HB 297 Alabama House · 2025 Regular Session

Cash transactions; report certain cash transactions to Alabama Securities Commission required

HB 297 requires money transmission businesses in Alabama to collect a 4% fee on outgoing international electronic wire transfers from customers, effective January 1, 2026. These collected fees are deposited into a new Wire Transfer Fee Fund managed by the Alabama Securities Commission. The funds are then distributed quarterly to county sheriffs for immigration law enforcement, to the State Department of Education for English language learner programs in public K-12 schools, and to the Alabama Department of Public Health. The bill also authorizes an income tax credit for the amount of fees paid by taxpayers.

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2025

Committee Review

May 2025

House Passage

Apr 2025

Senate Passage

Governor

Introduced Feb 18, 2025 Last action May 1, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Engrossed · 6 edits · Apr 29, 2025

MODERATE

The bill was amended from an introduced version to an engrossed version, changing the bill's title and purpose from requiring fees on international wire transfers to focus on cash transaction reporting and record-keeping for money transmission businesses. The engrossed version removes provisions about wire transfer fees, tax credits for those fees, and funds for immigration enforcement and English language instruction, replacing them with requirements for reporting and maintaining records of cash transactions.

Scope change

The bill's scope changed from regulating international wire transfer fees and funding immigration-related programs to regulating cash transaction reporting and record-keeping for money transmission businesses.

SCOPE

Removed all provisions requiring money transmission businesses to collect a 4% fee on outgoing international electronic wire transfers.

FISCAL

Removed provisions creating the Sheriffs' Immigration Enforcement and Detainer Fund and the Immigration Assimilation Resources Fund.

ELIGIBILITY

Removed provisions allowing taxpayers to receive a tax credit for international wire transfer fees paid.

REQUIREMENT

Added requirements for money transmission businesses to report and maintain records of cash transactions, including suspicious transactions of $2,000 or more and all transactions of $1,000 or more.

TIMELINE

Changed the effective date of the act from January 1, 2026 to October 1, 2025.

TECHNICAL

Changed the bill number from KKBBAA5-1 to 843VRHH-2 and updated page headers from 'HB297 INTRODUCED' to 'HB297 ENGROSSED'.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 1, 2025

Upper · Passed

Pending Committee Action in Second House (Banking and Insurance)

upper

Apr 29, 2025

Lower · Passed

Motion to Read a Third Time and Pass as Amended - Adopted Roll Call 1092

lower

Apr 29, 2025

Lower · Passed

Motion to Adopt - Adopted Roll Call 1091

lower

Apr 29, 2025

Introduced

Financial Services Engrossed Substitute Offered (Financial Services)

lower

Apr 23, 2025

Lower · Passed

Reported Out of Committee House of Origin (Financial Services)

lower

Mar 19, 2025

Committee

Re-referred to Committee in House of Origin- Financial Services (Financial Services)

lower

Mar 19, 2025

Lower · Passed

Reported Out of Committee House of Origin with Engrossed Committee Reported Substitute (Ways and Means Education)

lower

Feb 18, 2025

Lower · Passed

Pending Committee Action in House of Origin (Ways and Means Education)

lower

1 primary · 0 co-sponsors