This bill amends Minnesota Statutes 2024, section 53B.50, to introduce new requirements for licensees involved in foreign remittance transfers. It mandates that licensees must verify that the sender is lawfully present in the United States before initiating any foreign remittance transfer. To comply, senders must provide specific forms of documentation, such as a REAL ID, valid passport, or other government-issued identification. Additionally, the bill requires licensees to maintain records of this verification process and any penalties incurred, which must be kept for at least three years.

The bill also establishes civil and criminal penalties for non-compliance. Licensees who fail to adhere to the verification requirements will face a penalty equal to 25% of the amount transferred, excluding any fees. The commissioner is tasked with conducting random audits of licensees to ensure compliance and must notify them of any complaints received regarding violations. If a complaint is found to be false or frivolous, the individual filing it may be charged with a misdemeanor. Overall, the legislation aims to enhance the integrity of foreign remittance transfers and ensure compliance with federal immigration laws.

Statutes affected:
Introduction: 53B.50