Bill > H4392

This bill amends the South Carolina Code of Laws by adding a new section (34-3-120) that requires financial institutions offering wire transfer services to charge a mandatory five-dollar fee for each international wire transfer. The collected fees must be remitted directly to the South Carolina Law Enforcement Division (SLED), a state-level law enforcement agency. An international wire transfer is a type of electronic funds transfer that moves money from one country to another, typically across banking systems. The bill would become effective immediately upon receiving the Governor's approval, meaning financial institutions would need to implement this fee collection process as soon as the bill is signed into law. By directing these fees to SLED, the legislation appears to be creating a new funding mechanism for the state's law enforcement operations.