Chapter 205 — FINANCIAL REGULATION

(205 ILCS 650/7.5) Sec. 7.5. Non-English language transactions. A foreign bank representative office may conduct transactions in a language other than English through an employee or agent acting as interpreter or through an interpreter provided by the customer. (Source: P.A. 92-5…

(205 ILCS 650/8) Sec. 8. Powers of the Commissioner. The Commissioner shall have under this Act all of the powers granted to him under the Illinois Banking Act, including the authority to impose a reasonable charge to recover the cost of an examination conducted by the Commission…

(205 ILCS 658/1-1) Sec. 1-1. Short title. This Act may be cited as the Uniform Money Transmission Modernization Act. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 658/1-2) Sec. 1-2. Purpose. (a) This Act is designed to replace existing State money transmission laws currently codified under the Transmitters of Money Act. It is the intent of the General Assembly that the provisions of this Act accomplish the following: (1) ensure s…

(205 ILCS 658/10-1) Sec. 10-1. Net worth. (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…

(205 ILCS 658/10-2) Sec. 10-2. Surety bond. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the Secretary. The bond shall run to the State of Illinois for the…

(205 ILCS 658/10-3) Sec. 10-3. Maintenance of permissible investments. (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 amo…

(205 ILCS 658/10-4) Sec. 10-4. Types of permissible investments. (a) The following investments are permissible under Section 10-3: (1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in an insured depo…

(205 ILCS 658/11-1) Sec. 11-1. Prohibited acts and practices for licensees. It is a violation of this Act for a licensee, or other person subject to this Act to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead any person, including, but not…

(205 ILCS 658/11-2) Sec. 11-2. Suspension and revocation of licenses. (a) The Secretary may issue an order to suspend or revoke a license of a licensee or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee has failed to comply with any provi…

(205 ILCS 658/11-3) Sec. 11-3. Suspension and revocation of authorized delegates. (a) The Secretary may issue an order to suspend or revoke the designation of an authorized delegate, if the Secretary finds that: (1) the authorized delegate has failed to comply with any provision …

(205 ILCS 658/11-4) Sec. 11-4. Orders to cease and desist and civil penalties. (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 i…

(205 ILCS 658/11-5) Sec. 11-5. Consent orders; settlements. (a) The Secretary may enter into a consent order or settlement agreement at any time with a person to resolve a matter arising under this Act, the rules adopted under this Act, or order issued under this Act. A consent o…

(205 ILCS 658/11-6) Sec. 11-6. Criminal penalties. A person who engages in 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 application, financial stat…

(205 ILCS 658/11-7) Sec. 11-7. Civil penalties. The Secretary may assess a civil penalty against a person that violates this Act, a rule adopted or an order issued under this Act in an amount not to exceed $1,000 per day for each day the violation is outstanding, plus this State'…

(205 ILCS 658/11-8) Sec. 11-8. Unlicensed persons. Any person who, without the required license, engages in conduct requiring a license under this Act shall be liable to the Department in an amount equal to the greater of (1) $5,000 or (2) an amount of money accepted for transmis…

(205 ILCS 658/11-9) Sec. 11-9. Judicial review. All final administrative 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. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 658/12-1) Sec. 12-1. Uniformity of application and construction. In applying and construing this Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Source: P.A. 103-991, eff. 8-9-…

(205 ILCS 658/12-2) Sec. 12-2. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 658/12-3) Sec. 12-3. Transition period. (a) Licensees pursuant to the Transmitters of Money Act in good standing on the effective date of this Act shall be licensed under this Act upon the filing of and approval by the Department of a renewal application in accordance w…

(205 ILCS 658/12-4) Sec. 12-4. TOMA Consumer Protection Fund. (a) The special income-earning fund in the State treasury is known as the TOMA Consumer Protection Fund. (b) All moneys paid into the fund together with all accumulated undistributed income thereon shall be held as a s…

(205 ILCS 658/2-1) Sec. 2-1. Definitions. As used in this Act: "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. "Authorized delegate" means a person a license…

(205 ILCS 658/3-1) Sec. 3-1. Exemptions. This Act does not apply to: (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 connection with wire transfers,…

(205 ILCS 658/3-2) Sec. 3-2. Authority to require demonstration of exemption. The Secretary may require that any person or entity claiming to be exempt from licensing pursuant to Section 3-1 provide information and documentation to the Secretary demonstrating that it qualifies fo…

(205 ILCS 658/4-1) Sec. 4-1. Implementation. (a) In order to carry out the purposes of this Act, the Secretary may, subject to the provisions of subsections (a) and (b) of Section 4-2: (1) enter into agreements or relationships with other government officials or federal and State…

(205 ILCS 658/4-2) Sec. 4-2. Confidentiality. (a) Except as otherwise provided in this Section, all 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, …

(205 ILCS 658/4-3) Sec. 4-3. Supervision. (a) The Secretary may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this Act or by a rule adopted or order issued under this Act as reasonably necessary or …

(205 ILCS 658/4-4) Sec. 4-4. Networked supervision. (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 supervisory processes established between states and c…

(205 ILCS 658/4-5) Sec. 4-5. Relationship to federal law. (a) If state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this Act and the federal law governing money transmission shall be governed by the applicable federal…

(205 ILCS 658/5-1) Sec. 5-1. License required. (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 under this Act. (b) Subsection (a) does not apply to: (1) A pe…

(205 ILCS 658/5-2) Sec. 5-2. Consistent State licensing. (a) To establish consistent licensing between this State and other states, the Secretary is authorized and encouraged to: (1) implement all licensing provisions of this Act in a manner that is consistent with other states t…

(205 ILCS 658/5-3) Sec. 5-3. Application for license. (a) Applicants for a license shall apply in a form and in a medium as prescribed by the Secretary. Each such form shall contain content as set forth by rule, regulation, instruction or procedure of the Secretary and may be cha…

(205 ILCS 658/5-4) Sec. 5-4. Information requirements for certain individuals. (a) Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Secretary through NMLS the following i…

(205 ILCS 658/5-5) Sec. 5-5. Issuance of license. (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 applica…

(205 ILCS 658/5-6) Sec. 5-6. Renewal of license. (a) A license under this Act shall be renewed annually. (b) An annual renewal fee in accordance with 38 Ill. Adm. Code 205.35 as amended or recodified from time to time shall be paid to the Department. The renewal term shall be for…

(205 ILCS 658/5-7) Sec. 5-7. Maintenance of license. (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 may suspend or revoke the licensee's license in accordanc…

(205 ILCS 658/5-8) Sec. 5-8. Fees. (a) The expenses of administering this Act, including investigations and examinations provided for in this Act, shall be borne by and assessed against entities regulated by this Act. The Department may establish fees by rule, including in the fo…

(205 ILCS 658/5-9) Sec. 5-9. Liability of licensees. A licensee is liable for the payment of all moneys covered by payment instruments that it sells or issues in any form in this State through its authorized delegate and all moneys it receives itself or through its authorized del…

(205 ILCS 658/6-1) Sec. 6-1. Acquisition of control. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Secretary before acquiring control. An individual is not deemed to acquire control of a li…

(205 ILCS 658/6-2) Sec. 6-2. Notice and information requirements for a change of key individuals. (a) A licensee adding or replacing any key individual shall: (1) provide notice in a manner prescribed by the Secretary within 15 days after the effective date of the key individual'…

(205 ILCS 658/7-1) Sec. 7-1. Report of condition. (a) Each licensee, under penalty of perjury, shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the Secretary may prescribe. (b) The report of condition shall inclu…

(205 ILCS 658/7-2) Sec. 7-2. Audited financials. (a) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Secretary may prescribe, file with the Secretary: (1) an audited financial statement of the licensee for the fiscal year …

(205 ILCS 658/7-3) Sec. 7-3. Authorized delegate reporting. (a) Each licensee shall submit a report of authorized delegates within 45 days of the end of the calendar quarter. The Secretary is authorized and encouraged to use NMLS for the submission of the report required by this …

(205 ILCS 658/7-4) Sec. 7-4. Reports of certain events. (a) A licensee shall file a report with the Secretary within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) the filing of a petition by or against the licensee un…

(205 ILCS 658/7-5) Sec. 7-5. Bank Secrecy Act reports. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and St…

(205 ILCS 658/7-6) Sec. 7-6. Records. (a) Licensee shall maintain the following records, for determining its compliance with this Act, for at least 3 years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containin…

(205 ILCS 658/8-1) Sec. 8-1. Relationship Between licensee and authorized delegate. (a) As used in this Section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by…

(205 ILCS 658/8-2) Sec. 8-2. Unauthorized activities. A person shall not engage in the business of money transmission on behalf of a person not licensed under this Act or not exempt pursuant to Article III of this Act. A person that engages in such activity provides money transmi…

(205 ILCS 658/8-3) Sec. 8-3. Prohibited authorized delegates. (a) The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including, without limitation, prohibiting the authorized delegate from directly or indir…

(205 ILCS 658/9-1) Sec. 9-1. Timely transmission. (a) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender, which shall be no more than 3 business days after the receipt of the money to …