Bill Title: Amends the Transmitters of Money Act. Provides that a money transmitter applicant or a money transmitter licensee shall post a bond in the amount of $50,000 or an amount equal to 1% of all Illinois-based activity, whichever is greater (rather than the greater of $100,000 or an amount equal to the daily average of outstanding payment instruments for the preceding 12 months or operational history). Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB3084 Detail]

Text: Latest bill text (Engrossed) [HTML]

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