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Read. Follow. Verify.Missouri House Bill 2412 restricts foreign money transfers by requiring sender verification and penalizing unauthorized transactions
Last action · May 14, 2026: Action Postponed (H)Sponsors: Ben Keathley and 2 others
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What This Bill Would Do
Missouri House Bill 2412 prohibits money transmission s from initiating s without first verifying that the sender is legally authorized to work in the United States. The measure mandates quarterly reporting, imposes a penalty equal to 25% of the transferred amount for noncompliant transfers, and directs all collected penalties to the Missouri disaster fund.
Money transmission businesses operating in Missouri face new compliance mandates, mandatory record-retention rules, quarterly random audits by the division of finance beginning July 1, 2027, and financial penalties equal to a quarter of any unauthorized transfer amount.
- The General Assembly is the legislative body of the state of Missouri responsible for enacting state laws. context
- House Bill 2412 was introduced during the 2026 Regular Session by Representative Ben Keathley. context
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Licensees
Licensees must verify sender status, submit quarterly forms and penalty payments, retain records for three years, and be subject to audits and potential license suspension.
Division of Finance
The division must develop verification forms, receive quarterly filings and penalties, conduct random audits beginning in 2027, and handle complaints.
Senders of foreign remittance transfers
Senders must provide verification documentation proving their legal authorization to work in the United States before initiating a transfer.
Key Facts
- Licensees are prohibited from initiating a foreign remittance transfer unless they verify that the sender is not an unauthorized alien.
- Licensees must submit verification confirmation forms to the division of finance not later than the fifteenth day of the month following the close of each calendar quarter.
- A penalty equal to twenty-five percent of the United States dollar amount transferred, excluding fees, must be paid by a licensee for any foreign remittance transfer initiated in violation of the verification requirement.
- All collected penalties must be deposited into the state treasury to the credit of the Missouri disaster fund.
Show all 10 facts
- Licensees must make, keep, and preserve records of money transmission obligations, bank statements, authorized delegates, and verification documentation for three years.
- Beginning July 1, 2027, the division of finance shall conduct random quarterly audits of licensees to ensure compliance.
- Failure to comply with audit requirements constitutes grounds for the suspension of all licenses held by the licensee.
- The state banking and savings and loan board shall hear and determine appeals relating to license suspensions within ninety days.
- A person who knowingly files a false or frivolous complaint regarding noncompliance is guilty of a Class B misdemeanor.
- The division shall not audit a licensee more than once every two years unless an audit within the last six months found noncompliance.
Frequently Asked Questions
What penalty does a money transmitter face for transferring funds from an unauthorized alien?
Where do the collected penalty funds go?
How long must money transmitters keep their records under this bill?
When do random quarterly audits by the division of finance begin?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Procedural history
12 actions- May 14, 2026HouseAction Postponed (H)
- May 13, 2026HouseAction Postponed (H)
- May 11, 2026HouseAction Postponed (H)
- Mar 25, 2026HouseCommitteeReferred: Rules - Legislative(H)
- Feb 19, 2026HouseCommitteeHCS Reported Do Pass (H)
- Feb 18, 2026HouseCommitteeHCS Voted Do Pass (H)
Show 6 earlier actions
- Feb 18, 2026HouseExecutive Session Completed (H)
- Jan 21, 2026HousePublic Hearing Completed (H)
- Jan 15, 2026HouseCommitteeReferred: Financial Institutions(H)
- Jan 8, 2026HouseFloorRead Second Time (H)
- Jan 7, 2026HouseIntroducedRead First Time (H)
- Dec 15, 2025HouseIntroducedPrefiled (H)
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
New Verification Duty for Money Transmitters
The bill shifts the compliance burden onto money transmission licensees to independently verify the work authorization status of senders engaging in foreign remittance transfers.
Connected Entities
Sources
house.mo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy80Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz45Current news / social attention level
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