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MS HB362
Bill
Status
Failed
2/16/2026
Primary Sponsor
Noah Sanford
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AI Summary
- Requires licensed money transmission businesses to collect a fee of $5.00 on each transaction up to $500.00, plus an additional 1% on amounts exceeding $500.00, with fees remitted quarterly to the Department of Revenue
- Applies only to transactions where a transferor provides cash, money orders, cashier's checks, or similar instruments to electronically transfer funds to a recipient located in a foreign country
- Exempts transfers funded by U.S.-issued debit or credit cards, transfers to persons located in the United States, and transfers where funds are withdrawn from accounts held by federally regulated financial institutions such as insured banks, credit unions, and thrift institutions
- Creates an income tax credit equal to the full amount of money transmission fees paid by a taxpayer during the tax year, claimable with a valid Social Security number or taxpayer identification number, with unused credits carried forward for up to five succeeding tax years
- Authorizes the Commissioner of Banking and Consumer Finance to suspend a licensee's money transmission license for failure to file required reports or remit fees, with no reapplication permitted until all reports and fees are submitted; tax credit provisions take effect January 1, 2026, and fee collection provisions take effect July 1, 2026
Legislative Description
Money transmission fees; require money transmitters to collect on certain transfers.
Last Action
Died On Calendar
2/16/2026
Committee Referrals
Banking and Financial Services1/9/2026
Full Bill Text
No bill text available