Transmitter of Money Act (Toma) Additional Location Information - Illinois

Transmitter of Money Act (Toma) Additional Location Information is a legal document that was released by the Illinois Department of Financial and Professional Regulation - a government authority operating within Illinois.

FAQ

Q: What is the Transmitter of Money Act (TOMA)?
A: The Transmitter of Money Act (TOMA) is a law in Illinois that regulates the transmission of money or value through electronic means.

Q: What does TOMA require for money transmitters?
A: TOMA requires money transmitters to obtain a license from the Illinois Department of Financial and Professional Regulation.

Q: What is an additional location under TOMA?
A: An additional location under TOMA refers to any physical branch or office that a licensed money transmitter operates in addition to its main location.

Q: What information is needed for submitting additional location information in Illinois?
A: To submit additional location information in Illinois, money transmitters need to provide the name of the additional location, its address, and contact information.

Q: Is there a fee for adding additional locations under TOMA in Illinois?
A: Yes, there is a fee for adding additional locations under TOMA in Illinois. The fee amount can vary and should be verified with the Illinois Department of Financial and Professional Regulation.

Q: What happens if a money transmitter operates additional locations without notifying the regulatory authority?
A: Operating additional locations without notifying the regulatory authority is a violation of TOMA and may result in penalties or other enforcement actions.

Q: Are there any exemptions to the additional location requirements under TOMA?
A: Yes, certain entities like banks and credit unions are exempt from the additional location requirements under TOMA.