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