SB3412sam002 103RD GENERAL ASSEMBLY

Sen. Laura Ellman

Filed: 4/12/2024

10300SB3412sam002 LRB103 35570 RTM 71644 a

AMENDMENT TO SENATE BILL 3412

AMENDMENT NO. ______. Amend Senate Bill 3412 on page 61, by replacing lines 20 through 24 with the following:

"(b) With the exception of payroll processing services, the amount of the required security shall be the greater of $1,000,000 or an amount equal to 100% of the licensee's average daily money transmission liability in this State calculated for the most recently completed quarter, up to a maximum of $2,000,000. The amount of the required security shall be not greater than $100,000 for payroll processing services."; and

on page 82, by replacing lines 10 and 11 with the following:

"(e) A provider of payroll processing services that was not licensed pursuant to the Transmitters of Money Act on the effective date of this amendatory Act of the 103rd General Assembly shall not be required to be licensed and comply with this Act until January 1, 2025. A person who provided payroll processing services to employers in this State shall not be penalized for providing such services before the effective date of this amendatory Act of the 103rd General Assembly.

(f) Except as otherwise stated, this Act supersedes the Transmitters of Money Act.".