This bill proposes the addition of a new article to the West Virginia code, specifically 11B-3-1, which establishes requirements for money transmitter licensees and their authorized representatives regarding the collection and remittance of fees for international money transmission. Under the new provisions, licensees must collect a fee of $5 for transactions up to $500, plus an additional three percent for amounts exceeding $500. These fees are to be remitted quarterly to the Secretary of the West Virginia Department of Revenue, with specific guidelines for filing and payment deadlines.

Additionally, the bill outlines that licensees must inform customers about the potential for an income tax credit equal to the transaction fee paid, provided they file an individual income tax return with the appropriate identification. The Secretary of Revenue is granted enforcement authority to ensure compliance, including the ability to suspend licenses for failure to file reports or remit fees. The revenues collected from these fees will be allocated to the general fund, and the Department of Revenue is tasked with creating rules for the distribution of these funds to state and local agencies.

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