LD1110

Maine LD1110 mandates remittance fees for money transmissions and provides a state income tax credit to senders.

Maine LD1110 establishes a remittance fee for money transmissions, with a base fee of $5 for amounts up to $500 and an additional fee of 3% for any amount exceeding $500. The collected fees are to be remitted quarterly to the administrator and deposited into the General Fund. Senders of money transmissions are entitled to a state income tax credit equal to the fee paid if they file a state individual income tax return with a valid social security number or tax identification number. The bill also outlines penalties for non-compliance, including potential license suspension or revocation.