The bill H. 4251 proposes amendments to the South Carolina Code of Laws concerning money transmission fees. It introduces a new section, 35-11-240, which mandates that licensees of money transmission businesses collect a fee of $7.50 for transactions up to $500, plus an additional 1.5% for amounts exceeding that threshold. These fees are to be remitted quarterly to the Department of Revenue and directed into the Illegal Immigration Enforcement Fund, which is specifically designated to fund the operations of the Illegal Immigration Enforcement Unit. The bill also requires licensees to inform customers about the possibility of receiving an income tax credit for the fees paid.

Additionally, the bill amends Section 23-3-80 to ensure that the Illegal Immigration Enforcement Unit is funded through appropriations from the Illegal Immigration Enforcement Fund, with provisions for additional funding from the state general fund if necessary. The legislation includes enforcement measures for compliance, allowing the Department of Revenue to suspend licenses for failure to file reports or remit fees, and it allows the Banking Commissioner to make claims against the surety bond of the licensee if requested. The act will take effect upon the Governor's approval.

Statutes affected:
03/27/2025: 35-11-240, 23-3-80
Latest Version: 35-11-240, 23-3-80