HB 3453
Tto require money transmitter licensees
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill would require West Virginia money transmitter licensees and authorized representatives to collect and remit fees for international money transmissions. Specifically, a $5 fee would be charged for transactions under $500, plus three percent of the amount exceeding $500, with quarterly remittance to the Secretary of the West Virginia Department of Revenue. The collected revenue would be deposited into the general fund and made available to state agencies. Additionally, customers filing income tax returns with a valid social security number or taxpayer identification number would be eligible for an income tax credit equal to the fee paid.
Key provisions
- A $5 fee will be charged for international money transmissions under $500.
- A three percent fee will be charged on amounts exceeding $500.
- Fees must be remitted quarterly to the Secretary of the West Virginia Department of Revenue.
- Licensees failing to file reports or remit fees may have their licenses suspended.
- Customers filing income tax returns may receive an income tax credit for the fees paid.
- Collected fees will be deposited into the general fund.
- The Department of Revenue will establish rules for distributing the funds.
- Notice must be posted informing customers about the income tax credit.
Who is affected
- Money Transmitter Licensees
- Authorized Representatives
- Customers of Money Transfer Services
- West Virginia Residents
- West Virginia Department of Revenue
Notable changes
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