
| Chris Miller | Republican | Yea |
| Christopher "C.D." Davidsmeyer | Republican | Yea |
| Dan Swanson | Republican | Yea |
| Daniel J. Ugaste | Republican | Yea |
| Dave Severin | Republican | Yea |
| David Friess | Republican | Yea |
| Dennis Tipsword | Republican | Yea |
| Jackie Haas | Republican | Yea |
| Jason R. Bunting | Republican | Not Voting |
| Jed Davis | Republican | Yea |
| Jeff Keicher | Republican | Yea |
| Jennifer Sanalitro | Republican | Yea |
| Joe C. Sosnowski | Republican | Yea |
| John M. Cabello | Republican | Yea |
| Kevin Schmidt | Republican | Yea |
| Martin McLaughlin | Republican | Yea |
| Michael J. Coffey, Jr. | Republican | Yea |
| Norine K. Hammond | Republican | Yea |
| Patrick Sheehan | Republican | Not Voting |
| Patrick Windhorst | Republican | Yea |
| Paul Jacobs | Republican | Yea |
| Ryan Spain | Republican | Yea |
| Steven Reick | Republican | Yea |
| Tom Weber | Republican | Yea |
| Tony M. McCombie | Republican | Yea |
| Travis Weaver | Republican | Yea |
| Wayne A. Rosenthal | Republican | Yea |
| William E Hauter | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 7 | 0 | 0 | 0 |
| Republican | 4 | 0 | 0 | 0 |
| Total | 11 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (11)
| Member | Party | Vote |
|---|---|---|
| Barbara Hernandez | Democrat | Yea |
| Dagmara Avelar | Democrat | Yea |
| Eva-Dina Delgado | Democrat | Yea |
| Jennifer Gong-Gershowitz | Democrat | Yea |
| Katie Stuart | Democrat | Yea |
| Kevin John Olickal | Democrat | Yea |
| Margaret Croke | Democrat | Yea |
| Bradley Fritts | Republican | Yea |
| Christopher "C.D." Davidsmeyer | Republican | Yea |
| Daniel J. Ugaste | Republican | Yea |
| Ryan Spain | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 33 | 0 | 0 | 1 |
| Republican | 16 | 0 | 0 | 1 |
| Unaffiliated | 7 | 0 | 0 | 0 |
| Total | 56 | 0 | 0 | 2 |
| % of votes cast | 97% | 0% | 0% | 3% |
How each member voted (58)
| Member | Party | Vote |
|---|---|---|
| Stoller | — | Yea |
| Bennett | — | Yea |
| Toro | — | Yea |
| Harris, N. | — | Yea |
| Simmons | — | Yea |
| Glowiak Hilton | — | Yea |
| Loughran Cappel | — | Yea |
| Bill Cunningham | Democrat | Yea |
| Celina Villanueva | Democrat | Yea |
| Christopher Belt | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| David Koehler | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Doris Turner | Democrat | Yea |
| Elgie R. Sims, Jr. | Democrat | Yea |
| Emil Jones, III | Democrat | Yea |
| Gregg Johnson | Democrat | Yea |
| Javier L. Cervantes | Democrat | Yea |
| Julie A. Morrison | Democrat | Yea |
| Karina Villa | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Lakesia Collins | Democrat | Yea |
| Laura Ellman | Democrat | Yea |
| Laura Fine | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mary Edly-Allen | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Michael E. Hastings | Democrat | Yea |
| Michael W. Halpin | Democrat | Yea |
| Mike Porfirio | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Patrick J. Joyce | Democrat | Yea |
| Paul Faraci | Democrat | Yea |
| Rachel Ventura | Democrat | Yea |
| Ram Villivalam | Democrat | Yea |
| Robert F. Martwick | Democrat | Yea |
| Robert Peters | Democrat | Yea |
| Sara Feigenholtz | Democrat | Yea |
| Steve Stadelman | Democrat | Yea |
| Willie Preston | Democrat | Not Voting |
| Andrew S. Chesney | Republican | Yea |
| Chapin Rose | Republican | Yea |
| Craig Wilcox | Republican | Yea |
| Dale Fowler | Republican | Yea |
| Dan McConchie | Republican | Yea |
| Dave Syverson | Republican | Yea |
| Donald P. DeWitte | Republican | Yea |
| Erica Harriss | Republican | Yea |
| Jason Plummer | Republican | Yea |
| Jil Tracy | Republican | Not Voting |
| John F. Curran | Republican | Yea |
| Neil Anderson | Republican | Yea |
| Sally J. Turner | Republican | Yea |
| Seth Lewis | Republican | Yea |
| Steve McClure | Republican | Yea |
| Sue Rezin | Republican | Yea |
| Terri Bryant | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 8 | 0 | 0 | 0 |
| Republican | 1 | 0 | 0 | 3 |
| Unaffiliated | 0 | 0 | 0 | 1 |
| Total | 9 | 0 | 0 | 4 |
| % of votes cast | 69% | 0% | 0% | 31% |
How each member voted (13)
| Member | Party | Vote |
|---|---|---|
| Harris III, Napoleon | — | Not Voting |
| Bill Cunningham | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Jil Tracy | Republican | Yea |
| John F. Curran | Republican | Not Voting |
| Neil Anderson | Republican | Not Voting |
| Sue Rezin | Republican | Not Voting |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 8 | 0 | 0 | 0 |
| Republican | 1 | 0 | 0 | 3 |
| Unaffiliated | 0 | 0 | 0 | 1 |
| Total | 9 | 0 | 0 | 4 |
| % of votes cast | 69% | 0% | 0% | 31% |
How each member voted (13)
| Member | Party | Vote |
|---|---|---|
| Harris III, Napoleon | — | Not Voting |
| Bill Cunningham | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Jil Tracy | Republican | Yea |
| John F. Curran | Republican | Not Voting |
| Neil Anderson | Republican | Not Voting |
| Sue Rezin | Republican | Not Voting |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 8 | 0 | 0 | 0 |
| Republican | 3 | 0 | 0 | 1 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 12 | 0 | 0 | 1 |
| % of votes cast | 92% | 0% | 0% | 8% |
How each member voted (13)
| Member | Party | Vote |
|---|---|---|
| Harris III, Napoleon | — | Yea |
| Bill Cunningham | Democrat | Yea |
| Cristina Castro | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Omar Aquino | Democrat | Yea |
| Jil Tracy | Republican | Not Voting |
| John F. Curran | Republican | Yea |
| Neil Anderson | Republican | Yea |
| Sue Rezin | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 3412 do?
- 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.
- Who sponsors SB 3412?
- SB 3412 is sponsored by Laura Ellman (Democrat), Cristina Castro (Democrat), Margaret Croke (Democrat), and Marcus C. Evans, Jr. (Democrat).
- What is the current status of SB 3412?
- This bill has been enacted into law. Introduced February 08, 2024. Enacted.
- Where can I track SB 3412?
- Track SB 3412 free on One Click Politics — get push/email alerts when it moves.
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