The bill aims to combat illegal immigration by imposing new regulations on licensed money services businesses regarding foreign remittance transfers. It prohibits these businesses from initiating such transfers unless they have verified that the sender is not an unauthorized alien, as defined in existing law. The bill defines "foreign remittance transfer" and mandates the Financial Services Commission to adopt rules for acceptable verification documentation. Licensees are required to submit verification forms and pay penalties for any violations, with penalties set at 25% of the transferred amount. Additionally, the bill establishes record-keeping requirements for licensees, including documentation of verification and penalties paid, which must be maintained for five years.

Furthermore, the bill creates a new section that allows the Office of Financial Regulation to request documentation from licensees and to conduct random quarterly audits to ensure compliance. It also outlines the process for filing complaints against licensees suspected of non-compliance, with penalties for those who file false complaints. The bill specifies that failure to comply with the verification requirements can lead to the suspension of licenses. Emergency rules can be adopted to implement the act, which is set to take effect on March 31, 2025.

Statutes affected:
H 5A Filed: 560.211