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

Under present law, the Tennessee Money Transmitter Act governs the sale and issuance of payment instruments and the engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. Money received pursuant to this bill will be allocated under the provisions governing the allocation of state sales tax revenue.<br /> <br /> This bill requires the department of revenue to assess a nonrefundable $2.00 fee on each transaction where 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 a money transmitter licensed under the Act. In addition to any other fee authorized by the Act, this bill authorizes a money transmitter to charge an individual nonrefundable processing fee no greater than $1.00 per transaction.<br /> <br /> An individual who produces valid military identification, or the individual's spouse's military identification, at the time of transaction will not be subject to the fee. This bill requires the money transmitter to retain a copy of any military identification and to make the copies available for inspection upon request of the department.<br /> <br /> This bill provides that an entity acting as an authorized agent for a money transmitter licensed in this state is not:<br /> <br /> (1) Required to maintain the military identifications described above; or<br /> <br /> (2) Responsible for holding or transmitting revenue generated from the $2.00 transaction fee described above to the state.<br /> <br /> For purposes of promulgating rules and forms, this bill will take effect upon becoming a law. For all other purposes, this bill will take effect January 1, 2023, and will be repealed January 1, 2027.<br />