SECTION 710:95-15-3. Wire transmitter fee

(a)   Applicability of the fee. Beginning July 1, 2009, there is a fee levied against licensees by the Drug Money Laundering and Wire Transmitter Act on each money transmission transaction initiated at a location of any licensee or its delegate of a money transmitter or wire transmitter business. [See: 63 O.S. § 2-503.1j]

(b)   Amounts. The fee shall be assessed on the amount of the money transmission, exclusive of fees and costs. The amount of the fee shall be determined as follows:

(1)   For each transaction not in excess of Five Hundred Dollars ($500.00), the fee is Five Dollars ($5.00).

(2)   For each transaction in excess of Five Hundred ($500.00), the fee is Five Dollars ($5.00) plus one percent (1%) of the amount in excess of Five Hundred Dollars ($500.00).

(c)   Reports. Every licensee required to collect the wire transmitter fee shall file a quarterly return and remit the fees collected to the Commission electronically on or before the fifteenth (15th) day of the month following the close of each quarter. The licensee may deduct from the fees payable for the quarter the amount of any fees associated with incomplete transfers which are refunded to consumers during that quarter provided proof of refund to customer is attached. Quarterly returns shall be filed on a calendar year basis and not a fiscal year basis.

(d)   Notice. Every licensee and their delegates shall post a notice on a form prescribed by the Bureau that notifies customers that upon filing an Oklahoma individual income tax return with either a valid social security number or a 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.

[Source: Added at 27 Ok Reg 2361, eff 7-11-10]