Bill > HB2169

This bill modifies regulations for money wire transmission fees and the associated revolving fund, specifically increasing transaction fees for both domestic and international money transfers. For transactions within the United States, businesses will now collect a $5 fee for transfers up to $500 and 1% for amounts over $500, while international transactions will require a $10 fee for transfers up to $500 and 2% for amounts over $500. The bill also renames the existing "Drug Money Laundering and Wire Transmitter Revolving Fund" to the "Organized Crime and Human Trafficking Revolving Fund" and maintains provisions for quarterly fee remittance to the Oklahoma Tax Commission. Additionally, the bill requires money transmission businesses to inform customers about a potential income tax credit equal to the transaction fee and establishes enforcement mechanisms, including the potential suspension of licenses for non-compliance. The Oklahoma State Bureau of Narcotics and Dangerous Drugs Control will continue to manage the revolving fund, which can be used for drug enforcement purposes. The bill is set to become effective on November 1, 2025.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2169&Session=2600