Committee advances bill to impose fees on certain international money transfers
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Summary
The Finance Ways and Means Committee moved House Bill 2502 to calendar and rules after the sponsor described proposals to levy a $10 fee plus 2% on money transmitted abroad via money transmitters (excluding traditional banks); the measure passed committee 22–0 with three present non-voting.
Representative Hale presented House Bill 2502 and said Department of Financial Institutions data show approximately 16 million transfers from Tennessee to foreign countries total about $5.5 billion. The bill would create a fee on funds leaving the state when transmitted to foreign countries through money transmitters: $10 per transaction plus 2% on amounts over $500, and it would exclude traditional financial institutions.
Members asked whether charitable and church remittances or transfers by service members stationed overseas would be affected. The sponsor and other members clarified that transfers processed through banks would not be subject to the fee; transfers sent through money-transmitter services or certain peer-to-peer platforms when the recipient is outside the United States would be covered.
Following a motion and the question-to-call procedure, the clerk reported a committee tally of 22 ayes, 0 nos and 3 present non-voting; the committee moved the bill to calendar and rules.
The committee record in this hearing focused on the basic policy mechanics and scope of entities covered; it did not include a detailed fiscal analysis or amendments. Further fiscal and implementation details will be developed as the bill advances.
