FISCAL NOTE
Date Requested: February 09, 2026
Time Requested: 04:16 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3956 |
Introduced |
HB5353 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
3041 Assessment and Examination Fund
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will likely increase the number of money transmitter licensees, resulting in additional license fees beginning in FY2027 as well as additional assessments beginning in FY2029. The agency anticipates additional costs to train a staff member to assist in money transmission examinations. Ongoing expenses would also include travel for examinations once training is completed.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
30,000 |
30,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
30,000 |
30,000 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
43,000 |
70,000 |
Explanation of above estimates (including long-range effect):
Revenue increases are based on the estimated number of companies operating virtual currency kiosks in West Virginia currently. Revenue estimates for FY2027 are higher due to initial application fees of $1,250 per company and per-kiosk fees. After initial licensure, companies remit annual license renewal fees of $250, a lower ongoing per kiosk fee, and assessment fees based on transactional volume for the previous year-end. Revenue is expected to increase upon full implementation of the bill, as companies report transactional data used to calculate annual assessments. Assessments comprise most of the revenue for the money transmission program.
On the expense side, the agency anticipates using a currently budgeted position to train an employee for the money transmission program. A computer, software licenses, supplies, travel, and training costs will be incurred initially. Once training is complete, the employee will assist the money transmission program manager with examinations and regulatory oversight.
Memorandum
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org