HB1454 increases the fee collected by money transmitters and wire transmitter businesses in Oklahoma for certain transactions under the Oklahoma Financial Transaction Reporting Act. For transactions of $500 or less, the fee would rise from $5 to $10. For amounts over $500, the surcharge would increase from 1% to 2% of the excess amount. The bill keeps the existing structure of the fee but raises the amount paid by customers at the point of transaction.
The bill also continues to require quarterly remittance of the fee to the Oklahoma Tax Commission, with revenues deposited into the Drug Money Laundering and Wire Transmitter Revolving Fund. Licensees must post notice informing customers that they may claim an Oklahoma income tax credit for the fee paid if they file a return with a valid Social Security number or taxpayer identification number. The measure preserves enforcement tools for the Tax Commission, including license suspension for noncompliance, possible claims against surety bonds, and assistance from the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control in audits and enforcement actions.
Impact
HB1454 would amend 63 O.S. 2021, Section 2-503.1j, by doubling the fee on smaller wire transfers and increasing the percentage charge on larger transfers. This would directly affect money transmission and wire transfer businesses, their delegates, and customers who use those services. It would also affect the Oklahoma Tax Commission, the State Banking Commissioner, and the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control by preserving and reinforcing their roles in collection, oversight, and enforcement. The bill’s effective date is November 1, 2025.
Sentiment
There is limited recorded discussion or voting history available for HB1454, so the overall sentiment cannot be measured from committee debate or floor votes. Based on the bill text, it appears to be a revenue-raising and enforcement-oriented measure rather than a controversial policy overhaul. The referral to the Appropriations and Budget General Government Subcommittee suggests it was treated as a fiscal and administrative matter.
Contention
The main point of potential contention is the higher cost imposed on consumers using money transmission services, especially lower-value transactions that would see the fee double from $5 to $10. Businesses in the money transmission industry may also object to the increased fee burden and the continued compliance and enforcement requirements. On the other hand, supporters would likely emphasize the bill’s revenue generation, its connection to the Drug Money Laundering and Wire Transmitter Revolving Fund, and the retained income tax credit intended to offset the fee for eligible taxpayers.
Crimes and punishments; modifying offenses in certain classes of felonies; creating felony offenses for second or subsequent offenses; adding offenses for which registration pursuant to the Sex Offenders Registration Act applies. Effective date.
Crimes and punishments; creating felony offense related to false impersonation of peace officers; broadening scope of allowable seizure. Effective date.