Money transmissions; modifying fee amount. Effective date. Emergency.

SB 2075 reduces fees charged by money transmission businesses (like wire services and money transmitters) in Oklahoma. For transactions up to $500, the fee drops from $25 to $5, and for amounts over $500, the fee is now 1% instead of 5%. These fees must be paid quarterly to the Oklahoma Tax Commission and will fund a Drug Money Laundering and Wire Transmitter Revolving Fund. Businesses must also inform customers they can claim an income tax credit for the fee by filing a tax return with a valid Social Security number or tax ID.