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.
The licensing and regulation by the Department of Financial Institutions of consumer lenders, payday lenders, money transmitters, sales finance companies, collection agencies, mortgage bankers and mortgage brokers, adjustment service companies, community currency exchanges, and insurance premium finance companies; the Nationwide Multistate Licensing System and Registry; modifying and repealing rules promulgated by the Department of Financial Institutions; and granting rule-making authority. (FE)
The licensing and regulation by the Department of Financial Institutions of consumer lenders, payday lenders, money transmitters, sales finance companies, collection agencies, mortgage bankers and mortgage brokers, adjustment service companies, community currency exchanges, and insurance premium finance companies; the Nationwide Multistate Licensing System and Registry; modifying and repealing rules promulgated by the Department of Financial Institutions; and granting rule-making authority. (FE)
Imposing a fee on each international transaction by a money transmitter by wire, allowing the state bank commissioner to assess penalties for the nonpayment of such fee, providing for the distribution of such fee and penalty moneys, establishing the criminal litigation fund, wire transfer fee fund and prosecutor and law enforcement grant fund and creating a misdemeanor crime of unlawful transmission of a wire transfer and providing criminal penalties therefor.
Imposing an excise tax on each transaction by a money transmitter by wire, establishing an income tax credit for excise taxes paid, allowing the state bank commissioner to assess penalties for the nonpayment of such excise tax, providing for the distribution of such excise tax and penalty moneys, establishing the criminal litigation fund, wire transfer fee fund and prosecutor and law enforcement grant fund and creating a misdemeanor crime of unlawful transmission of a wire transfer and providing criminal penalties therefor.