Bill > HB362

This bill requires individuals licensed to operate as money transmitters, which are businesses that facilitate the transfer of money, to collect a fee on certain transactions. Specifically, for each transaction up to $500, a $5 fee will be charged, and for transactions exceeding $500, an additional 1% fee will be applied to the amount over $500. These fees are to be remitted quarterly to the Department of Revenue. Money transmitters must also inform customers that they are eligible for an income tax credit equal to the fees they pay, provided they file their individual income tax return with a valid social security number or taxpayer identification number. The bill outlines penalties for non-compliance, including the suspension of a money transmitter's license by the Commissioner of Banking and Consumer Finance, and allows for claims against the transmitter's surety bond. However, certain transfers are exempt from this fee, including those funded from accounts held by specific financial institutions (like insured banks, credit unions, or brokers), those funded with a debit or credit card issued in the United States, or transfers made to recipients within the United States. The bill also establishes a tax credit for taxpayers who pay these money transmission fees, allowing unused credits to be carried forward for five years. The provisions related to the tax credit will take effect on January 1, 2026, while the fee collection requirements for money transmitters will begin on July 1, 2026.

Business and Industry

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0362.xml