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A BILL TO BE ENTITLED
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AN ACT
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relating to money transmissions sent to destinations outside the |
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United States; imposing a fee. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by |
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adding Chapter 282 to read as follows: |
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CHAPTER 282. MONEY TRANSMISSION FEE |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 282.001. DEFINITIONS. In this chapter: |
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(1) "Financial institution" has the meaning assigned |
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by Section 201.101. |
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(2) "Money transmission" has the meaning assigned by |
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Section 151.301. |
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(3) "Money transmission business" means a person |
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engaging in money transmission as a service or for profit. The term |
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includes a financial institution. |
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SUBCHAPTER B. FEE ON CERTAIN MONEY TRANSMISSIONS |
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Sec. 282.051. FEE ON CERTAIN TRANSMISSIONS TO FOREIGN |
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DESTINATIONS. (a) Except as provided by Subsection (b), a money |
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transmission business shall charge a fee on a money transmission |
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for an individual that originates in this state and is transmitted |
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to a destination outside of the United States if the individual does |
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not present proof that the individual is a United States citizen or |
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is lawfully present in the United States by showing: |
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(1) a United States passport; or |
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(2) an unexpired Permanent Resident Card issued by |
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United States Citizenship and Immigration Services. |
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(b) A financial institution may not charge the fee required |
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by Subsection (a) to an individual that has an account with the |
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financial institution. |
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(c) The amount of the fee is the sum of: |
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(1) three percent of the total amount sent by the money |
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transmission; and |
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(2) $5. |
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(d) On each money transmission for which the money |
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transmission business charges a fee under this section, the |
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business, to cover the cost of collecting the fee, may retain an |
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amount equal to the greater of: |
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(1) 10 percent of the amount of the fee provided by |
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Subsection (c)(1); or |
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(2) $1. |
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(e) The money transmission business shall: |
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(1) collect the fee from the individual directing or |
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requesting the business to make the transmission; and |
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(2) remit the fee, less the amount retained under |
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Subsection (d), to the comptroller at the times and in the manner |
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prescribed by the comptroller. |
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(f) Except as provided by Subsection (g), the comptroller |
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shall deposit the revenue the comptroller receives under this |
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section to the credit of the border security account established |
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under Section 282.053. |
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(g) The comptroller shall retain a portion of the amount |
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remitted to the comptroller under this section to cover the cost of |
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administering this chapter. The comptroller by rule shall specify |
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the portion to be retained. |
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Sec. 282.052. RULES. The comptroller shall adopt any |
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necessary rules for the imposition, administration, payment, |
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collection, and enforcement of the fees imposed by Section 282.051. |
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Sec. 282.053. BORDER SECURITY ACCOUNT. The border security |
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account is an account in the general revenue fund. Money in the |
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account may be appropriated only to the Department of Public Safety |
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or the Texas National Guard to provide funding for border security |
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efforts in this state. |
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SECTION 2. The fees imposed under Subchapter B, Chapter |
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282, Finance Code, as added by this Act, apply only to money |
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transmissions that occur on or after March 1, 2018. |
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SECTION 3. Not later than March 1, 2018, the comptroller |
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shall adopt rules as necessary to implement Chapter 282, Finance |
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Code, as added by this Act. |
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SECTION 4. This Act takes effect December 1, 2017. |