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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 2075 By: Bergstrom
AS INTRODUCED
An Act relating to money transmissions; amending 63
O.S. 2021, Section 2-503.1j, which relates to fee for
money transmissions; modifying fee amount; updating
statutory language; updating statutory references;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 63 O.S. 2021, Section 2-503.1j, is
amended to read as follows:
Section 2-503.1j. A. Any licensee of a money transmission,
transmitter, or wire transmitter business pursuant to the Oklahoma
Financial Transaction Reporting Act and their delegates shall
collect a fee of Five Dollars ($5.00) Twenty-five Dollars ($25.00)
for each transaction not in excess of Five Hundred Dollars ($500.00)
and in addition to such fee an amount equal to one percent (1%) five
percent (5%) of the amount in excess of Five Hundred Dollars
($500.00).
B. The fee prescribed by subsection A of this section shall be
remitted quarterly to the Oklahoma Tax Commission on such forms as
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the Tax Commission, with the assistance of the Oklahoma State Bureau
of Narcotics and Dangerous Drugs Control, may prescribe for such
purpose. All required forms and remittances shall be filed with the
Tax Commission not later than the fifteenth day of the month
following the close of each calendar quarter.
C. The Oklahoma Tax Commission shall apportion all revenues
derived from the fee to the Drug Money Laundering and Wire
Transmitter Revolving Fund.
D. Every licensee and their delegates shall post a notice on a
form prescribed by the Director of the Oklahoma State Bureau of
Narcotics and Dangerous Drugs Control that notifies customers that
upon filing an individual income tax return with either a valid
social security number or a valid taxpayer identification number the
customer shall be entitled to an income tax credit equal to the
amount of the fee paid by the customer for the transaction.
E. The Oklahoma Tax Commission shall be afforded all provisions
currently under law to enforce the provisions of subsection B of
this section. If a licensee fails to file reports or fails to remit
the fee authorized by subsection B A of this section, the Oklahoma
Tax Commission shall have the authority pursuant to Section 212 of
Title 68 of the Oklahoma Statutes to suspend the license of the
licensee and its delegates. A notification of the suspension shall
also be sent to the State Banking Commissioner and the Director of
the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control.
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The licensee and its delegates may not reapply for a license until
all required reports have been filed and all required fee amounts
have been remitted.
F. Upon request from the Oklahoma Tax Commission, the State
Banking Commissioner may make a claim against the surety bond of the
licensee on behalf of the State of Oklahoma this state.
G. The Oklahoma State Bureau of Narcotics and Dangerous Drugs
Control and its attorneys may assist the Oklahoma Tax Commission in
conducting audits and the prosecution and/or or seeking of legal
remedies to ensure compliance with this act the Drug Money
Laundering and Wire Transmitter Act.
SECTION 2. This act shall become effective July 1, 2026.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-2533 TEK 1/15/2026 11:52:09 AM