The bill introduces new regulations for money transmitters in Kansas, establishing a fee structure for international wire transactions. A fee of $7.50 will apply to transactions of $500 or less, while those exceeding $500 will incur a fee of 1.5% of the total amount. Money transmitters are mandated to issue receipts for these fees and submit monthly reports to the director of taxation, detailing all international transaction receipts. The bill also delineates the roles of the secretary of revenue and the state bank commissioner in enforcing compliance, including the authority to impose penalties for nonpayment and assist in audits. Additionally, it creates three new funds aimed at supporting criminal investigations and law enforcement, and introduces a tax credit for fees paid under this regulation, effective for taxable years starting after December 31, 2023.

Furthermore, the bill amends existing definitions related to "stored value" and "tangible net worth," clarifying that "stored value" pertains to monetary value represented electronically for goods and services, while "tangible net worth" refers to a licensee's aggregate assets minus liabilities, in line with generally accepted accounting principles. The changes will take effect on January 1, 2025. The bill also revises K.S.A. 2024 Supp. 75-5133 regarding the confidentiality of taxpayer information, specifying conditions under which the secretary of revenue may disclose such information to city or county officials and law enforcement. Additionally, it repeals K.S.A. 2024 Supp. 9-555 and 75-5133, indicating a significant restructuring of the legal framework surrounding tax information confidentiality and disclosure.

Statutes affected:
As introduced: 9-555, 75-5133