The proposed bill would amend current statutes related to financial services in Arizona by introducing new restrictions on the identification accepted by financial institutions and check cashers. Specifically, it would prohibit these entities from accepting forms of identification issued exclusively to unauthorized aliens or undocumented immigrants, as well as any identification that resembles those issued to U.S. citizens but lacks proof of lawful presence. Additionally, the bill would make it unlawful for loans to be granted if the application allows the use of an individual taxpayer identification number for identification purposes, although lenders could request such numbers after a loan agreement is executed if the borrower is ineligible for a social security number.

Furthermore, the bill establishes new requirements for businesses conducting foreign remittance transfers, mandating that they obtain documentary proof of an individual's legal status before processing transfers. It also requires these businesses to report compliance to the Department of Insurance and Financial Institutions (DIFI) and allows DIFI to conduct audits and impose civil penalties for violations. The bill includes definitions for key terms such as "foreign remittance transfer" and "unauthorized alien," and it outlines the process for filing complaints against businesses suspected of non-compliance. Overall, the bill aims to tighten regulations surrounding financial services provided to undocumented individuals in Arizona.

Statutes affected:
Introduced Version: 6-118, 44-1209, 44-1362, 44-1522
Senate Engrossed Version: 6-118, 44-1209, 44-1362, 44-1522