HB 2169: Money wire transmissions; Drug Money Laundering and Wire Transmitter Act; increasing certain fee and percentage amount; effective date. - Oklahoma

House Committee Substitute → Floor (House) · 3 edits

MINOR

This bill updates the Drug Money Laundering and Wire Transmitter Act to increase fees charged by money transmission businesses. The flat fee per transaction increased from $5 to $10, and the percentage fee on amounts over $500 increased from 1% to 2%. The bill also changes the document header to indicate this is the House Floor version rather than the Committee Substitute.

FISCAL

Increased the flat transaction fee from $5.00 to $10.00 for money transmission services.

Increased the percentage fee on transaction amounts exceeding $500 from 1% to 2%.

TECHNICAL

Changed document header from 'Committee Substitute' to 'House of Representatives - Floor Version' to reflect the bill's current legislative stage.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 4 edits

MODERATE

The bill was amended to update the fee structure for money transmission and wire transmitter businesses, changing the fee from $5 to $10 per transaction and adjusting the percentage fee from 1% to 2% on amounts over $500. The amendment also updated the form number for fee remittance from 12710 to 13031 and changed the committee designation from Proposed Policy Committee Substitute to Committee Substitute.

Scope change

The scope of the bill remains the same, targeting money transmission and wire transmitter businesses in Oklahoma, but the financial requirements for these businesses have increased.

REQUIREMENT

The fee for each transaction increased from $5 to $10, and the percentage fee on amounts over $500 increased from 1% to 2%.

TECHNICAL

The required form number for remitting fees was changed from 12710 to 13031.

The document title was updated from 'Proposed Policy Committee Substitute' to 'Committee Substitute'.

The document date was updated from February 17, 2025 to February 27, 2025.

Engrossed → Proposed Policy Committee Substitute 1 · 5 edits

MODERATE

The bill was amended by the Policy Committee to simplify the fee structure for money transmission transactions, remove the income tax credit provision, and change the name of the revolving fund. The amendment also consolidates the document structure and removes the Senate passage section.

Scope change

The scope of the fee structure was modified to simplify the calculation method, removing the tiered fee structure for domestic transactions and eliminating the income tax credit benefit for customers.

REQUIREMENT

Simplified fee calculation by combining the flat fee and percentage fee into a single line item, removing the distinction between domestic and international transaction fees.

FISCAL

Removed the provision allowing customers to receive an income tax credit equal to the fee amount they paid for transactions.

Changed the name of the revolving fund from 'Drug Money Laundering and Wire Transmitter Revolving Fund' to 'Drug Money Laundering and Wire Transmitter Revolving Fund' (removing 'Organized Crime and Human Trafficking').

TECHNICAL

Removed the Senate passage section and signature lines, indicating the bill is in a committee substitute stage rather than an engrossed version ready for final passage.

Reorganized the document structure to conform to committee substitute format with new header information and page numbering.

Introduced → Engrossed · 7 edits · Mar 27, 2025

MODERATE

The bill was completely rewritten from a law creating a new state agency (Oklahoma Fusion Center) to a law amending existing wire transmission fee regulations. This represents a fundamental change in subject matter from government reorganization to financial transaction fee collection.

Scope change

The bill's scope changed entirely from creating a new state agency to modifying existing fee structures for money transmission businesses.

SCOPE

Removed all provisions creating the Oklahoma Fusion Center, separating it from the Department of Public Safety, and establishing the Fusion Center Commission.

Removed provisions for transferring personnel, property, and funds from the Counter Terrorism Intelligence Center to the new agency.

REQUIREMENT

Added new fee requirements for money transmission businesses: $5 fee plus 1% on transactions over $500 for domestic transactions, and $10 fee plus 2% on transactions over $500 for international transactions.

Added requirement for licensees to post notices informing customers about income tax credit benefits for paying the transaction fees.

FISCAL

Modified the Drug Money Laundering and Wire Transmitter Revolving Fund to receive fees from money transmission businesses instead of general state funds.

ENFORCEMENT

Added enforcement provisions allowing the Oklahoma Tax Commission to suspend licenses of businesses that fail to file reports or remit fees.

TIMELINE

Changed effective date from unspecified to November 1, 2025.

Money wire transmissions; Drug Money Laundering and Wire Transmitter Act; increasing certain fee and percentage amount; effective date.

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