Oklahoma HB1454 modifies fees for money wire transmission and outlines enforcement actions.
Oklahoma HB1454 amends the Oklahoma Financial Transaction Reporting Act to change the fee structure for money wire transmission. It sets a base fee of $10 for transactions up to $500 and an additional 2% fee for amounts exceeding $500. The Oklahoma Tax Commission is responsible for collecting these fees, which must be remitted quarterly. Failure to comply with reporting or fee payment can result in license suspension by the Oklahoma Tax Commission, with notifications sent to the State Banking Commissioner and the Director of the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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