Illinois General Assembly - Bill Status for HB3479
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 Bill Status of HB3479  103rd General Assembly

Short Description:  FINANCIAL REGULATION-VARIOUS

House Sponsors
Rep. Mark L. Walker - Aaron M. Ortiz and Dagmara Avelar

Hearings
Financial Institutions and Licensing Committee Hearing Mar 28 2023 4:00PM Capitol Building 114 and Virtual Room 2 Springfield, IL - House Floor Amendment 1


Last Action
DateChamber Action
  3/24/2023HousePlaced on Calendar Order of 3rd Reading - Short Debate

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
30 ILCS 105/5.990 new
30 ILCS 105/5.991 new
205 ILCS 5/2from Ch. 17, par. 302
205 ILCS 5/30from Ch. 17, par. 337
205 ILCS 620/1-5.08from Ch. 17, par. 1551-5.08
205 ILCS 620/2-1from Ch. 17, par. 1552-1
205 ILCS 620/Art. IIA heading new
205 ILCS 620/2A-1 new
205 ILCS 620/2A-2 new
205 ILCS 620/2A-3 new
205 ILCS 620/2A-4 new
205 ILCS 620/4-1from Ch. 17, par. 1554-1
205 ILCS 620/4-2from Ch. 17, par. 1554-2
205 ILCS 620/4-5from Ch. 17, par. 1554-5
205 ILCS 620/4A-15
205 ILCS 620/5-1from Ch. 17, par. 1555-1
815 ILCS 505/2BBBB new
205 ILCS 657/Act rep.


Synopsis As Introduced
Creates the Uniform Money Transmission Modernization Act. Provides that the provisions supersede the Transmitters of Money Act. Sets forth provisions concerning money transmission licenses; acquisition of control; reporting and records; authorized delegates; timely transmission, refunds, and disclosures; prudential standards; and enforcement. Creates the Digital Assets Regulation Act. Provides that the Department of Financial and Professional Regulation shall regulate digital asset business activity in the State. Sets forth provisions concerning customer protections; compliance; licensure; supervision; general restrictions and prohibitions; confidentiality; and rulemaking authority. Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Makes conforming changes in the Freedom of Information Act, the Illinois Banking Act, and the Consumer Fraud and Deceptive Business Practices Act. Provides that the Transmitters of Money Act is repealed on January 1, 2025. Makes other changes. Effective immediately, except that the changes to the Transmitters of Money Act take effect January 1, 2025.

House Floor Amendment No. 1
Makes a change in a provision concerning a letter of credit. Sets forth provisions concerning orders to cease and desist and civil penalties. Changes the definition of "confidential supervisory information" and "digital asset business activity". Changes references to the Financial Protection Fund to the Digital Assets Regulation Fund. Sets forth provisions concerning a transition period for covered persons and exchanges. Removes language providing that a toll-free telephone number shall be operative 24 hours per day, Monday through Sunday. Makes other changes.

Actions 
DateChamber Action
  2/17/2023HouseFiled with the Clerk by Rep. Mark L. Walker
  2/17/2023HouseFirst Reading
  2/17/2023HouseReferred to Rules Committee
  2/28/2023HouseAssigned to Financial Institutions and Licensing Committee
  3/7/2023HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
  3/8/2023HousePlaced on Calendar 2nd Reading - Short Debate
  3/21/2023HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
  3/21/2023HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/22/2023HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  3/22/2023HouseAdded Co-Sponsor Rep. Dagmara Avelar
  3/22/2023HouseSecond Reading - Short Debate
  3/22/2023HouseHeld on Calendar Order of Second Reading - Short Debate
  3/23/2023HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000
  3/24/2023HouseAdded Co-Sponsor Rep. Aaron M. Ortiz
  3/24/2023HouseAdded Chief Co-Sponsor Rep. Aaron M. Ortiz
  3/24/2023HouseRemoved Co-Sponsor Rep. Aaron M. Ortiz
  3/24/2023HouseHouse Floor Amendment No. 1 Adopted
  3/24/2023HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/24/2023HouseThird Reading - Consideration Postponed

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