The proposed bill would amend current statutes related to financial services in Arizona by introducing new restrictions on the identification forms accepted by financial institutions and check cashers. Specifically, it would prohibit these entities from accepting licenses or identification cards issued exclusively to unauthorized aliens or undocumented immigrants, as well as those that resemble valid identification but indicate the holder did not present proof of lawful presence in the U.S. Additionally, the bill would make it unlawful for loans to be issued if the application allows the use of an individual taxpayer identification number for identification purposes, although lenders could request such numbers after a lawful loan agreement is executed.

Furthermore, the bill establishes regulations for foreign remittance transfers, requiring businesses to obtain documentary proof that individuals are not unauthorized aliens before processing such transfers. It mandates that the Department of Insurance and Financial Institutions (DIFI) adopt rules for compliance, conduct quarterly audits starting July 1, 2027, and impose civil penalties for violations. The bill also allows individuals to file complaints against businesses suspected of non-compliance, ensuring that the DIFI notifies the business of any substantiated complaints. Overall, these changes aim to enhance enforcement against unauthorized financial activities involving undocumented individuals.

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