This bill proposes the addition of a new article to the West Virginia code, specifically 11B-3-1, which establishes regulations for international money transmission fees. Under this new provision, money transmitter licensees and their authorized representatives are required to collect a fee of $5 for each transaction not exceeding $500, along with an additional three percent fee on amounts over $500. The collected fees must be remitted quarterly to the Secretary of the West Virginia Department of Revenue, with specific guidelines for filing and payment deadlines.

Furthermore, the bill outlines that if the fees are paid on time, the transmitter is eligible for a discount of three-fourths of one percent on the total fees due. The Secretary of Revenue is tasked with distributing the collected fees into the general fund and is granted enforcement authority to suspend licenses for non-compliance with reporting and payment requirements. Additionally, licensees must inform customers that they can receive an income tax credit equivalent to the transaction fee paid when filing their income tax returns.

Statutes affected:
Introduced Version: 11B-3-1