Indiana HB1229 establishes an international money wiring fee for transactions to locations outside the U.S.

Indiana HB1229 mandates that money transmitters collect and remit an international money wiring fee for transactions to recipients outside the United States. The fee is $5 for transactions up to $500 and $5 plus an additional amount for transactions exceeding $500. Money transmitters can retain a collection allowance of 0.73% of the fees collected. Twenty percent of the collected fees will be deposited into the state general fund, while 80% will be deposited into the community-based services fund.

Indiana HB1229 establishes an international money wiring fee for transactions to locations outside the U.S.

Indiana HB1229 mandates that money transmitters collect and remit an international money wiring fee for transactions to recipients outside the United States. The fee is $5 for transactions up to $500 and $5 plus an additional amount for transactions exceeding $500. Money transmitters can retain a collection allowance of 0.73% of the fees collected. Twenty percent of the collected fees will be deposited into the state general fund, while 80% will be deposited into the community-based services fund.