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 also 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 used for verification and penalties paid.

Furthermore, the bill creates a new section that allows the Office of Financial Regulation to request records from licensees and outlines the process for filing complaints against them. It imposes criminal penalties for knowingly filing false complaints and requires the office to conduct random audits of licensees to ensure compliance. Non-compliance can lead to the suspension of licenses, and the office is restricted from auditing a licensee more than once every two years unless previous audits have indicated violations. The bill also includes provisions for emergency rule adoption and establishes severability for its provisions, with an effective date set for March 31, 2025.

Statutes affected:
S 16A Filed: 560.211