S.79 - Remittance Status Verification Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Vitter, David [R-LA] (Introduced 01/07/2015)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 01/07/2015 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.79 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (01/07/2015)
Remittance Status Verification Act of 2015
Amends the Electronic Fund Transfer Act to require a remittance transfer provider, before initiating a transfer, to request from the sender of a remittance whose recipient is located in a country other than the United States proof of the sender's status under U.S. immigration laws.
Cites admissible documentation attesting to the sender's status, including a state-issued driver's license or federal passport.
Directs a remittance transfer provider to impose, upon any sender unable to provide such proof of status, a fine equal to 7% of the U.S. dollar amount to be transferred.
Requires submission to the Consumer Financial Protection Bureau of all fines imposed and collected by a remittance transfer provider in order to pay the administrative and enforcement costs of implementing this Act.
Requires the Comptroller General to study the effects of the enactment of this Act.