Illinois § 7-1
Full text of Illinois Illinois Compiled Statutes § 7-1, with citation guidance and answers to common questions.
§ 7-1.
Report of condition. (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. (Source: P.A. 103-991, eff. 8-9-24.)
Frequently Asked Questions About Illinois § 7-1
What does Illinois Compiled Statutes § 7-1 cover?
Section 7-1 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 7-1?
A common citation format is "Illinois Compiled Statutes § 7-1" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 7-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.