Sec. 7-1. Report of condition.

185 words·~1 min read·/il/chapter-205/act-658/7-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Each licensee, under penalty of perjury, shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the Secretary may prescribe.

(b)The report of condition shall include:

(1)financial information at the licensee level;

(2)nationwide and state-specific money transmission transaction information in every

jurisdiction in the United States where the licensee is licensed to engage in money transmission;

(3)permissible investments report;

(4)transaction destination country reporting for money received for transmission, if

applicable; and

(5)any other information the Secretary reasonably requires with respect to the

licensee. The Secretary is authorized and encouraged to use NMLS for the submission of the report required by subsection

(a)and is authorized to change or update as necessary the requirements of this Section to carry out the purposes of this Act and maintain consistency with NMLS reporting.

(c)The information required by paragraph

(4)of subsection

(b)shall only be included in a report of condition submitted within 45 days of the end of the fourth calendar quarter.