Licenses / Money transmitter / Illinois
IL · Money transmitter
Money transmitter in Illinois
Typical processing time: Typical range unknown — statutory clock cited
What is published
120-day complete-application clock under the Illinois MTMA
205 ILCS 658/5-5 says that once the Secretary determines an original money-transmission application is complete, the Secretary shall approve or deny it within 120 days after the completion date, unless the Secretary extends that period. If neither happens within 120 days or any extension, the application is approved and the license takes effect the next business day. Completeness on its face includes the FBI criminal-background-check response.
Where the file is reviewed
Confirm the live license name and documents in the NMLS Checklist Compiler. This page does not decide whether you must file, or which product name applies.
What usually delays this family of filings
- The file is not complete
- FBI criminal background check
- Control-person and MU2 gaps
- Financial statements and net-worth proof
- Surety bond or security not posted
Paid expedite: none cited for this pair. See when expedite is real.
Other cores in Illinois
Collection · Lending · Mortgage · All four on the state page