On Oct. 16, US VI LEG passed bill on money transmission fee, fund.
US VI LEG passed Bill 35-0390 to establish the Money transmission revolving fund.
Amends US VI FIN 9-22-2 on money transmission licenses; adds Sections 518 to 520.
Bill Provisions
Established a fund designated as the Money transmission revolving fund, which is administered by the Commissioner of the Virgin Islands Department of Finance.
Any money transmission licensee shall collect 3% fee of gross amount of each money transmission that originates within the Virgin Islands and terminates outside the US.
Funds shall be deposited into interest-earning accounts, interest deposited into fund.
Licensee shall remit fee to VI Bureau of Internal Revenue within 10 days of month end.
Late fee of $100 per day if licensee fails to timely submit the forms and remittances.
The licensee, or a delegate authorized, shall post a notice advising customers that they are entitled to income tax credit equal to amount of the fee paid for the transaction.
Suspension the license if licensee, delegate, fails to file reports or to remit the fees.
Legislative History
On Oct. 16, 2024, bill introduced in Legislature; on Oct. 16, 2024, bill was adopted.
Effectiveness
Bill provisions to take effect 45 days after the enactment.
Governor advised legislature to make specific amendments, assigning collection responsibilities and removing income tax credit to ensure proper management of fees.
Bill was signed by the governor on Oct. 31, 2024 and is effective on Dec. 15, 2024.
Regulators
US VI LEG
Entity Types
Bank; MSB
Reference
PR, 11/5/2024; Act No. 8936, 10/31/2024; Bill 35-0390, 10/16/2024; Citation: US VI FIN 9-22-2;
