PRINTER'S NO. 1514
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1158
Session of
2022
INTRODUCED BY MASTRIANO, SCAVELLO, PHILLIPS-HILL AND STEFANO,
MARCH 24, 2022
REFERRED TO BANKING AND INSURANCE, MARCH 24, 2022
AN ACT
Amending the act of September 2, 1965 (P.L.490, No.249),
entitled "An act providing for the licensing and regulation
of the business of transmitting money or credit for a fee or
other consideration by the issuance of money orders, by the
sale of checks or by other methods; conferring powers and
duties upon the Department of Banking and Securities; and
imposing penalties," further providing for licensee
requirements and for agents.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 11.1 and 12(c) of the act of September
2, 1965 (P.L.490, No.249), referred to as the Money Transmission
Business Licensing Law, are amended by adding clauses to read:
Section 11.1. Licensee Requirements.--A licensee shall:
* * *
(7) (i) Collect a fee for each transaction sent to a
recipient outside the United States equal to two percent of the
amount of the transaction but not to exceed five thousand
dollars ($5,000).
(ii) The fee under subclause (i) shall be remitted quarterly
to the department on a form as the department, with the
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assistance of the Pennsylvania State Police, may prescribe. All
required forms and remittances shall be filed with the
department not later than the fifteenth day of the month
following the close of each calendar quarter.
(iii) The department shall transmit all fees collected under
this clause to the State Treasurer for deposit into the Property
Tax Relief Fund.
Section 12. Agents.--* * *
(c) The written agreement shall contain at least the
following provisions:
* * *
(8) The agent shall collect all fees imposed under this act
on behalf of the person on whose behalf the agent is acting and
remit those fees within thirty days to the person on whose
behalf the agent is acting.
Section 2. This act shall take effect in 60 days.
20220SB1158PN1514 - 2 -
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