Tto require money transmitter licensees

HB 3453 requires money transmitters licensed in West Virginia to collect a fee for international money transfers. Specifically, businesses must charge $5 per transaction under $500 and 3% of amounts over $500, then remit these fees quarterly to the West Virginia Department of Revenue by the 15th of the following month. The bill also mandates that licensees post notices informing customers they can claim a tax credit for the fee when filing income taxes using a Social Security or Taxpayer ID number. Revenue from these fees flows into the state general fund, and non-compliant licensees risk having their licenses suspended until fees are paid. This bill directly affects money transfer businesses operating in West Virginia that handle international transactions.