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FL H0005
Bill
Status
Failed
1/27/2025
Primary Sponsor
Mike Caruso
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AI Summary
- Licensed money services businesses are prohibited from initiating foreign remittance transfers (money sent to recipients outside the U.S.) unless they have verified the sender is not an unauthorized alien, with the Financial Services Commission required to adopt rules on acceptable verification documentation
- Licensees that initiate foreign remittance transfers in violation of the verification requirement must pay a penalty equal to 25% of the U.S. dollar amount transferred, with penalties deposited into the Emergency Preparedness and Response Fund
- Licensees must maintain records of verification documentation and penalties paid for 5 years, and must submit required forms and penalty payments to the Office of Financial Regulation by the 15th day of the month following each calendar quarter
- Beginning July 1, 2026, the Office of Financial Regulation must conduct random quarterly audits of licensees to ensure compliance, with failure to comply during an audit constituting grounds for suspension of all licenses; audits are limited to once every 2 years unless a prior audit within the last 6 months found noncompliance
- Knowingly filing a false or frivolous complaint against a licensee under this section is a second-degree misdemeanor; the act takes effect March 31, 2025
Legislative Description
Combatting Illegal Immigration
Last Action
1st Reading (Original Filed Version)
1/27/2025
Committee Referrals
Insurance And Banking Subcommittee1/27/2025
Full Bill Text
No bill text available