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 must 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 to pursue claims against surety bonds for unpaid fees.

In addition to the fee structure, the bill creates three new funds: the criminal litigation fund, the wire transfer fee fund, and the prosecutor and law enforcement grant fund, each designated for specific purposes. The bill also revises definitions related to "stored value" and "tangible net worth," clarifying their meanings in the context of money transmission. It updates confidentiality provisions regarding taxpayer information, allowing for certain disclosures while imposing penalties for violations, classified as a class A, nonperson misdemeanor. The bill is set to take effect on January 1, 2025, and repeals previous statutes K.S.A. 2024 Supp. 9-555 and 75-5133, indicating a comprehensive overhaul of the existing legal framework.

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