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 file monthly reports with the director of taxation, detailing the fees collected and making electronic payments by the 25th of each month. The bill also delineates the roles of the secretary of revenue and the state bank commissioner in ensuring compliance, including the authority to assess penalties 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 introduces a tax credit for fees paid under the new regulations and establishes penalties for unlawful wire transfers by individuals not legally present in the U.S. Furthermore, it amends definitions related to "stored value" and "tangible net worth," clarifying their meanings and setting an effective date of January 1, 2025. The bill revises confidentiality provisions regarding taxpayer information and repeals certain existing statutes, with the act taking effect upon publication in the statute book.

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