Illinois House Bill HB3693

Illinois 2023-2024 Regular Session

• Introduced: 2/17/23
• Refer: 2/28/23
• Refer: 2/17/23
• Refer: 3/10/23

Caption

DFPR-EMAIL ADDRESS OF RECORD

Impact

The implementation of HB3693 would streamline the process for legal communications, allowing notices to be served via email in addition to traditional certified mail. This modernization is expected to facilitate faster responses and enhance operational efficiency in the financial sector. Moreover, defining the term 'email address of record' solidifies the requirements for digital correspondence, ensuring that all parties adhere to the updated forms of communication. The bill not only affects license applicants but will also require financial regulators to adapt to these new protocols.

Summary

House Bill 3693 aims to amend multiple existing laws including the Illinois Credit Union Act, the Transmitters of Money Act, and several other related acts. The primary feature of this legislation is to establish that applicants seeking licenses to operate within these areas must provide an email address of record to the Department of Financial and Professional Regulation. This change symbolizes a move towards modernizing the communication process between the Department and financial institutions, enhancing efficiency in handling official notices and licenses.

Contention

While the bill is primarily focused on updating communication methods, concerns may arise regarding data privacy and the security of email as a mode of communication for official transactions. Legislators and stakeholders representing consumer rights might express apprehension on whether this could lead to insufficient consumer protection. Another point of contention could revolve around the costs associated with implementing such digital changes for smaller institutions which may struggle to meet new regulatory requirements in terms of their technology infrastructure.