The bill amends the Money Transmission Services Act (2006 PA 250) by updating definitions and adding new provisions related to foreign remittance transfers. Key insertions include the definitions of "remittance transfer," "remittance transfer provider," and "sender," which clarify the roles and responsibilities of parties involved in remittance transactions. Additionally, the bill introduces Section 21a, which allows the Department of Insurance and Financial Services to request documentation to verify that senders of foreign remittance transfers are not unauthorized aliens. It also establishes penalties for individuals who file false complaints regarding compliance with these regulations.

Furthermore, the bill mandates that licensees and authorized delegates must verify the status of senders before initiating foreign remittance transfers, as outlined in Section 35. This section requires the commissioner to create rules for acceptable verification documentation and mandates that licensees maintain detailed records of foreign remittance transfers, including sender information and verification forms. Violations of these provisions can result in civil fines equal to 25% of the transferred amount, emphasizing the importance of compliance in the remittance process.

Statutes affected:
Senate Introduced Bill: 487.1002