International Money Transmission Amendments

Summary

The bill adds a 2% tax on each international money transmission performed by licensed money transmitters, payable by the customer and collected at the time of the transaction. The tax is waived when the customer presents certain valid identification, and transmitters must list the tax separately on receipts, remit it quarterly, and file an annual report. The State Tax Commission will administer the tax, and the Department of Financial Institutions must supply a yearly list of licensed transmitters.

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

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