SB3178 Summary - Email Address of Record

• Requires applicants for licenses or renewals under seven financial regulation acts to provide an email address of record to the Department of Financial and Professional Regulation.

• Allows service of notices and orders by email to the designated email address of record, with service deemed complete upon sending rather than requiring certified mail delivery.

• Establishes that service by certified mail is deemed complete when deposited in United States mail, while email service is deemed complete when sent.

• Applies to licensees and applicants under the Illinois Credit Union Act, Transmitters of Money Act, Sales Finance Agency Act, Debt Management Service Act, Consumer Installment Loan Act, Debt Settlement Consumer Protection Act, and Payday Loan Reform Act.

• Defines "email address of record" as the accurate and current email address designated by the applicant or licensee and maintained by the Division of Financial Institutions' licensure unit.