Senate Bill No. 273
(By Senators Minard, Jenkins and Plymale)
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[Introduced January 25, 2006; referred to the Committee
on Banking and Insurance; and then to the Committee on Finance.]
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A BILL to amend and reenact §32A-2-5 of the Code of West
Virginia, 1931, as amended, relating to increasing fees for
licensing of money service businesses.
Be it enacted by the Legislature of West Virginia:
That §32A-2-5 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 2. CHECKS AND MONEY ORDER SALES, MONEY TRANSMISSION
SERVICES, TRANSPORTATION AND CURRENCY EXCHANGE.
§32A-2-5. Fees.
(a) The commissioner shall charge and collect the license
application fees, license fees, license renewal fees, and
examination fees in amounts reasonable and necessary to defray
the cost of administering this article as follows:
(1) For applying for a license, an application and licensing
fee of
five hundred one thousand dollars, plus
ten fifteen dollars for each location within the state at which the applicant
and its authorized delegates are conducting business or propose
to conduct business excepting the applicant's principal place of
business.
(2) For renewal of a license, a fee of
two hundred fifty
five hundred dollars plus
ten fifteen dollars for each location
within the state at which the licensee and its authorized
delegates are conducting business or propose to conduct business
excepting the applicant's principal place of business.
(3) The total of fees required by subdivisions (1) or (2) of
this subsection may not exceed
two five thousand
five hundred
dollars for any one application.
(4) For a change in address by the licensee of its principal
place of business, a fee of one hundred dollars.
(5) For failure to timely submit an application of renewal
or file audited financial statements required for renewal as set
forth in this article, a penalty fee of ten dollars per day for
each day late, unless an extension of time has been granted or
the fee waived by the commissioner.
(b) Beginning one year after the effective date of this
article, the commissioner may, by rules proposed for legislative
approval in accordance with the provisions of article three,
chapter twenty-nine-a of this code, amend the fees set forth in
this section and in subsection (b), section eleven of this article.
(c) Fees and moneys received and collected under this
article shall be paid into the special revenue account in the
State Treasury for the Division of Banking established in section
eight, article two, chapter thirty-one-a of this code.
NOTE: The purpose of this bill is to increase fees for
licensing of money service businesses.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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