By: Luna H.B. No. 2345
A BILL TO BE ENTITLED
relating to the imposition of a fee for a currency transmission sent
to a destination outside the United States.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 278.001, Finance Code, is amended to
read as follows:
Sec. 278.001. DEFINITIONS. Except as otherwise provided by
Subchapter B or D, in [
In] this chapter:
(1) "Currency" has the meaning assigned by Section
(2) "Currency transmission business" means engaging
in or offering currency transmission as a service or for profit.
[ The term does not include:
[ (A) a federally insured financial institution,
as defined by Section 201.101, that is organized under the laws of
this state, another state, or the United States; or
[ (B) a title insurance company or title insurance
agent, as defined by Article 9.02, Insurance Code.]
(3) "Currency transmission" means receiving currency
or an instrument payable in currency in order to transmit the
currency or its equivalent by wire, computer modem, facsimile,
physical transport, or any other means or through the use of a
financial intermediary, the Federal Reserve System, or another
funds transfer network.
(4) "Fee" does not include revenue that a currency
transmission business generates in connection with a currency
transmission in the conversion of a currency of one government into
the currency of another government.
SECTION 2. Subchapter B, Chapter 278, Finance Code, is
amended by adding Section 278.054 to read as follows:
Sec. 278.054. APPLICABILITY. For purposes of this
subchapter, "currency transmission business" does not include:
(1) a federally insured financial institution, as
defined by Section 201.101, that is organized under the laws of this
state, another state, or the United States; or
(2) a title insurance company or title insurance
agent, as defined by Article 9.02, Insurance Code.
SECTION 3. Section 278.101(a), Finance Code, is amended to
read as follows:
(a) A person who knowingly violates Subchapter B [ this
chapter] is liable to the state for a civil penalty in an amount not
to exceed $1,000 for each violation. The attorney general or the
prosecuting attorney in the county in which the violation occurs
(1) a suit to recover the civil penalty imposed under
this section; and
(2) an action in the name of the state to restrain or
enjoin a person from violating Subchapter B [ this chapter].
SECTION 4. Chapter 278, Finance Code, is amended by adding
Subchapter D to read as follows:
SUBCHAPTER D. CURRENCY TRANSMISSION FEE
Sec. 278.151. DEFINITIONS. In this subchapter:
(1) "Currency transmission" has the meaning assigned
by Section 153.001.
(2) "Currency transmission business" means a person
engaging in currency transmission as a service or for profit.
Sec. 278.152. FEE ON CERTAIN CURRENCY TRANSMISSIONS. (a) A
person that engages in currency transmission must impose a fee on
currency transmission destined from this state to a destination
outside the United States. The amount of the fee is one-half of one
percent of the total amount sent by currency transmission to a
destination outside the United States.
(b) A currency transmission business shall remit the fee
imposed by this section to the comptroller each quarter in the
manner prescribed by the comptroller.
(c) The comptroller shall adopt any necessary rules for the
administration, payment, collection, remittance, and enforcement
of the fee imposed by this section.
Sec. 278.153. TRUST ACCOUNT. The comptroller shall
deposit the fees collected by the comptroller under this subchapter
in trust in the separate suspense account of the county from which
the taxes were collected.
Sec. 278.154. DISTRIBUTION OF TRUST FUNDS. At least twice
during each state fiscal year and at other times as often as
feasible, the comptroller shall send to the county treasurer
payable to the county the county's share of the fees collected by
the comptroller under this subchapter.
Sec. 278.155. STATE'S SHARE. Before sending any money to a
county under this subchapter, the comptroller shall deduct two
percent of the amount of the fees collected within the county during
the period for which a distribution is made as the state's charge
for its services under this subchapter and shall credit the money
deducted to the general revenue fund.
Sec. 278.156. AMOUNTS RETAINED IN TRUST ACCOUNT. (a) The
comptroller may retain in the suspense account of a county a portion
of the county's share of the fee collected for the county under this
subchapter, not to exceed five percent of the amount remitted to the
county. If the fee is abolished or the law imposing the fee is
repealed, the amount that may be retained may not exceed five
percent of the final remittance to the county at the time of the
termination of the collection of the fee.
(b) From the amounts retained in a county's suspense
account, the comptroller may make refunds for overpayments to the
account and to redeem dishonored checks and drafts deposited to the
credit of the account.
Sec. 278.157. INTEREST ON TAX REVENUE. Interest earned on
all deposits made with the comptroller under this subchapter,
including interest earned from the suspense accounts retained under
Section 278.156, shall be credited to the general revenue fund.
Sec. 278.158. USE OF FEE REVENUE FOR INDIGENT HEALTH CARE.
(a) Except as provided by Subsection (b) or (c), the money received
by a county under this subchapter is for the use and benefit of the
county. The county shall use the money only for indigent health
(b) If the county has a countywide hospital district, the
money received by the county under this chapter is received only for
the use and benefit of the hospital district.
(c) If territory within the county is included in the
boundaries of one or more hospital districts that are not
countywide, the money received by the county under this subchapter
(1) used only for indigent health care purposes; and
(2) allocated between the county and a hospital
district located in the county according to the number of indigent
persons served by the county or a hospital district located in the
county during the preceding calendar year.
SECTION 5. The fees imposed under Subchapter D, Chapter
278, Finance Code, as added by this Act, apply only to currency
transmissions that occur on or after October 1, 2005.
SECTION 6. Not later than October 1, 2005, the comptroller
shall adopt rules as necessary to implement Subchapter D, Finance
Code, as added by this Act.
SECTION 7. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2005.