205 ILCS 658/1-2

(205 ILCS 658/1-2)

Sec. 1-2. Purpose.

(a) This Act is designed to replace existing State money transmission laws currently codified under the Transmitters of Money Act. It is the intent of the General Assembly that the provisions of this Act accomplish the following:

(1) ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively use regulator resources;

(2) protect the public from financial crime;

(3) standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and

(4) modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.

(b) The provisions of this Act shall be liberally construed to effectuate its purposes.

(Source: P.A. 103-991, eff. 8-9-24.)