| 1 | 1 | | 85R8588 CLG-D |
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| 2 | 2 | | By: Fallon H.B. No. 1760 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to money transmissions sent to destinations outside the |
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| 8 | 8 | | United States; imposing a fee. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by |
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| 11 | 11 | | adding Chapter 280 to read as follows: |
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| 12 | 12 | | CHAPTER 280. MONEY TRANSMISSION FEE |
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| 13 | 13 | | SUBCHAPTER A. GENERAL PROVISIONS |
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| 14 | 14 | | Sec. 280.001. DEFINITIONS. In this chapter: |
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| 15 | 15 | | (1) "Financial institution" has the meaning assigned |
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| 16 | 16 | | by Section 201.101. |
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| 17 | 17 | | (2) "Money transmission" has the meaning assigned by |
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| 18 | 18 | | Section 151.301. |
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| 19 | 19 | | (3) "Money transmission business" means a person |
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| 20 | 20 | | engaging in money transmission as a service or for profit. The term |
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| 21 | 21 | | includes a financial institution. |
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| 22 | 22 | | SUBCHAPTER B. FEE ON CERTAIN MONEY TRANSMISSIONS |
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| 23 | 23 | | Sec. 280.051. FEE ON CERTAIN TRANSMISSIONS TO FOREIGN |
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| 24 | 24 | | DESTINATIONS. (a) Except as provided by Subsection (b), a money |
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| 25 | 25 | | transmission business shall charge a fee on a money transmission |
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| 26 | 26 | | for an individual that originates in this state and is transmitted |
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| 27 | 27 | | to a destination outside of the United States if the individual does |
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| 28 | 28 | | not present proof that the individual is a United States citizen or |
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| 29 | 29 | | is lawfully present in the United States by showing: |
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| 30 | 30 | | (1) a United States passport; or |
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| 31 | 31 | | (2) an unexpired Permanent Resident Card issued by |
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| 32 | 32 | | United States Citizenship and Immigration Services. |
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| 33 | 33 | | (b) A financial institution may not charge the fee required |
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| 34 | 34 | | by Subsection (a) to an individual that has an account with the |
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| 35 | 35 | | financial institution. |
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| 36 | 36 | | (c) The amount of the fee is the sum of: |
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| 37 | 37 | | (1) three percent of the total amount sent by the money |
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| 38 | 38 | | transmission; and |
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| 39 | 39 | | (2) $5. |
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| 40 | 40 | | (d) On each money transmission for which the money |
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| 41 | 41 | | transmission business charges a fee under this section, the |
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| 42 | 42 | | business, to cover the cost of collecting the fee, may retain an |
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| 43 | 43 | | amount equal to the greater of: |
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| 44 | 44 | | (1) 10 percent of the amount of the fee provided by |
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| 45 | 45 | | Subsection (c)(1); or |
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| 46 | 46 | | (2) $1. |
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| 47 | 47 | | (e) The money transmission business shall: |
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| 48 | 48 | | (1) collect the fee from the individual directing or |
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| 49 | 49 | | requesting the business to make the transmission; and |
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| 50 | 50 | | (2) remit the fee, less the amount retained under |
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| 51 | 51 | | Subsection (d), to the comptroller at the times and in the manner |
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| 52 | 52 | | prescribed by the comptroller. |
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| 53 | 53 | | (f) Except as provided by Subsection (g), the comptroller |
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| 54 | 54 | | shall deposit the revenue the comptroller receives under this |
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| 55 | 55 | | section to the credit of the border security account established |
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| 56 | 56 | | under Section 280.053. |
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| 57 | 57 | | (g) The comptroller shall retain a portion of the amount |
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| 58 | 58 | | remitted to the comptroller under this section to cover the cost of |
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| 59 | 59 | | administering this chapter. The comptroller by rule shall specify |
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| 60 | 60 | | the portion to be retained. |
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| 61 | 61 | | Sec. 280.052. RULES. The comptroller shall adopt any |
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| 62 | 62 | | necessary rules for the imposition, administration, payment, |
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| 63 | 63 | | collection, and enforcement of the fees imposed by Section 280.051. |
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| 64 | 64 | | Sec. 280.053. BORDER SECURITY ACCOUNT. The border security |
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| 65 | 65 | | account is an account in the general revenue fund. Money in the |
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| 66 | 66 | | account may be appropriated only to the Department of Public Safety |
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| 67 | 67 | | or the Texas National Guard to provide funding for border security |
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| 68 | 68 | | efforts in this state. |
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| 69 | 69 | | SECTION 2. The fees imposed under Subchapter B, Chapter |
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| 70 | 70 | | 280, Finance Code, as added by this Act, apply only to money |
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| 71 | 71 | | transmissions that occur on or after December 1, 2017. |
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| 72 | 72 | | SECTION 3. Not later than December 1, 2017, the comptroller |
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| 73 | 73 | | shall adopt rules as necessary to implement Chapter 280, Finance |
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| 74 | 74 | | Code, as added by this Act. |
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| 75 | 75 | | SECTION 4. This Act takes effect September 1, 2017. |
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