Relating to the imposition of a fee for money transmissions sent to certain destinations outside the United States.
Impact
If enacted, HB263 would formalize and regulate the fees associated with money transmission services targeting these popular remittance corridors. The bill outlines that the money transmission businesses will be responsible for collecting the fee from the sender, which will be remitted to the state's comptroller. This legislative proposal could significantly affect the business operations of money transmission services and the financial costs incurred by individuals sending money abroad, potentially impacting their decisions on remittance practices.
Summary
House Bill 263 proposes the imposition of an eight percent fee on money transmissions originating in Texas that are sent to destinations in Mexico, Central, or South America for personal, family, or household purposes. The intent of the bill is to generate revenue that will be allocated to the indigent health care support account, aimed at providing funding for health care services to needy residents of Texas. This move represents an effort by the state to capture financial flow from local communities that frequently utilize these services.
Contention
There are potential points of contention surrounding HB263, especially regarding the economic impact on families relying on remittances. Critics may argue that imposing a fee could be burdensome for low-income families who depend on these transmissions for financial support, thus raising concerns about equity and access to financial services. Additionally, the efficacy of the funds collected for indigent health care could be questioned, particularly whether this revenue stream is sufficient to address the ongoing needs of health services for disadvantaged populations.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to state and municipal motor fuel taxes; providing civil penalties; creating criminal offenses; requiring occupational licenses; authorizing the imposition of taxes; providing for increases and decreases in the rates of taxes.
Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.
Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.
Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.
Relating to the regulation of the cultivation, manufacture, distribution, sale, testing, possession, and use of cannabis and cannabis products; authorizing the imposition of taxes and fees; requiring an occupational license; creating a criminal offense.