1.1Senator Drazkowski moved to amend
S.F. No. 3868 as follows (...):
1.2Page 1, after line 5, insert:
1.3 "Section 1. Minnesota Statutes 2024, section 53B.50, is amended to read:
1.453B.50 RECORDS.
1.5(a) A licensee must maintain the following records, for purposes of determining the
1.6licensee's compliance with this chapter, for at least three years:
1.7(1) a record of each outstanding money transmission obligation sold;
1.8(2) a general ledger posted at least monthly containing all asset, liability, capital,
income,
1.9and expense accounts;
1.10(3) bank statements and bank reconciliation records;
1.11(4) records of outstanding money transmission obligations;
1.12(5) records of each outstanding money transmission obligation paid within the three-year
1.13period;
1.14(6) a list of the last known names and addresses of all of the licensee's authorized
1.15delegates;
and
1.16(7) records of the documentation used to verify that the sender of a foreign remittance
1.17transfer is lawfully present in the United States, as defined in section 53B.521;
1.18(8) records of penalties paid under section 53B.521, including the date and amount
of
1.19each foreign remittance transfer and the name, date of birth, and address of each
sender;
1.20and
1.21(7) (9) any other records the commissioner reasonably requires by administrative rule.
1.22(b) The items specified in paragraph (a) may be maintained in any form of record.
1.23(c) The records specified in paragraph (a) may be maintained outside of Minnesota
if
1.24the records are made accessible to the commissioner upon seven business-days' notice
that
1.25is sent in a record.
1.26(d) All records maintained by the licensee as required under paragraphs (a) to (c)
are
1.27open to inspection by the commissioner under section
53B.33, paragraph (a).
2.1 Sec. 2.
[53B.521] FOREIGN REMITTANCE TRANSFERS.
2.2 Subdivision 1. Definitions. (a) For purposes of this section, the following terms have
2.3the meanings given.
2.4(b) "Foreign remittance transfer" means a remittance transfer, as defined in United
States
2.5Code, title 15, section 1693o-1, to a recipient who is located in a country other
than the
2.6United States.
2.7(c) "Lawfully present" has the meaning given in Code of Federal Regulations, title
45,
2.8section 155.20.
2.9 Subd. 2. Verification required. (a) A licensee is prohibited from initiating a foreign
2.10remittance transfer unless the licensee has verified that the sender is lawfully present
in the
2.11United States.
2.12(b) A sender is required to provide one form of documentation to the licensee to verify
2.13the sender is lawfully present in the United States. A licensee must only accept:
2.14(1) a REAL ID;
2.15(2) a driver's license or identification card that:
2.16(i) complies with all REAL ID Act requirements;
2.17(ii) is not designated as temporary or limited term; and
2.18(iii) is current or has been expired for five years or less;
2.19(3) a valid, unexpired United States passport, including a passport booklet or passport
2.20card, issued by the United States Department of State;
2.21(4) a certified copy of a birth certificate, issued by a government bureau of vital
statistics
2.22or equivalent agency in the applicant's state of birth, which must bear the raised
or authorized
2.23seal of the issuing government entity;
2.24(5) a consular report of birth abroad, certification of report of birth, or certification
of
2.25birth abroad issued by the United States Department of State, Form FS-240, Form DS-1350,
2.26or Form FS-545, as applicable;
2.27(6) a valid, unexpired permanent resident card issued by the United States Department
2.28of Homeland Security or the former Immigration and Naturalization Service of the United
2.29States Department of Justice, Form I-551. If the Form I-551 validity period has been
2.30automatically extended by the United States Department of Homeland Security, the
2.31permanent resident card is deemed unexpired regardless of the expiration date listed;
3.1(7) a foreign passport with an unexpired temporary Form I-551 stamp or a temporary
3.2Form I-551 printed notation on a machine-readable immigrant visa with a United States
3.3Department of Homeland Security admission stamp within the validity period;
3.4(8) a United States Department of Homeland Security Form I-94 or Form I-94A with a
3.5photograph and an unexpired temporary Form I-551 stamp;
3.6(9) a United States Department of State Form DS-232 with a United States Department
3.7of Homeland Security admission stamp and validity period;
3.8(10) a certificate of naturalization issued by the United States Department of Homeland
3.9Security, Form N-550 or Form N-570;
3.10(11) a certificate of citizenship issued by the United States Department of Homeland
3.11Security, Form N-560 or Form N-561;
3.12(12) an unexpired employment authorization document issued by the United States
3.13Department of Homeland Security, Form I-766 or Form I-688B. If the Form I-766 validity
3.14period has been automatically extended by the United States Department of Homeland
3.15Security, the employment authorization document is deemed unexpired regardless of
the
3.16expiration date listed;
3.17(13) a valid, unexpired passport issued by a foreign country and a valid, unexpired
United
3.18States visa accompanied by documentation of the applicant's most recent lawful admittance
3.19into the United States; or
3.20(14) a document designated by the United States Department of Homeland Security
3.21under Code of Federal Regulations, title 6, part 37.11(c)(1)(x).
3.22(c) A document provided under paragraph (b) must be legible and unaltered.
3.23(d) The licensee must provide confirmation of verification on forms prescribed by
the
3.24commissioner. The licensee must submit all required forms to the commissioner no later
3.25than the 15th day of the month following the close of each calendar quarter.
3.26 Subd. 3. Right to file a complaint. (a) A person who has good faith belief that a licensee
3.27is failing to comply with this section may file a complaint with the commissioner.
3.28(b) A person who knowingly files a false or frivolous complaint under this subdivision,
3.29including any complaint that violates federal law, commits a misdemeanor.
3.30(c) Upon receiving a valid complaint substantiated by evidence of a violation of this
3.31section, the commissioner must notify the licensee of the complaint and direct the
licensee
3.32to pay a penalty pursuant to this section.
4.1 Subd. 4. Audits. (a) The commissioner must conduct random quarterly audits of licensees
4.2to ensure compliance with this section.
4.3(b) A licensee is required to produce records used to verify that each sender of a
foreign
4.4remittance transfer is lawfully present in the United States.
4.5(c) The division must not audit a licensee more than once every two years unless an
4.6audit within the last six months found the licensee did not comply with this section.
4.7 Subd. 5. Penalties. (a) A licensee must pay a penalty equal to 25 percent of the United
4.8States dollar amount transferred, excluding fees or charges imposed by the licensee
for a
4.9foreign remittance transfer initiated in violation of this section.
4.10(b) The licensee must remit penalties owed under this section to the commissioner
4.11quarterly. The licensees must include with the remittance the forms required by the
4.12commissioner. "
4.13Renumber the sections in sequence and correct the internal references
4.14Amend the title accordingly
4.15The motion prevailed. #did not prevail. So the amendment was #not adopted.