Senate Bill 2298 Summary

• Amends Oklahoma law governing money transmission and wire transmitter fees, establishing a $5 fee per transaction up to $500 plus 1% of amounts exceeding $500

• Creates nine categories of transactions exempt from the wire transaction fee, including out-of-state transactions, debit/credit card payments, prepaid cards, money orders, check cashing, and transactions with registered Oklahoma businesses

• Requires quarterly fee remittance to Oklahoma Tax Commission, with revenues directed to the Drug Money Laundering and Wire Transmitter Revolving Fund

• Establishes customer notification requirements and provides income tax credits for fees paid, while authorizing commission enforcement and license suspension for non-compliance

• Authorizes Oklahoma State Bureau of Narcotics and Dangerous Drugs Control to request transaction records from licensees during criminal investigations within 7 business days of written request