Mississippi SB2828 requires money transmission licensees to collect a fee and allows a tax credit for those fees.
Mississippi SB2828, the Money Transmission Modernization Act, mandates that licensees collect a fee of $7.50 for each transaction up to $500 and 1.5% of any amount exceeding $500. These fees are to be remitted quarterly to the Department of Revenue, which will then transfer the funds to the Law Enforcement 287(g) Program Fund. The act also allows customers to claim an income tax credit for the fees they have paid. Failure to remit fees can result in license suspension, and the commissioner can claim on a licensee's surety bond if necessary.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.