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 for verification. 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 outlines record-keeping requirements for licensees, including documentation used for verification and penalties paid.

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

Statutes affected:
S 16A Filed: 560.211