South Carolina H 4251: Money transmission fees

Bill Text

2025-2026 Bill 4251 Text of Previous Version (Mar. 27, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 4251

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 
35-11-240 SO AS TO PROVIDE CERTAIN FEES MUST BE ASSESSED AGAINST CERTAIN MONEY 
TRANSFERS, AND to PROVIDE FOR THE DISBURSEMENT OF THE FEES TO THE ILLEGAL 
IMMIGRATION ENFORCEMENT FUND; AND BY AMENDING SECTION 23-3-80, RELATING TO THE 
ILLEGAL IMMIGRATION ENFORCEMENT UNIT, SO AS TO PROVIDE THE ILLEGAL IMMIGRATION 
ENFORCEMENT FUND MUST BE USED TO FUND THE UNIT'S OPERATIONS.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Article 2, Chapter 11, Title 35 of the S.C. Code is 
amended by adding:

 Section 
35-11-240. (A) Any licensee of a money 
transmission, transmitter, or wire transmitter business operating pursuant to 
this article, and their delegates shall collect a fee of seven dollars and 
fifty cents for each transaction not in excess of five hundred dollars and, in 
addition to this fee, an amount equal to one and one-half percent of the amount 
in excess of five hundred dollars.

 (B) 
The fee prescribed by subsection (A) must be remitted quarterly to the 
Department of Revenue on forms as the department may prescribe. All required 
forms and remittances must be filed with the department no later than the 
fifteenth day of the month following the close of each calendar quarter.

 (C) 
The department shall direct all revenues derived from the fee prescribed by 
this section into the Illegal Immigration Enforcement Fund. The funds must be 
used solely to fund the operations of the Illegal Immigration Enforcement Unit 
established pursuant to Section 23-3-80. Money in the fund must be expended 
upon appropriation by the General Assembly. Unexpended amounts remaining in the 
fund at the end of a fiscal year shall not lapse into the general fund and 
investment earnings on amounts in the fund shall be deposited to the credit of 
the fund.

 (D) 
Every licensee and its delegates shall post a notice on a form prescribed by 
the department that notifies customers that upon filing an individual income 
tax return with either a valid Social Security number or a valid taxpayer 
identification number, the customer is entitled to an income tax credit equal 
to the amount of the fee paid by the customer for the transaction.

 (E) 
The department shall be afforded all provisions currently under law to enforce 
the provisions of subsection (B). If a licensee fails to file reports or fails 
to remit the fee authorized by subsection (B), the department shall have the 
authority pursuant to this chapter to suspend the license of the licensee and 
its delegates. A notification of the suspension also must be sent to the South 
Carolina Commissioner of Banking ("the Banking Commissioner"). The licensee and 
its delegates may not reapply for a license until all required reports have 
been filed and all required fee amounts have been remitted.

 (F) 
Upon request from the department, the Banking Commissioner may make a claim 
against the surety bond of the licensee on behalf of the State.

SECTION 2. Section 23-3-80(C) of the S.C. Code is amended to read:

 (C) Notwithstanding any other provision 
of law, the Illegal Immigration Enforcement Unit must be funded annually by a 
specific appropriation to the Illegal Immigration Enforcement Unit in the State 
general appropriations act, separate and distinct from SLED'S other 
appropriations, first using funds from the Illegal 
Immigration Enforcement Fund and, if necessary to fund its operations, 
thereafter using funds from the State general fund or such other funds as the General 
Assembly may direct.

SECTION 3. This act takes effect upon approval 
by the Governor.

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This web page was last updated on March 27, 2025 at 11:15 AM