Money Transmission Modernization Act; require licensee to charge fee for 287(g) and General Fund, refundable via income tax credit.

Summary

The bill would make every licensed money‑transmitter in Mississippi collect a $7.50 fee on transactions up to $500 and 1.5% on amounts above $500. Half of the collected fees would go to a new 287(g) law‑enforcement fund and half to the General Fund, and customers could claim a matching income‑tax credit. Licensees that fail to remit the fees could have their licenses suspended and their surety bonds claimed.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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