Provide for a fee under Nebraska Money Transmitters Act
Summary
LB201 amends the Nebraska Money Transmitters Act to require a fee on certain money transmission transactions sent to a person outside the United States. The fee is set at the lesser of 10% of the value of the transaction or $10,000. The bill also directs that the fee be collected by a licensee or authorized delegate and remitted quarterly to the Department of Banking and Finance using a form prescribed by the department with assistance from the Nebraska State Patrol.
The bill establishes an operative date of January 1 and repeals the original section it replaces, making the new fee structure the controlling law within the Money Transmitters Act. In practical terms, it would affect money transmitters, their authorized delegates, and customers sending funds internationally, while giving the state a new revenue collection mechanism tied to outbound remittances.
Impact
LB201 would change Nebraska’s Money Transmitters Act by adding a mandatory fee on international money transmission transactions and by setting administrative procedures for collection and quarterly remittance to the Department of Banking and Finance. It would directly affect licensed money transmitters, their delegates, and consumers sending money to recipients outside the United States, while also involving the Nebraska State Patrol in form development and the department in fee administration.
Sentiment
The available record shows no committee transcript or recorded vote, so there is no documented debate or expressed support/opposition in the materials provided. The bill’s final status of indefinitely postponed suggests it did not advance, but the provided context does not explain whether that was due to policy disagreement, technical concerns, or broader legislative priorities.
Contention
Because there are no transcripts or votes, specific points of contention are not documented in the record provided. Based on the bill text, likely areas of concern would include the size of the fee, its effect on remittance customers and money transmitters, the administrative burden of quarterly reporting, and whether the fee could discourage international money transfers. However, these concerns are inferred from the bill’s structure rather than stated by legislators in the available materials.