Bill > HB3453

This bill requires money transmitter licensees and their authorized representatives to collect and remit a specific fee for international money transmission. Under the bill, licensees must collect a $5 fee for transactions up to $500 and an additional 3% fee for amounts exceeding $500. These fees must be remitted quarterly to the West Virginia Department of Revenue by the 15th day of the month following each calendar quarter. If the form and payment are submitted on time, transmitters can receive a discount of 0.75% of the total amount due. All revenues from these fees will be deposited into the state's general fund. The bill also mandates that licensees post a notice informing customers that they can receive an income tax credit equal to the transaction fee when filing their income tax return with a valid social security or taxpayer identification number. If a licensee fails to file reports or remit fees, the Department of Revenue can suspend their license, and they cannot reapply until all required reports are filed and fees are paid.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=3453&year=2025&sessiontype=RS&btype=bill