Section 205.5  Definitions

 

"Authorized delegate" means a person a licensee designates to engage in money transmission on behalf of the licensee.  [205 ILCS 658/2-1] The term "authorized delegate" includes an authorized seller pursuant to the Transmitters of Money Act.

 

"Secretary" means the Secretary of the Department of Financial and Professional Regulation, the acting Secretary, or a person authorized by the Secretary. [205 ILCS 658/2-1]

 

(Source:  Added at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.10  Average Daily Money Transmission

 

"Average daily money transmission liability" shall be calculated by taking the amount of the licensee's outstanding money transmission obligations in this State at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time.  For purposes of calculating average daily money transmission liability under the Act for any licensee required to do so, the given period of time shall be the quarters ending March 31, June 30, September 30, and December 31.  [205 ILCS 658/2-1].

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.20  Authorized Delegates

 

a)         A licensee shall report to the Secretary, on a quarterly basis, the addition, removal or termination of operations of an authorized delegate location on forms presented by the Secretary.

 

b)         A licensee must provide a copy of the written contract entered into between the licensee and authorized delegate to the Department.

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.30  Examinations

 

Examination Reports

 

a)         The following definitions apply to this Section.

 

1)         "Safety and soundness examination" means an examination that includes, but is not limited to, a determination of the financial condition of the licensee based on generally accepted accounting principles.

 

2)         "Banking authority of the United States, of this State or of any other state" means the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Office of the Comptroller of the Currency, National Credit Union Administration or any other supervisory agency of the United States, of this State or of any other state responsible for regulating financial institutions, including, but not limited to, banks, savings associations, saving banks, and credit unions.

 

b)         For any licensee subject to a safety and soundness examination performed by a banking authority of the United States, of this State or of any other state, the Secretary may, at their discretion, accept the safety and soundness examination report of a banking authority of the United States, of this State or of any other state in lieu of a safety and soundness examination performed by the Department.

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.35  Fees

 

Fees shall be assessed as follows:

 

a)         Application Fee.  For applying for a license, an application fee of $2,500 and a license fee of $0. 

 

b)         Renewal Fee.  For renewal of a license, a fee will be calculated based on the total dollar volume of transactions, including transactions by authorized delegates, reported by the licensee in its annual renewal application.  The renewal fee shall be calculated in the following manner based on the licensee's reported Illinois volume:

 

Transactions of $1,000,000 or less	$1,000 renewal fee
Transactions over $1,000,000 but less than $10,000,000	$1,000 plus an additional amount equal to a rate of .0004 for each dollar in volume more than $1,000,000 but less than $10,000,000
Transactions over $10,000,000 but less than $100,000,000	$4,600 plus an additional amount equal to a rate of .0002 for each dollar in volume more than $10,000,000 but less than $100,000,000
Transactions over $100,000,000	$22,600 plus an additional amount equal to a rate of .0001 for each dollar in volume more than $100,000,000 up to a maximum fee of $50,000

 

c)         Late Renewal Fee.  For an application for renewal of a license received by the Department after December 1, a penalty fee of $50 per day for each day after December 1, in addition to any other fees required under this Section, unless an extension of time has been applied for and approved prior to December 1.

 

d)         Late Financial Statement Fee.  For failure to submit required financial statements, a penalty fee of $50 per day for each day after the date the financial statements are required to be submitted to the Department unless an extension of time has been applied for and approved prior to the date financial statements are due.

 

e)         Examination Fees.  The Department shall charge $400 for each examiner day or part thereof and actual travel costs for any examination records.

 

f)         Other Fees.  All other fees authorized by applicable law including, but not limited to, the Transmitters of Money Act [205 ILCS 657] or Uniform Money Transmission Modernization Act [205 ILCS 658] shall be collected in the amount and manner authorized by such applicable law.

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.40  Enforcement

 

If, after the opportunity for a hearing, the Secretary determines they had the authority to issue the suspension or revocation of a license or a cease and desist order, the Secretary may issue orders as may be reasonably necessary to correct, eliminate or remedy the situation.

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.50  Reports/Documents

 

a)         Any reports or documents the Secretary may require from a licensee must be transmitted by mail or electronic format at the option of the Secretary.

 

b)         A licensee shall require and its authorized delegates must preserve for at least three years all documents relating to money transmission activities unless the data embodied in those documents has been transmitted for recordation by the licensee.  [205 ILCS 658/7-6]

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)

 

Section 205.60  Permissible Investments

 

Digital currency shall not constitute a permissible investment.  For the purposes of this Section, "digital currency" means a digital representation of value that: 

 

a)         is used as a medium of exchange, unit of account, or store of value; and

 

b)         is not a medium of exchange that is authorized or 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 or a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments.  [205 ILCS 658/2-1]

 

(Source:  Amended at 48 Ill. Reg. 17546, effective November 20, 2024)