H. B. 4498
(By Delegates Ron Thompson, Beach, Houston,
Iaquinta, H. White, Marshall and Kominar)
[Introduced February 10, 2006; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact §32A-2-5 of the Code of West Virginia,
1931, as amended, relating to 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 provide additional
funding so that the Division of Banking may carry out its
responsibility of examining and regulating money service
businesses.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.