Bill > SB2075

This bill modifies the fees associated with money transmissions, which are financial services that allow individuals to send money to others, often across different locations or through various methods. Specifically, it increases the fee for each transaction up to $500 from $5.00 to $25.00, and raises the additional fee for amounts exceeding $500 from one percent (1%) to five percent (5%). These fees are collected by licensed money transmitters and their delegates and are remitted quarterly to the Oklahoma Tax Commission, with revenues intended for the Drug Money Laundering and Wire Transmitter Revolving Fund. The bill also clarifies that licensees must post a notice informing customers that they may be eligible for an income tax credit equal to the fee paid for the transaction upon filing their individual income tax return. The Oklahoma Tax Commission is granted authority to suspend licenses for non-compliance with reporting or fee remittance requirements, and the State Banking Commissioner may make claims against a licensee's surety bond. The Oklahoma State Bureau of Narcotics and Dangerous Drugs Control will assist the Tax Commission in audits and legal actions to ensure compliance with the Drug Money Laundering and Wire Transmitter Act. This act is set to become effective on July 1, 2026, and is declared an emergency measure, meaning it will take effect immediately upon passage and approval.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2075&Session=2600