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SB 2828

Money Transmission Modernization Act; require licensee to charge fee for 287(g) and General Fund, refundable via income tax credit.

2026 Regular Session Introduced by Angela Hill

Mississippi requires money transmission licensees to pay fees funding 287(g) immigration enforcement and the General Fund, with partial recovery via income tax credits.

Conferees Named Aguirre,Sanford,Grady
#bankingandfinancialservices #finance
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WeVote Research Nonpartisan
Bill Summary · SB 2828

Legislative bill overview

SB 2828 modernizes Mississippi's money transmission licensing framework by requiring licensees to pay a fee that funds both 287(g) immigration enforcement programs and the state's General Fund. The bill provides a mechanism for licensees to recover portions of this fee through income tax credits.

Why is this important

Money transmission licensing fees directly affect the cost of doing business for financial services providers, which can ultimately be passed to consumers through higher transaction costs. The bill links financial regulation to immigration enforcement funding, creating a novel revenue mechanism that ties two distinct policy areas together. The tax credit provision suggests an attempt to offset business impacts while maintaining revenue collection.

Potential points of contention

  • Cost pass-through concerns: Whether fees on money transmitters disproportionately burden low-income consumers who rely on remittances and financial services
  • 287(g) funding mechanism: Using licensing fees to fund immigration enforcement is controversial; opponents may argue it conflates financial regulation with immigration policy, while supporters may view it as an efficient funding source
  • Tax credit effectiveness: The refundable tax credit's actual value and accessibility to licensees remains unclear—it may not fully offset fees or may create administrative complexity

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

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