MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Business and Financial Institutions; Accountability, Efficiency, Transparency
By: Senator(s) Wiggins
AN ACT TO REQUIRE LICENSEES UNDER THE MISSISSIPPI MONEY TRANSMITTERS ACT TO COLLECT A FEE FOR EACH INTERNATIONAL TRANSACTION TO BE REMITTED QUARTERLY TO THE DEPARTMENT OF REVENUE; TO CREATE A SPECIAL FUND IN THE STATE TREASURY FOR THE DEPOSIT OF SUCH FEES; TO AUTHORIZE THE DEPARTMENT OF REVENUE TO SUSPEND THE LICENSE OF ANY LICENSEE WHO FAILS TO FILE REPORTS OR FAILS TO REMIT THE FEE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) (a) Any licensee under the Mississippi Money Transmitters Act, Section 75-15-1 et seq., and his delegates shall collect a fee of Five Dollars ($5.00) for each international transaction not in excess of Five Hundred Dollars ($500.00) and, in addition to such fee, an amount equal to one percent (1%) of the amount in excess of Five Hundred Dollars ($500.00).
(b) The fee shall be remitted quarterly to the Mississippi Department of Revenue on such forms as the department, with the assistance of the Mississippi Bureau of Narcotics, may prescribe for such purpose. All required forms and remittances shall be filed with the Department of Revenue not later than the fifteenth day of the month following the close of each calendar quarter.
(c) The Department of Revenue shall apportion all revenues derived from the fee to a special fund hereby created in the State Treasury, the Drug Money Laundering and Wire Transmitter Revolving Fund.
(2) (a) Every licensee and his delegates shall post a notice on a form prescribed by the Director of the Mississippi Bureau of Narcotics that notifies customers that upon filing an individual income tax return with either a valid social security number or a valid taxpayer identification number the customer shall be entitled to an income tax credit equal to the amount of the fee paid by the customer for the transaction.
(b) The Department of Revenue shall be afforded all provisions currently under law to enforce the provision of this section. Notwithstanding the provisions of Section 75-15-27, if a licensee fails to file reports or fails to remit the fee authorized by this section, the Department of Revenue shall have the authority to suspend the license of the licensee and his delegates. A notification of the suspension shall also be sent to the Commissioner of Banking and Consumer Finance and the Director of the Mississippi Bureau of Narcotics. The licensee and his delegates may not reapply for a license until all required reports have been filed and all required fee amounts have been remitted.
(c) Upon request from the Department of Revenue, the Commissioner of Banking and Consumer Finance may make a claim against the surety bond of the licensee on behalf of the State of Mississippi.
(3) The Mississippi Bureau of Narcotics and its attorneys may assist the Department of Revenue in conducting audits and the prosecution or seeking of legal remedies to ensure compliance with this act.
(4) This act shall not apply to any bank as defined in Section 81-3-1.
SECTION 2. This act shall take effect and be in force from and after July 1, 2014.