Bill Summary

by Ingoglia

Combatting Illegal Immigration; Prohibiting licensed money services businesses from initiating foreign remittance transfers unless they have verified that the sender is not an unauthorized alien; defining the term “foreign remittance transfer”; requiring the Financial Services Commission to adopt certain rules; requiring that licensees make, keep, and preserve for 5 years records of certain documentation and penalties paid; authorizing the Office of Financial Regulation of the commission to request, and requiring licensees to provide, records of certain documentation; etc. Effective Date: 3/31/2025

Committee references not assigned.