Bill Text: TX HB311 | 2017 | 85th Legislature 1st Special Session | Introduced
Bill Title: Relating to money transmissions sent to destinations outside the United States; imposing a fee.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-07-25 - Referred to Investments & Financial Services [HB311 Detail]
Download: Texas-2017-HB311-Introduced.html
85S11043 CLG-D | ||
By: Fallon | H.B. No. 311 |
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relating to money transmissions sent to destinations outside the | ||
United States; imposing a fee. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by | ||
adding Chapter 282 to read as follows: | ||
CHAPTER 282. MONEY TRANSMISSION FEE | ||
SUBCHAPTER A. GENERAL PROVISIONS | ||
Sec. 282.001. DEFINITIONS. In this chapter: | ||
(1) "Financial institution" has the meaning assigned | ||
by Section 201.101. | ||
(2) "Money transmission" has the meaning assigned by | ||
Section 151.301. | ||
(3) "Money transmission business" means a person | ||
engaging in money transmission as a service or for profit. The term | ||
includes a financial institution. | ||
SUBCHAPTER B. FEE ON CERTAIN MONEY TRANSMISSIONS | ||
Sec. 282.051. FEE ON CERTAIN TRANSMISSIONS TO FOREIGN | ||
DESTINATIONS. (a) Except as provided by Subsection (b), a money | ||
transmission business shall charge a fee on a money transmission | ||
for an individual that originates in this state and is transmitted | ||
to a destination outside of the United States if the individual does | ||
not present proof that the individual is a United States citizen or | ||
is lawfully present in the United States by showing: | ||
(1) a United States passport; or | ||
(2) an unexpired Permanent Resident Card issued by | ||
United States Citizenship and Immigration Services. | ||
(b) A financial institution may not charge the fee required | ||
by Subsection (a) to an individual that has an account with the | ||
financial institution. | ||
(c) The amount of the fee is the sum of: | ||
(1) three percent of the total amount sent by the money | ||
transmission; and | ||
(2) $5. | ||
(d) On each money transmission for which the money | ||
transmission business charges a fee under this section, the | ||
business, to cover the cost of collecting the fee, may retain an | ||
amount equal to the greater of: | ||
(1) 10 percent of the amount of the fee provided by | ||
Subsection (c)(1); or | ||
(2) $1. | ||
(e) The money transmission business shall: | ||
(1) collect the fee from the individual directing or | ||
requesting the business to make the transmission; and | ||
(2) remit the fee, less the amount retained under | ||
Subsection (d), to the comptroller at the times and in the manner | ||
prescribed by the comptroller. | ||
(f) Except as provided by Subsection (g), the comptroller | ||
shall deposit the revenue the comptroller receives under this | ||
section to the credit of the border security account established | ||
under Section 282.053. | ||
(g) The comptroller shall retain a portion of the amount | ||
remitted to the comptroller under this section to cover the cost of | ||
administering this chapter. The comptroller by rule shall specify | ||
the portion to be retained. | ||
Sec. 282.052. RULES. The comptroller shall adopt any | ||
necessary rules for the imposition, administration, payment, | ||
collection, and enforcement of the fees imposed by Section 282.051. | ||
Sec. 282.053. BORDER SECURITY ACCOUNT. The border security | ||
account is an account in the general revenue fund. Money in the | ||
account may be appropriated only to the Department of Public Safety | ||
or the Texas National Guard to provide funding for border security | ||
efforts in this state. | ||
SECTION 2. The fees imposed under Subchapter B, Chapter | ||
282, Finance Code, as added by this Act, apply only to money | ||
transmissions that occur on or after March 1, 2018. | ||
SECTION 3. Not later than March 1, 2018, the comptroller | ||
shall adopt rules as necessary to implement Chapter 282, Finance | ||
Code, as added by this Act. | ||
SECTION 4. This Act takes effect December 1, 2017. |