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) · 4 edits

MODERATE

The bill text was updated from the House Committee Substitute version to the Floor version, reflecting that the bill has passed the House and is now in its final form before moving to the Senate. The substantive policy content regarding fees, percentages, and enforcement remains unchanged, though the document header and formatting were adjusted to reflect the Floor version status.

TECHNICAL

Document header changed from 'House Committee Substitute' to 'Floor (House)' version to reflect the bill's progression through the legislative process.

Added co-sponsor 'Weaver of the Senate' to the bill authorship line, indicating Senate involvement in the Committee Substitute version.

Page footers were updated from 'Committee Substitute' to 'Floor Version' with new formatting indicating bold face denotes Committee Amendments.

Minor formatting adjustments to spacing and line breaks throughout the document to accommodate the Floor version layout.

Engrossed → Proposed Policy Committee Substitute 1 · 3 edits

MINOR

The bill was amended by the Policy Committee to substantially alter the fee structure for money transmission transactions. The original version had two separate fee tiers (one for domestic transactions and one for international transactions), while the amendment consolidates these into a single fee structure with different percentages. Additionally, the name of the revolving fund was simplified by removing references to organized crime and human trafficking.

Scope change

The scope of the fee structure was modified to apply a unified calculation method rather than separate domestic and international tiers.

REQUIREMENT

Fee structure was changed from two separate tiers (domestic/international) to a single calculation method with different percentage rates.

FISCAL

The revolving fund name was shortened from 'Drug Money Laundering and Wire Transmitter Organized Crime and Human Trafficking Revolving Fund' to 'Drug Money Laundering and Wire Transmitter Revolving Fund', removing references to organized crime and human trafficking.

TECHNICAL

Several formatting and header changes were made to convert the document from an 'Engrossed' version to a 'Proposed Policy Committee Substitute' version.

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 fee structures for money transmission businesses. The original version focused on transferring the Counter Terrorism Intelligence Center to a new agency, while the engrossed version focuses on increasing fees for wire transactions and modifying a revolving fund name.

Scope change

The bill's scope changed entirely from creating a new state agency and transferring personnel to regulating money transmission fees and modifying a tax-related revolving fund.

SCOPE

Removed provisions creating the Oklahoma Fusion Center as a separate state agency and transferring the Counter Terrorism Intelligence Center from the Department of Public Safety.

TIMELINE

Removed the November 1, 2025 effective date for the agency transfer.

REQUIREMENT

Added fee collection 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 that fees paid may qualify for income tax credits.

FISCAL

Modified the name of the Drug Money Laundering and Wire Transmitter Revolving Fund to include 'Organized Crime and Human Trafficking'.

ENFORCEMENT

Added provisions allowing the Oklahoma Tax Commission to suspend licenses of businesses that fail to file reports or remit fees, with authority to claim against surety bonds.

TECHNICAL

Changed the bill title from relating to state government and agency creation to relating to money wire transmissions and fee amendments.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 3 edits

MINOR

The bill was amended to increase the fee charged by money transmission and wire transmitter businesses from $5 to $10 per transaction, and to increase the percentage fee from 1% to 2% on amounts exceeding $500. The amendment also updated the request form number from 12710 to 13031 and adjusted the document title to reflect it is a Committee Substitute rather than a Proposed Policy Committee Substitute.

Scope change

The scope of the bill remains the same, applying to all licensees of money transmission and wire transmitter businesses in Oklahoma, but the financial obligations for these businesses have increased.

FISCAL

The base fee collected from each transaction increased from $5.00 to $10.00, and the percentage fee on amounts over $500 increased from 1% to 2%.

TECHNICAL

The request form number for fee remittance was updated from 12710 to 13031.

The document title was changed from 'Proposed Policy Committee Substitute' to 'Committee Substitute' to reflect the legislative process stage.

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

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