STATE OF OKLAHOMA

2nd Session of the 52nd Legislature (2010)

SENATE BILL 2298	By:	Bingman

AS INTRODUCED

An Act relating to public health and safety; amending Section 11, Chapter 442, O.S.L. 2009 (63 O.S. Supp. 2009, Section 2-503.1j), which relates to money and wire transmissions; designating exceptions to transaction fee; authorizing request of transaction records in course of investigation; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     Section 11, Chapter 442, O.S.L. 2009 (63 O.S. Supp. 2009, Section 2-503.1j), is amended to read as follows:
Section 2-503.1j.  A.  Any Except as provided in subsection B of this section, any licensee of a money transmission, 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) for each transaction not in excess of Five Hundred Dollars ($500.00) and in addition to such fee an amount equal to one percent (1%) of the amount in excess of Five Hundred Dollars ($500.00).
B.  The wire transaction fee prescribed by subsection A of this section is subject to the following exceptions:
1.  Transactions originating outside Oklahoma are not subject to the wire transaction fee;
2.  Transactions between individuals and businesses registered with the Secretary of State of Oklahoma or another state in the United States or between individuals and utility companies licensed by the Oklahoma Corporation Commission, in which the money being transferred is for a good or service not otherwise prohibited by state or federal statute for a traceable debt, are not subject to the wire transaction fee;
3.  Transactions originating through an Internet service and paid for with a debit card, credit card, or ACH transfer are not subject to the wire transaction fee;
4.  Transactions originating through a telephone service and paid for with a debit card, credit card, or ACH transfer are not subject to the wire transaction fee;
5.  Transactions originating from a kiosk or customer-operated Internet station on the property or business location of the delegate or licensee and paid for with a debit card, credit card, or ACH transfer are not subject to the wire transaction fee;
6.  Entities otherwise exempted from Money Service Business Licensing pursuant to the Oklahoma Financial Transaction Reporting Act are not subject to the wire transaction fee;
7.  The sale and servicing of prepaid debit cards and stored value cards are not subject to the wire transaction fee;
8.  The sale of money orders and travelers checks is not subject to the wire transaction fee; and
9.  Check cashing transactions and deferred presentment transactions are not subject to the wire transaction fee.
C.  The fee prescribed by subsection A of this section shall be remitted quarterly to the Oklahoma Tax Commission on such forms as the Commission, with the assistance of the Oklahoma State Bureau of 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 fifteenth day of the month following the close of each calendar quarter.
C. D.  The Oklahoma Tax Commission shall apportion all revenues derived from the fee to the Drug Money Laundering and Wire Transmitter Revolving Fund.
D. E.  Every licensee and their its delegates shall post a notice on a form prescribed by the Director of the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control that notifies customers that upon filing an individual income tax return with either a valid 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. F.  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 Control.  The 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. G.  Upon request from the Oklahoma Tax Commission, the State Banking Commissioner may make a claim against the surety bond of the licensee on behalf of the State of Oklahoma.
G. H.  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 seeking of legal remedies to ensure compliance with this act.
I.  The Oklahoma State Bureau of Narcotics and Dangerous Drugs Control, in the course of the investigation of a crime within its jurisdiction, may request copies of the transaction records of any licensee or its delegate.  The licensee or delegate shall produce copies of its transaction records within seven (7) business days of receiving a written request for records.
SECTION 2.  This act shall become effective November 1, 2010.

52-2-3550	MRB	1/14/2010 9:07:43 PM