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Maine hearing on LD 11 10 proposes remittance fee on international money transfers
Summary
A public hearing on LD 11 10 heard sponsor testimony for a $5 plus percentage remittance fee on international money transmissions aimed at generating revenue and aiding law enforcement; regulators and the bureau raised concerns about scope, regressivity and administrative burden.
Representative Smith introduced LD 11 10 to the Health Coverage, Insurance and Financial Services Committee as “an act to require remittance fees for international money transmission,” proposing a layered fee meant to target large transfers used in alleged illicit activity and to raise funds for state enforcement.
The bill would require money transmission licensees to collect a fee of $5 for each transfer up to $500 and an additional 3% on any amount above $500, remitted quarterly to the state administrator for deposit into the general fund. Representative Smith said the bill includes a state income tax credit equal to the fee paid for anyone filing a return with a valid…
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