Bill > HB1454

This bill modifies the fees charged by money wire transmitters in Oklahoma by increasing the transaction fee from $5 to $10 for transactions up to $500, and raising the percentage fee from 1% to 2% for amounts exceeding $500. The bill maintains the existing requirement that licensees (money transmission businesses and their delegates) must remit these fees quarterly to the Oklahoma Tax Commission, with all revenues being apportioned to the Drug Money Laundering and Wire Transmitter Revolving Fund. The bill also requires licensees to post a notice informing customers that they can receive an income tax credit for the transaction fee when filing their tax return with a valid Social Security or taxpayer identification number. Additionally, the bill preserves existing enforcement mechanisms, allowing the Oklahoma Tax Commission to suspend licenses for failure to file reports or remit fees, and enables the State Banking Commissioner to make claims against the licensee's surety bond. The bill will become effective on November 1, 2025, giving businesses time to prepare for the new fee structure.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1454&Session=2600