An Act To Require Remittance Fees For Money Transmissions

LD 1110 requires money transmission services (like remittance providers) to collect a $5 fee for each transfer up to $500, plus 3% for amounts over $500, from the sender. Providers must remit these fees quarterly to the state administrator, who then deposits them into the General Fund. Senders can claim a state income tax credit equal to the fee amount when filing their state tax return, provided they include a valid Social Security or Tax ID number. This directly affects individuals sending money through licensed providers, making the fee effectively refundable via tax credit. The bill also includes enforcement provisions allowing license suspension for noncompliance.