Senate Bill 2166, also known as House Bill 2502, amends various sections of the Tennessee Code Annotated to address money transmission. A significant addition is made to Section 67-6-205(c), which now includes a new subdivision (10) that permits the transmission of money from Tennessee to locations outside the United States by entities licensed under the Money Transmission Modernization Act. 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 transmission will be managed. These revenues must be deposited into a special account known as the international money transmission tax fund and are subject to specific allocation: 25% to the state general fund, 25% to local governments for infrastructure projects, 25% to a newly created K-12 education teacher compensation fund, and 25% to the Tennessee peace officer standards and training commission for law enforcement pay supplements. The act will take effect upon becoming law for rule-making 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)