PENNSYLVANIA, March 24 - PRINTER'S NO. 1514

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

1158

Session of

2022

INTRODUCED BY MASTRIANO, SCAVELLO, PHILLIPS-HILL AND STEFANO,

MARCH 24, 2022

REFERRED TO BANKING AND INSURANCE, MARCH 24, 2022

AN ACT

Amending the act of September 2, 1965 (P.L.490, No.249),

entitled "An act providing for the licensing and regulation

of the business of transmitting money or credit for a fee or

other consideration by the issuance of money orders, by the

sale of checks or by other methods; conferring powers and

duties upon the Department of Banking and Securities; and

imposing penalties," further providing for licensee

requirements and for agents.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Sections 11.1 and 12(c) of the act of September

2, 1965 (P.L.490, No.249), referred to as the Money Transmission

Business Licensing Law, are amended by adding clauses to read:

Section 11.1. Licensee Requirements.--A licensee shall:

* * *

(7) (i) Collect a fee for each transaction sent to a

recipient outside the United States equal to two percent of the

amount of the transaction but not to exceed five thousand

dollars ($5,000).

(ii) The fee under subclause (i) shall be remitted quarterly

to the department on a form as the department, with the

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