Sen. Laura Ellman
Filed: 4/12/2024
 
 

 
 

 
10300SB3412sam002LRB103 35570 RTM 71644 a

1
AMENDMENT TO SENATE BILL 3412 

2    AMENDMENT NO. ______. Amend Senate Bill 3412 on page 61, 
3by replacing lines 20 through 24 with the following:
4    "(b) With the exception of payroll processing services, 
5the amount of the required security shall be the greater of 
6$1,000,000 or an amount equal to 100% of the licensee's 
7average daily money transmission liability in this State 
8calculated for the most recently completed quarter, up to a 
9maximum of $2,000,000. The amount of the required security 
10shall be not greater than $100,000 for payroll processing 
11services."; and
 
12on page 82, by replacing lines 10 and 11 with the following: 
13    "(e) A provider of payroll processing services that was 
14not licensed pursuant to the Transmitters of Money Act on the 
15effective date of this amendatory Act of the 103rd General 
16Assembly shall not be required to be licensed and comply with 
17this Act until January 1, 2025. A person who provided payroll 
 
 
10300SB3412sam002- 2 -LRB103 35570 RTM 71644 a

1processing services to employers in this State shall not be 
2penalized for providing such services before the effective 
3date of this amendatory Act of the 103rd General Assembly. 
4    (f) Except as otherwise stated, this Act supersedes the 
5Transmitters of Money Act.".