If enacted, this bill would amend current statutes related to financial services in Arizona by introducing new provisions that prohibit financial institutions and check cashers from accepting certain forms of identification from unauthorized aliens or undocumented immigrants. Specifically, it would make it unlawful for these entities to accept licenses or identification cards issued exclusively to unauthorized aliens, or those that resemble valid identification but indicate the holder did not present proof of lawful presence in the U.S. Additionally, the bill would prevent loans from being made to individuals if their application allows the use of an individual taxpayer identification number as a form of identification, although lenders could request this number after a loan agreement is executed if the borrower is ineligible for a social security number.

The bill would also establish requirements for businesses conducting foreign remittance transfers, mandating that they obtain documentary proof that individuals are not unauthorized aliens before processing transfers. It would require these businesses to report compliance to the Department of Insurance and Financial Institutions (DIFI) monthly and allow DIFI to conduct audits and impose civil penalties for violations. The bill would define key terms such as "foreign remittance transfer" and "unauthorized alien," and it would make technical and conforming changes to existing laws. Overall, the bill aims to tighten regulations surrounding financial services and remittance transfers 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