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House committee advances bill to tighten reporting, penalties for large cash transactions
Summary
A House committee voted to advance HB 297 as substituted, adding state reporting requirements and increased penalties for certain large cash transactions and directing fines to the general fund and a sheriff training fund.
At a House committee meeting, members voted to advance HB 297 as substituted, a bill that adds state-level reporting requirements and raises penalties for large or suspicious cash transactions handled by licensed money transmitters. The substitute requires reporting of certain cash transactions within specified time windows, retention of transaction records for multiple years and creates civil and criminal penalties for violations.
Representative Fiddler, the bill sponsor, said the substitute tightens the penalty schedule and increases the data required from businesses that handle cash transactions. "Any suspicious activity must be reported," Fiddler said, and records must be kept for five years. Fiddler added that…
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