Remittance Accountability Act

REMITTANCE ACCOUNTABILITY ACT

International Money Transmission Oversight Resolution

A RESOLUTION ESTABLISHING A REGULATORY FEE ON INTERNATIONAL MONEY

TRANSMISSIONS, PROVIDING FOR OVERSIGHT AND ENFORCEMENT, AND DEDICATING

REVENUES TO COMMUNITY REINVESTMENT

WHEREAS, the ____________________ Governing Body has authority to regulate licensed money transmitters and to impose reasonable fees to recover the costs of oversight and

compliance; and

WHEREAS, international money transmissions involve cross-border jurisdictions and heightened

regulatory and enforcement demands; and

WHEREAS, a transaction-based regulatory fee applied solely to international transmissions is a

lawful cost-recovery mechanism that does not apply to domestic or interstate commerce; and

WHEREAS, the Governing Body seeks to dedicate resulting revenues to community reinvestment

priorities identified by the adopting jurisdiction;

NOW, THEREFORE, BE IT RESOLVED BY THE ____________________ GOVERNING BODY:

SECTION 1. Purpose

To establish a neutral, transaction-based regulatory fee on international money transmissions

initiated within ____________________ for the purpose of recovering auditable oversight,

compliance, and enforcement costs.

SECTION 2. Definitions

“Money transmitter” means any person or entity licensed under ____________________. “International money transmission” means a transfer of funds initiated within

____________________ to a recipient located outside the United States or its territories.

SECTION 3. Regulatory Fee

A fixed per-transaction regulatory fee of $__________ is imposed on each international money transmission. No fee shall apply to domestic or interstate transmissions within the

United States.

SECTION 4. Collection and Remittance

Licensed money transmitters shall collect the regulatory fee at the point of transaction and remit collected fees to ____________________ on a __________ basis, together with summary

reporting required for oversight.

SECTION 5. Oversight and Audits

The administering department may require periodic reports and conduct compliance audits consistent with law.

SECTION 6. Enforcement and Penalties

Failure to comply with this resolution may result in civil penalties up to $__________ per violation, restitution of unremitted amounts, suspension or revocation of licensure, and other

remedies authorized by law.

SECTION 7. Allocation of Revenue

All revenues collected shall be deposited into the ____________________ Fund and allocated for underserved rural communities, rural medical services, economic development, and

administration, as determined by the adopting jurisdiction.

SECTION 8. Severability

If any provision of this resolution is held invalid, such invalidity shall not affect the remaining provisions.

SECTION 9. Effective Date

This resolution shall take effect on ____________________.

ADOPTED this ____ day of ____________________, 20____.