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Committee approves substitute creating wire‑transfer fee to fund education, hospitals and prosecution services; vote 11‑4
Summary
A substitute imposing a fee on certain nonbank wire or cash transfers was approved by the committee on a roll‑call vote of 11‑4; supporters described allocations for education, hospitals and prosecution services and projected at least $10 million in revenue.
A substitute to House Bill 297 — a proposal to impose a fee on certain wire or cash transfer services — passed the committee on a roll‑call vote of 11 to 4 after extended debate and a request for recorded voting.
Representative Fidler, the sponsor, told the committee the bill targets certain nonbank cash transfer services (examples cited included Western Union and MoneyGram) and does not affect bank or credit‑card transactions or services such as PayPal and Venmo. He described the mechanics: the securities commission would collect the fee; the sponsor said “it then, collects 4% to half of that, 2%,…
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