Illinois HB4533 allows money transmitters to offer customers a donation option to the Illinois DREAM Fund during international money transfers.
Illinois HB4533 amends the Uniform Money Transmission Modernization Act to allow licensees to offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM Fund. The donation amount must be at least $1 per transaction. The Department of Financial and Professional Regulation must provide licensees with electronic copies of marketing materials created by the Illinois DREAM Fund Commission. Licensees cannot use, deduct, or retain any amounts from donations, except for actual costs imposed by third-party payment processors.
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