This 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 documentation to verify the sender's status. Licensees are required to submit verification forms and pay a penalty of 25% of the transferred amount for any violations, with penalties to be remitted quarterly to the Office of Financial Regulation.

Additionally, the bill amends existing record-keeping requirements for licensees, mandating the preservation of documentation related to the verification of senders and penalties paid for five years. It establishes a new section that allows the Office of Financial Regulation to request records and conduct random audits to ensure compliance. The bill also includes provisions for filing complaints against licensees, with penalties for those who file false complaints. Failure to comply with the new regulations can lead to the suspension of licenses. The act is set to take effect on March 31, 2025.

Statutes affected:
S 16A Filed: 560.211