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Bill

HB 362

Money transmission fees; require money transmitters to collect on certain transfers.

2026 Regular Session Introduced by Noah Sanford

Mississippi bill requiring money transmitters to collect fees on specified transfer types failed in committee but may be reconsidered.

Motion to Reconsider Entered (Boyd (37th), Aguirre)
#bankingandfinancialservices
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WeVote Research Nonpartisan
Bill Summary · HB 362

Legislative bill overview

HB 362 would require money transmitters operating in Mississippi to collect fees on certain types of money transfers. The bill was referred to the Banking and Financial Services Committee in January 2026 but failed on February 11th after being amended, though a motion to reconsider was immediately filed.

Why is this important

Money transmission fees directly affect consumers who send remittances, wire transfers, or other financial transfers—often lower-income individuals and immigrants. Fee collection requirements could either increase transparency and state revenue or increase costs passed to consumers, depending on the bill's specific provisions and implementation.

Potential points of contention

  • Consumer cost impact: Whether fee collection mechanisms increase costs for everyday users sending money domestically or internationally
  • Regulatory scope ambiguity: Unclear definition of "certain transfers" and which money transmitters are covered (banks, wire services, payment apps, cryptocurrency platforms)
  • Competitive disadvantage: How fee requirements affect smaller transmitters versus large financial institutions and whether they create unequal market conditions

Compiled from official sources — confirm details with the bill’s official record.

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