OK SB547

Increases the fee collected by money transmission, transmitter, and wire transmitter licensees from $5.00 to $7.50 for transactions not exceeding $500, and increases the percentage fee on amounts exceeding $500 from 1% to 1.5%.

Fees must be remitted quarterly to the Oklahoma Tax Commission, with forms filed no later than the 15th day of the month following each calendar quarter.

Apportions collected revenues among three funds: Drug Money Laundering and Wire Transmitter Revolving Fund ($5.00 plus 1%), District Attorneys Council Revolving Fund ($1.50 plus 0.3%), and Indigent Defense System Revolving Fund ($1.00 plus 0.2%).

Requires licensees to post notices informing customers they can claim an income tax credit equal to the transaction fee when filing individual income tax returns with a valid social security number or taxpayer identification number.

Becomes effective November 1, 2017.