Illinois General Assembly - Full Text of HB4533

HB4533 Engrossed LRB104 16567 BAB 29965 b

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Uniform Money Transmission Modernization Act is amended by adding Section 12-5 as follows:

(205 ILCS 658/12-5 new)

Sec. 12-5. Donations; Illinois DREAM Fund.

(a) Licensees may offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM Fund. Licensees may present customers with the option to make a donation to the Illinois DREAM Fund before the customer completes the transaction. The amount of the donation shall be no less than $1 per transaction. The Department may adopt rules to administer, implement, and interpret the provisions of this Section, including, but not limited to, the amount of the donation options to be presented to customers, the manner and timing of receiving donations and remitting the donations to the Illinois DREAM Fund, and the methods by which the licensee may offer the option to donate to customers. 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.

(b) The Department shall provide to licensees under this Act electronic copies of all marketing materials created by the Illinois DREAM Fund Commission for licensees pursuant to subsection (e) of Section 67 of the Higher Education Student Assistance Act.