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House passes bill imposing fees on certain international money transfers
Summary
House Bill 2502, sponsored by Representative Hill, creates a fee structure for money transmitters sending funds abroad (a $10 charge per transaction and a 2% fee for transfers over $500) with allocations directed to the general fund and several programs; the House declared the bill passed on third consideration.
Representative Hill (speaker 30) explained House Bill 2502 on the floor, saying the measure creates a fee on certain money transfers to foreign countries to fund state priorities. "This legislation creates a fee for money transfers to a foreign country. This will be a $10 per transaction and 2% of transactions over $500," Hill said in committee/sponsor remarks, adding that banks and financial institutions were exempt and that 20% of the revenues would be allocated to the general fund, childcare assistance, workforce housing initiatives and the teacher internship fund.
Supporters framed the bill as recapturing funds sent abroad and using them to benefit Tennessee programs. The bill moved through committee amendments and floor consideration and the clerk announced the result on the floor; the chair declared the bill passed on third consideration. The transcript records the clerk’s tally as read near SEG 1076 (announced in the transcript in the form recorded by the clerk), and the chair stated the bill had received the constitutional majority.
Next steps: the bill will be enrolled and forwarded to the Senate (or to enrollment process as provided by House rules).
