Illinois General Assembly - Bill Status for HB5477
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 Bill Status of HB5477  101.th General Assembly


Short Description:  TRANSMITTERS OF MONEY-CANNABIS

House Sponsors
Rep. Lamont J. Robinson, Jr.

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 657/90


Synopsis As Introduced
Amends the Transmitters of Money Act. Provides that the Director of Financial Institutions of the Department of Financial and Professional Regulation shall not issue an order against a money transmitter for practices contrary to the Act solely because the entity provides or has provided financial services to a cannabis-related legitimate business. Provides that the Director shall not prohibit, penalize, or otherwise discourage a money transmitter from providing financial services to a cannabis-related legitimate business solely because the entity provides or has provided financial services to a cannabis-related legitimate business. Provides that the Director shall not recommend, incentivize, or encourage a money transmitter not to offer financial services or to downgrade or cancel the financial services offered to an account holder solely because of specified reasons related to owning or operating a cannabis-related legitimate business.

Actions 
DateChamber Action
  2/14/2020HouseFiled with the Clerk by Rep. Lamont J. Robinson, Jr.
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  3/17/2020HouseAssigned to Financial Institutions Committee
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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