Imposition of tax

There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer. The tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer. The remittance transfer provider with respect to any remittance transfer shall collect the amount of the tax imposed under subsection (a) with respect to such transfer from the sender and remit such tax quarterly to the Secretary at such time and in such manner as provided by the Secretary,11 So in original. The comma probably should be a period. Where any tax imposed by subsection (a) is not paid at the time the transfer is made, then to the extent that such tax is not collected, such tax shall be paid by the remittance transfer provider. The tax imposed under subsection (a) shall apply only to any remittance transfer for which the sender provides cash, a money order, a cashier’s check, or any other similar physical instrument (as determined by the Secretary) to the remittance transfer provider. Subsection (a) shall not apply to any remittance transfer for which the funds being transferred are— withdrawn from an account held in or by a financial institution— For purposes of this section— The terms “remittance transfer”, “remittance transfer provider”, and “sender” shall each have the respective meanings given such terms by section 919(g) of the Electronic Fund Transfer Act (15 U.S.C. 1693o–1(g)). The term “credit card” has the same meaning given such term under section 920(c)(3) of the Electronic Fund Transfer Act (15 U.S.C. 1693o–2(c)(3)). The term “debit card” has the same meaning given such term under section 920(c)(2) of the Electronic Fund Transfer Act (15 U.S.C. 1693o–2(c)(2)), without regard to subparagraph (B) of such section. For purposes of section 7701(l), with respect to any multiple-party arrangements involving the sender, a remittance transfer shall be treated as a financing transaction.