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MI SB0774
Bill
Status
Introduced
1/29/2026
Primary Sponsor
James Runestad
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AI Summary
- Prohibits money transmitters from initiating foreign remittance transfers unless they verify the sender is not an unauthorized alien (unlawfully present in the United States under federal immigration law)
- Requires licensees to submit quarterly reports to the Department of Insurance and Financial Services listing all foreign remittance transfers, including sender name, date of birth, address, and verification documentation
- Imposes a civil fine of 25% of the transferred amount for each foreign remittance transfer initiated without proper verification of the sender's immigration status
- Mandates the state commissioner to promulgate rules specifying acceptable documentation for verifying immigration status and prescribe verification forms
- Requires licensees and authorized delegates to maintain records of foreign remittance transfers and verification documentation for at least 3 years, subject to random quarterly audits by the department
Legislative Description
Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.
Financial institutions: money transmitters
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
1/29/2026
Committee Referrals
Finance, Insurance, And Consumer Protection1/29/2026
Full Bill Text
No bill text available