HB 3233

Abstract

Amends the Currency Exchange Act. Provides that a customer who uses a service of a licensee to send money, money orders, or other evidences of money to a destination in a foreign country shall be offered an option to voluntarily donate a portion of those payments to the Illinois DREAM Fund by rounding the amount of the transaction up to the nearest dollar. Provides that the option to donate to the Illinois DREAM Fund must be presented to the customer before the completion of that transaction. Provides that the licensee shall ensure that the donated amount that is equal to the increase in amount by rounding up to the nearest dollar is provided to the Illinois DREAM Fund. Amends the Transmitters of Money Act. Provides that a customer who uses a service of a licensee to sell or issue payment instruments, transmit money, or exchange payment instruments or money of the United States government or a foreign government to or from money of another government shall be offered an option to voluntarily donate a portion of those payments to the Illinois DREAM Fund by rounding the amount of the transaction up to the nearest dollar. Provides that the option to donate to the Illinois DREAM Fund must be presented to the customer before the completion of that transaction. Provides that the licensee shall ensure that the donated amount that is equal to the increase in amount by rounding up to the nearest dollar is provided to the Illinois DREAM Fund. Senate Committee Amendment No. 1 Deletes reference to: 205 ILCS 405/26 new Adds reference to: 110 ILCS 947/67 Replaces everything after the enacting clause. Amends the Higher Education Student Assistance Act. Provides that the Illinois Dream Fund Commission shall develop a comprehensive program, including creation of informational materials and a marketing plan, to educate people in the State of Illinois about the purpose and benefits of contributions made to the Illinois DREAM Fund. Amends the Transmitters of Money Act. Provides that licensees shall offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM Fund. Provides that licensees must present customers with the option to make a donation to the Illinois DREAM Fund before the customer completes their transaction. Provides that the amount of the donation shall be no less than $1 per transaction. Provides that the Department of Financial and Professional Regulation may adopt rules to administer, implement, and interpret the provisions. Provides that licensees shall be responsible for ensuring that authorized sellers comply with the provisions. Provides that licensees shall not use, deduct, or retain any amounts from donations to the Illinois DREAM Fund, except any actual cost imposed by third-party payment processors to receive or remit the funds. Provides that beginning on January 1, 2024, the provisions apply to international money transmissions initiated by customers at a licensee's or authorized seller's physical location. Provides that beginning on January 1, 2025, the provisions apply to international money transmissions that are initiated online or in any other manner. Effective January 1, 2024. Senate Floor Amendment No. 2 Replaces everything after the enacting clause. Inserts the provisions of Senate Amendment No. 1 with the following changes. In provisions in the Higher Education Student Assistance Act regarding the Illinois DREAM Fund Commission developing a comprehensive program for education, provides that the Commission shall develop specific marketing materials for the voluntary use by persons licensed pursuant to the Transmitters of Money Act. In provisions in the Transmitters of Money Act regarding donations, provides that licensees may (rather than shall) offer customers the option to make a voluntary donation to the Illinois DREAM Fund before completing the transaction. Removes a provision that licensees shall be responsible for ensuring that authorized sellers comply with certain provisions. Removes a provision that, beginning January 1, 2024, certain provisions apply to international money transmissions initiated by customers at a licensee’s or authorized seller’s physical location. Removes a provision that, beginning January 1, 2025, certain provisions apply to international money transmissions that are initiated online or in any other manner. Adds a provision that the Department shall provide to licensees electronic copies of all marketing materials created by the Commission for licensees pursuant to a certain provision in the Higher Education Student Assistance Act. Effective immediately (rather than effective January 1, 2024).