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 provide 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, introduces a tax credit for fees paid under the new regulations, and criminalizes unlawful wire transfers by individuals not legally present in the U.S.

Furthermore, the bill amends existing definitions related to "stored value" and "tangible net worth," clarifying that "stored value" pertains to monetary value represented by electronic or digital records for goods and services, while excluding certain payment instruments. The definition of "tangible net worth" is specified to include the aggregate assets of a licensee, excluding intangible assets, in line with generally accepted accounting principles. These definitions will take effect on January 1, 2025. The bill also revises confidentiality provisions regarding taxpayer information, allowing the secretary of revenue to disclose information under specific circumstances, and repeals certain existing statutes, indicating a significant restructuring of the legal framework surrounding tax information confidentiality and definitions related to money transmission.

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