Amends TCA Title 38; Title 45, Chapter 7 and Title 67, Chapter 6.

This bill requires the department of revenue to assess a refundable fee of $5.00 on each separate transaction whereby an individual transmits an amount of money from a location originating in this state to a location outside of the United States or its territories through an entity licensed under the Tennessee Money Transmitter Act of 1994. Also, in addition to other fees authorized by the Act, this bill authorizes an entity licensed under the Act to charge an individual a nonrefundable processing fee no greater than $1.00 per transaction. This bill will be effective from July 1, 2022, until July 1, 2026.<br /> <br /> An individual involved in a transaction as described above will be exempt from paying the above-described fees if the individual produces the individual's valid Tennessee driver license, the individual's valid military identification, or the individual's spouse's valid military identification at the time of the transaction. This bill requires the money transmitter to retain a copy of the identification for the entity's records. This bill requires entities licensed under the Act to make the copies of the available for inspection by the department upon request by the department.<br /> <br /> Revenues generated from the fees imposed by this bill will be deposited in a special account in the state general fund and retained in the account until the revenues are unencumbered. Revenues are unencumbered on July 1 of each year after the expiration of a refund application period. This bill provides that the revenues in the account will be subject to refund upon application made by the individual who paid the fee, if the individual applies within 90 days of the transaction and submits with the refund application to the department a copy of the individual's social security number or taxpayer identification number in addition to proof of the fee paid and other information the department may require by rule.<br />