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SECOND REGULAR SESSION
HOUSE COMMITTEE SUBSTITUTE FOR
HOUSE BILL NO. 2412
103RD GENERAL ASSEMBL Y
4156H.04C JOSEPH ENGLER, Chief Clerk
AN ACT
T o amend chapter 361, RSMo, by adding thereto four new sections relating to foreign
remittance transfers, with penalty provisions.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 361, RSMo, is amended by adding thereto four new sections, to
2 be known as sections 361.1040, 361.1042, 361.1044, and 361.1046, to read as follows:
361.1040. As used in sections 361.1040 to 361.1046, the following terms mean:
2 (1) "Dir ector", the dir ector of finance of the division of finance;
3 (2) "Division", the division of finance of the department of commer ce and
4 insurance;
5 (3) "Forei gn r emittance transfer", a rem ittance transfer as defined in the
6 Electr onic Fund T ransfer Act, 15 U.S.C. Section 1693o-1, as amended, the recip ient of
7 which is located in any country other than the United States;
8 (4) "Licensee", a person licensed under sections 361.900 to 361.1035;
9 (5) "Person", any individual, general partnership, limited partnership, limited
10 liability company , corporation, trust, association, joint stock corporation, or other
11 corporate entity identified by the dir ector of the division;
12 (6) "Unauthorized alien", a person who is unlawfully pr esent in the United
13 States according to the terms of the federal Immigration and Nationality Act, 8 U.S.C.
14 Section 1 101, et seq. The term shall be interpret ed consistently with any applicable
15 federal statutes, rules, or regul ations.
361.1042. 1. In addition to the re quir ements specified under sections 361.900 to
2 361.1035, a licensee shall not initiate a for eign r emittance transfer unless the licensee has
3 verified that the sender is not an unauthorized alien.
EXPLANA TION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law . Matter in bold-face type in the above bill is proposed language.
4 2. A licensee shall pr ovide to the division confirmation of verification that the
5 sender of a for eign r emittance transfer is not an unauthorized alien on forms developed
6 by the division. The licensee shall submit the forms to the division not later than the
7 forty-fifth day following June thirtieth and December thirty-first.
8 3. (1) A licensee shall pay a penalty equal to twenty-five per cent of the United
9 States dollar amount transferred , excluding any fees or charges imposed by the licensee,
10 for any for eign rem ittance transfer initiated in violation of subsection 1 of this section.
11 (2) Penalties owed under subdivision (1) of this subsection shall be rem itted not
12 later than the forty-fifth day following June thirtieth and December thirty-first to the
13 division in addition to any forms that the division may pr escribe for such purpose.
14 (3) Notwithstanding any other pr ovision of this chapter , failure to comply with
15 subsection 1 or 2 of this section does not subject a licensee to any penalty other than the
16 penalty imposed under subdivision (1) of this subsection.
17 4. All moneys collected by the division under sections 361.1040 to 361.1046 shall
18 be deposited into the state trea sury to the cr edit of the county public school fund of the
19 several counties as req uire d by Article IX, Section 7 of the Constitution of Missouri.
361.1044. 1. Each licensee who initiates a for eign r emittance transfer under
2 sections 361.1040 to 361.1046 shall make, keep, and pr eserve the following books,
3 accounts, rec ords, and documents for thr ee years:
4 (1) A re cord of each outstanding money transmission obligation sold;
5 (2) A general ledger posted at least monthly containing all assets, liability ,
6 capital, income, and expense accounts;
7 (3) Bank statements and bank recon ciliation reco rds;
8 (4) Records of outstanding money transmission obligations;
9 (5) Records of each outstanding money transmission obligation paid within the
10 thr ee-year period;
11 (6) A list of the last-known names and addr esses of all of the licensee's
12 authorized delegates;
13 (7) Records of:
14 (a) The documentation used to verify that the sender of a for eign r emittance
15 transfer is not an unauthorized alien; and
16 (b) Penalties paid pursuant to subsection 3 of section 361.1042, including the
17 date and amount of each for eign rem ittance transfer and the name, date of birth, and
18 addr ess of each sender;
19 (8) Any other r ecords, as prescribed by rule, designed to detect and preven t the
20 unauthorized fore ign rem ittance transfer; and
21 (9) Any other rec ords the dir ector may reas onably requ ire by rule.
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22 2. The items requi red under subsection 1 of this section may be maintained in
23 any form of r ecord. All rec ords maintained by the licensee shall be open to inspection
24 by the direc tor .
361.1046. 1. For the purpose of enforc ement of sections 361.1040 to 361.1046,
2 the division may at any time re quest, and the licensee shall prov ide, r ecords of
3 documentation used to verify that the sender of a for eign r emittance transfer is not an
4 unauthorized alien.
5 2. A person who has a good faith belief that a licensee has failed to comply with
6 sections 361.1040 to 361.1046 may file a written complaint with the division setting forth
7 supporting details. A person who knowingly files a false or frivolous complaint under
8 this subsection, including any complaint that violates federal law , shall be guilty of a
9 class B misdemeanor .
10 3. Upon receipt of a valid complaint that is substantiated by evidence of a
11 violation of sections 361.1040 to 361.1046 after an investigation, the division shall notify
12 the licensee of the complaint and dir ect the licensee to pay the penalty requ ired under
13 subsection 3 of section 361.1042.
14 4. In addition to the r equir ements under subsection 1 of this section, beginning
15 July 1, 2028, the division shall conduct random examinations of licensees to ensur e
16 compliance with sections 361.1040 to 361.1046. During an examination or investigation,
17 a licensee shall pr oduce reco rds of the documentation used to verify that each sender of
18 a for eign r emittance transfer is not an unauthorized alien. A licensee that fails to
19 substantially comply with sections 361.1040 to 361.1046 is subject to the penalty under
20 subsection 3 of section 361.1042.
21 5. Failure to substantially comply with subsection 4 of this section constitutes
22 gr ounds for the suspension of all licenses held by the licensee that wer e issued by the
23 division.
24 6. The division shall not examine a licensee mor e than once every two years for
25 compliance with section 361.1042 unless an examination within the last six months
26 found the licensee to be in noncompliance with section 361.1042.
27 7. The division may pro mulgate all necessary rules and reg ulations for the
28 administration of sections 361.1040 to 361.1046, including the adoption of rules
29 governing the pr ocedur es and forms necessary to implement such sections. Any rule or
30 portion of a rule, as that term is defined in section 536.010, that is creat ed under the
31 authority delegated in this section shall become effective only if it complies with and is
32 subject to all of the pr ovisions of chapter 536 and, if applicable, section 536.028. This
33 section and chapter 536 are nonseverable and if any of the powers vested with the
34 general assembly pursuant to chapter 536 to revie w , to delay the effective date, or to
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35 disappr ove and annul a rule ar e subsequently held unconstitutional, then the grant of
36 rulemaking authority and any rule pr oposed or adopted after August 28, 2026, shall be
37 invalid and void.
✔
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