Senate Bill 2166 amends various sections of the Tennessee Code Annotated to establish new regulations regarding money transmission. A significant addition is the inclusion of a new subdivision (10) under Section 67-6-205(c), which allows entities licensed under the Money Transmission Modernization Act to transmit money from Tennessee to locations outside the United States. Additionally, the bill modifies Section 67-6-205(b) by replacing the existing language with a new phrase that clarifies exceptions to the law.

Furthermore, the bill introduces a new subsection (d) to Section 67-6-205, detailing how revenues generated from the new tax on international money transmissions will be managed. These revenues will be deposited into a special account known as the international money transmission tax fund and will be allocated annually on July 1 to various state and local entities, including the state general fund, counties for infrastructure projects, a K-12 education teacher compensation fund, and the Tennessee peace officer standards and training commission for law enforcement pay supplements. The act will take effect upon becoming law for rule promulgation purposes, while other provisions will be effective starting January 1, 2027.

Statutes affected:
Introduced: 67-6-205(c), 67-6-205, 67-6-205(b)