Minnesota HF4767 requires verification of lawful U.S. presence for foreign remittance transfers and sets penalties for non-compliance.

Minnesota HF4767 amends the state's commerce laws to require verification of lawful U.S. presence for foreign remittance transfers. Licensees must ensure senders provide specific documentation, such as a REAL ID-compliant driver's license or a U.S. passport. Failure to comply results in a penalty of 25 percent of the transfer amount. The commissioner conducts quarterly audits to ensure compliance and may impose additional penalties. The bill also outlines record-keeping requirements and allows for complaints against non-compliant licensees.

Minnesota HF4767 requires verification of lawful U.S. presence for foreign remittance transfers and sets penalties for non-compliance.

Minnesota HF4767 amends the state's commerce laws to require verification of lawful U.S. presence for foreign remittance transfers. Licensees must ensure senders provide specific documentation, such as a REAL ID-compliant driver's license or a U.S. passport. Failure to comply results in a penalty of 25 percent of the transfer amount. The commissioner conducts quarterly audits to ensure compliance and may impose additional penalties. The bill also outlines record-keeping requirements and allows for complaints against non-compliant licensees.