House File 601 - Introduced HOUSE FILE 601 BY THOMPSON A BILL FOR An Act relating to fees for wire transmissions, and related 1 income tax credits. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2765YH (3) 91 nls/ko
H.F. 601 Section 1. NEW SECTION . 533C.1004 Wire transmission fees. 1 1. For purposes of this section, wire transmission means 2 money transmission by wire including transmission within this 3 country or to or from locations abroad. 4 2. In addition to any other fee required by law for a wire 5 transmission, a licensee or the licensees authorized delegate 6 shall collect from a customer a fee of five dollars for each 7 wire transmission equal to or less than five hundred dollars, 8 and in addition to such fee, if applicable, an amount equal to 9 two percent of the amount of the wire transmission in excess 10 of five hundred dollars. 11 3. The fees collected under subsection 2 shall be remitted 12 quarterly by the licensee or the licensees authorized 13 delegate to the department of revenue in the form and manner 14 prescribed by the department of revenue, in consultation with 15 the department of public safety. All required forms and 16 remittances shall be filed with the department of revenue no 17 later than the fifteenth day of the month following the close 18 of each calendar quarter. 19 4. The department of revenue shall account for all fees 20 remitted under subsection 3 and pay over the same to the office 21 to combat human trafficking established in section 80.45. 22 5. A licensee and the authorized delegate of a licensee 23 furnishing money transfer services shall post a notice, in the 24 form and manner prescribed by the department of public safety, 25 that notifies customers that upon filing an individual income 26 tax return with a valid social security number or a valid 27 taxpayer identification number, the customer shall be entitled 28 to an individual income tax credit equal to the amount of wire 29 transmission fees paid by the customer during the tax year. 30 6. a. The department of revenue, in consultation with the 31 department of public safety, shall enforce the provisions of 32 this section. 33 b. If a licensee or licensees authorized delegate fails 34 to comply with subsection 3, the department of revenue shall 35 -1- LSB 2765YH (3) 91 nls/ko 1/ 3
H.F. 601 notify the superintendent who may suspend or revoke the 1 licensees license under section 533C.901, and may issue an 2 order suspending or revoking the designation of an authorized 3 delegate under section 533C.902. Notification of a suspension 4 under this paragraph shall be delivered to the commissioner of 5 public safety. 6 c. Upon request by the department of revenue, the 7 superintendent may file a claim against the surety bond of the 8 licensee on behalf of the state. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanations substance by the members of the general assembly. 12 This bill relates to fees for wire transmissions and related 13 income tax credits. 14 Under the bill, in addition to any other fee required by 15 law for a wire transmission, a licensee or the licensees 16 authorized delegate shall collect a fee of $5 for each wire 17 transmission equal to or less than $500, and an additional fee 18 equal to 2 percent of any amount in excess of $500. Wire 19 transmission is defined in the bill. 20 The fees shall be remitted by the licensee quarterly 21 to the department of revenue (department) in the form and 22 manner prescribed by the department in consultation with 23 the department of public safety. All required forms and 24 remittances shall be filed with the department no later 25 than the 15th day of the month following the close of each 26 calendar quarter. The department shall account for all fees 27 remitted and pay over the same to the office to combat human 28 trafficking. 29 A licensee furnishing money transfer services shall post 30 a notice to customers that upon filing an individual income 31 tax return with a valid social security number or taxpayer 32 identification number, the customer shall be entitled to an 33 individual income tax credit equal to the amount of wire 34 transmission fees paid by the customer during the tax year. 35 -2- LSB 2765YH (3) 91 nls/ko 2/ 3
H.F. 601 The department, in consultation with the department of 1 public safety, shall enforce the provisions of the bill. If a 2 licensee fails to comply with the bill, the department shall 3 notify the superintendent of banking who may suspend or revoke 4 the licensees license, and may issue an order suspending 5 or revoking the designation of an authorized delegate. 6 Notification of a suspension shall be delivered to the 7 commissioner of public safety. Upon request by the department, 8 the superintendent may file a claim against the surety bond of 9 the licensee on behalf of the state. 10 -3- LSB 2765YH (3) 91 nls/ko 3/ 3