Money transmissions, transaction fee imposed for certain outgoing international wire transfers, income tax credit established to offset transaction fees imposed on taxpayer, reporting of certain suspicious cash transactions required, Securities Commission to enforce

Summary

The bill makes licensed money‑transmission businesses collect a 1.5 % fee on each outgoing international electronic wire transfer and send the money to a new Wire Transfer Fee Fund. The fund’s earnings are passed to the Office of Prosecution Services, which distributes them to state sheriffs to help cover immigration‑law enforcement costs, and taxpayers receive an income‑tax credit equal to the fee they paid. It also adds reporting requirements for large or suspicious cash transactions and sets civil and criminal penalties for non‑compliance.

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