Oklahoma 2025 Regular Session

Oklahoma House Bill HB1454 Compare Versions

Only one version of the bill is available at this time.

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27	27	STATE OF OKLAHOMA
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29	29	1st Session of the 60th Legislature (2025)
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31	31	HOUSE BILL 1454 By: Shaw
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37	37	AS INTRODUCED
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39	39	An Act relating to money wire transmission; amending
40	40	63 O.S. 2021, Section 2 -503.1j, which relates to
41	41	fees; modifying fee amount; and provi ding an
42	42	effective date.
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49	49	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
50	50	SECTION 1. AMENDATORY 63 O.S. 2021, Section 2 -503.1j, is
51	51	amended to read as follows:
52	52	Section 2-503.1j. A. Any licensee of a money transmi ssion,
53	53	transmitter or wire transmitter business pursuant to the Oklahoma
54	54	Financial Transaction Reporting Act and their delegates shall
55	55	collect a fee of Five Dollars ($5.00) Ten Dollars ($10.00) for each
56	56	transaction not in excess of Five Hundred Dollars ($5 00.00) and in
57	57	addition to such fee an amount equal to one percent (1%) two percent
58	58	(2%) of the amount in excess of Five Hundred Dollars ($500.00).
59	59	B. The fee prescribed by subsection A of this section shall be
60	60	remitted quarterly to the Oklahoma Tax Commis sion on such forms as
61	61	the Commission, with the assistance of the Oklahoma Stat e Bureau of
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87	87	Narcotics and Dangerous Drugs Control, may prescribe for such
88	88	purpose. All required forms and remittances shall be filed with the
89	89	Tax Commission not later than the f ifteenth day of the month
90	90	following the close of each calendar quarter.
91	91	C. The Oklahoma Tax Commission shall apportion all revenues
92	92	derived from the fee to the Drug Money Laundering and Wire
93	93	Transmitter Revolving Fund.
94	94	D. Every licensee and their delegat es shall post a notice on a
95	95	form prescribed by the Director of the Oklahoma St ate Bureau of
96	96	Narcotics and Dangerous Drugs Control that notifies customers that
97	97	upon filing an individual income tax return with either a valid
98	98	social security Social Security number or a valid taxpayer
99	99	identification number the customer shall be entitled to an income
100	100	tax credit equal to the amount of the fee paid by the customer for
101	101	the transaction.
102	102	E. The Oklahoma Tax Commission shall be afforded all provisions
103	103	currently under law to enforce the provisions of subsection B of
104	104	this section. If a licensee fails to file reports or fails to remit
105	105	the fee authorized by subsection B of this section, the Oklahoma Tax
106	106	Commission shall have the authority pursuant to Section 212 of Title
107	107	68 of the Oklahoma Statutes to suspend the license of the licensee
108	108	and its delegates. A notification of the suspension shall also be
109	109	sent to the State Banking Commissioner and the Director of the
110	110	Oklahoma State Bureau of Narcotics and Dangerous Drugs Con trol. The
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136	136	licensee and its delegates may not reapply for a license until all
137	137	required reports have been filed and all required fee amounts have
138	138	been remitted.
139	139	F. Upon request from the Oklahoma Tax Commission, the State
140	140	Banking Commissioner may make a cla im against the surety bond of the
141	141	licensee on behalf of the State of Oklahoma.
142	142	G. The Oklahoma State Bureau of Narcotics and Dangerous Drugs
143	143	Control and its attorneys may assist the Oklahoma Tax Commission in
144	144	conducting audits and the prosecution and/or s eeking of legal
145	145	remedies to ensure compliance with this act.
146	146	SECTION 2. This act shall become effective November 1, 2025.
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148	148	60-1-11015 MAH 01/11/25