HB4533: MONEY TRANSMITTER DREAM DONATE

HB4533 Enrolled LRB104 16567 BAB 29965 b 1 AN ACT concerning regulation. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Uniform Money Transmission Modernization 5 Act is amended by adding Section 12-5 as follows: 6 (205 ILCS 658/12-5 new) 7 Sec. 12-5. Donations; Illinois DREAM Fund. 8 (a) Licensees may offer every customer who transmits money 9 internationally the option to make a voluntary donation to the 10 Illinois DREAM Fund. Licensees may present customers with the 11 option to make a donation to the Illinois DREAM Fund before the 12 customer completes the transaction. The amount of the donation 13 shall be no less than $1 per transaction. The Department may 14 adopt rules to administer, implement, and interpret the 15 provisions of this Section, including, but not limited to, the 16 amount of the donation options to be presented to customers, 17 the manner and timing of receiving donations and remitting the 18 donations to the Illinois DREAM Fund, and the methods by which 19 the licensee may offer the option to donate to customers. 20 Licensees shall not use, deduct, or retain any amounts from 21 donations to the Illinois DREAM Fund, except any actual cost 22 imposed by third-party payment processors to receive or remit 23 the funds. HB4533 Enrolled - 2 - LRB104 16567 BAB 29965 b 1 (b) The Department shall provide to licensees under this 2 Act electronic copies of all marketing materials created by 3 the Illinois DREAM Fund Commission for licensees pursuant to 4 subsection (e) of Section 67 of the Higher Education Student 5 Assistance Act.