(a) Any licensee under this subchapter shall collect a fee of 3% of the gross amount of each money transmission that originates within the Virgin Islands and terminates outside the United States, its territories, consulates, embassies, or military installations.
(b) Not later than 10 days after the last day of the calendar month during which the fees are collected, the licensee shall remit the fee to the Office of the Lieutenant Governor, Division of Banking and Insurance, on forms provided by the Office of the Lieutenant Governor, Division of Banking and Insurance and Financial Regulation.
(c) The Office of Lieutenant Governor, Division of Banking and Insurance and Financial Regulation shall transmit the fees to the Virgin Islands Department of Finance (“DOF”) and DOF shall cover all revenues derived from the fees into the Money Transmission Revolving Fund.
(d) On a form prescribed by the Office of the Lieutenant Governor, Division of Banking and Insurance and Financial Regulation, every licensee, or authorized delegate, shall post a notice advising customers that they are entitled to an income tax credit equal to the amount of the fee paid for the transaction, upon filing an individual income tax return with either a valid social security number, or a valid taxpayer identification number, and a receipt for the transaction including the money transfer number.
(e) If a licensee fails to file reports or to remit the fee required by this section, the Director of Banking and Insurance and Financial Regulation may, pursuant to section 571, suspend the license of the licensee or its delegates. The Director of Banking and Insurance and Financial Regulation shall send a copy of the of suspension to the Virgin Islands Department of Justice. The licensee may not reapply for a license until all required reports have been filed and all required amounts have been remitted to the VIBIR.
(f) Upon request from the Virgin Islands Department of Justice, the Director of Banking and Insurance and Financial Regulation may make a claim against the surety bond posted by the licensee pursuant to section 513.