Bill > HB2412

This bill amends Missouri law to prohibit licensed money transmitters, referred to as "licensees," from initiating a foreign remittance transfer, which is a transfer of funds to someone outside the United States, unless they verify that the sender is not an "unauthorized alien," meaning someone unlawfully present in the U.S. Licensees must report this verification to the Division of Finance and face a penalty of 25% of the transferred amount for each violation. They are required to keep records of these verification processes for three years and must allow the Division of Finance to inspect them. The bill also establishes a process for filing complaints against licensees and mandates random examinations by the Division of Finance to ensure compliance, with potential license suspension for repeated non-compliance.

Business and Industry

https://house.mo.gov/Bill.aspx?bill=HB2412&year=2026&code=R