#new Arizona has advanced legislation to ban illegal migrants from using banks, getting loans, sending money back to their home countries or accessing any other financial services
#Arizona
Arizona Republicans in the House Commerce Committee voted 6-2 to advance Senate Bill 1421, which will ban illegal migrants from using the state’s financial system and stop them from sending billions of dollars back to their home countries every year.
The bill passed the full Senate on a party-line vote 16-12, (with all democrats voting in favor of illegal migrants) before clearing the House Commerce Committee.
It targets loopholes that have allowed illegal migrants to open bank accounts, get loans for homes, businesses and cash*****
Details of the bill:
🔺️Financial institutions (banks, credit unions, lenders) and check-cashing businesses are banned from accepting any identification card or license issued to an unauthorized alien or illegal migrant
🔺️They also cannot accept IDs that look like the ones issued to citizens, but are marked to show that citizenship was not proven.
🔺️Loans cannot be made to applicants using Individual Taxpayer Identification Number (ITIN) without Social Security numbers identifying the borrower as a citizen.
🔺️Lenders may request an ITIN after a lawful loan agreement is signed if the borrower cannot obtain a Social Security number under federal law, but ITINs can no longer serve as the primary ID to approve the loan itself.
🔺️Businesses who are authorized to send money to foreign countries (wire transfers, money orders, etc.) from Arizona may not process the transfer unless the sender provides proof that he or she is not an illegal migrant.
🔺️Each month, these businesses must submit confirmation to the Arizona Department of Insurance and Financial Institutions (DIFI) listing every person who sent money to a foreign country and who had the required proof.
🔺️DIFI must adopt rules on acceptable documentation, can demand records at any time, will conduct random quarterly audits starting July 1, 2027, and will impose civil penalties (25% of the transfer amount) for violations. Complaints from the public trigger enforcement.
#ChristinaAguayoNews
