Payments

If you are engaged in any of the following activities, you are essentially classified as a money services business and as such, you need to be licensed as a money transmitter in each respective state that you are doing business: Debt Management/Credit Counseling Electronic money transmitting Issuing traveler’s checks Selling Traveler’s checks Issuing money orders Selling money orders Bill payment Issuing and/or selling drafts Transporting currency Issuing prepaid access/stored value Selling prepaid access/stored value Foreign currency dealing or exchanging Virtual currency exchanging and trading services

Michigan Money Transmitter License Overview Who Controls the Michigan Money Transmitter License? The Michigan Department of Insurance and Financial Services issues a Money Transmitter License for all entities providing money transmission services. “Money transmission services” is defined as the selling or issuing of payment instruments or stored value devices or the receiving of money or monetary value for transmission. Activities Authorized under the Michigan License The Michigan license authorizes the following activities: ...

Minnesota Money Transmitter License Who Regulates the Minnesota Money Transmitter License? The Minnesota Department of Commerce issues a Money Transmitter License to all entities providing money transmission services. “Money transmission services” is defined as the selling or issuing of payment instruments or stored value devices or the receiving of money or monetary value for transmission. Activities Authorized under the Minnesota MTL The Minnesota license authorizes the following activities: Electronic Money Transmitting Issuing traveler’s checks Selling traveler’s checks Issuing money orders Selling money orders Bill paying Issuing and/or selling drafts Issuing prepaid access/stored value Selling prepaid access/stored value Minnesota MTL Net Worth and Surety Bond To acquire a license in Minnesota, you need a minimum tangible net worth of $25,000 - $500,000. You shall also be required to submit a surety bond of $25,000 or a premium in the amount of $625. ...

Missouri Money Transmitter License Overview Who Needs a Money Transmitter License in Missouri? Anyone involved in the transmission of fiat currency in Missouri is required to hold a money transmitter license issued by the state regulator. Sale of money orders/traveler’s checks, bill payment, electronic transmission of money, and issuance of stored value cards are regulated activities by law, and any person or company engaging in any of these activities is required to be licensed. ...

Nebraska Money Transmitter License Overview Who Regulates Money Transmitter Licenses in Nebraska? According to the Nebraska Monetary Transmission Act, money transmitters operating in Nebraska are required to obtain a money transmitter license with the Nebraska Department of Banking and Finance. This includes businesses involved in the issuance/sale of payment instruments or receiving money for the purpose of transmission. Nebraska MTL: Documents Required In order to apply for a license in Nebraska, you will need to submit the following documents along with your application in NMLS: ...

New Hampshire Money Transmitter License Overview Who Regulates The Money Transmitter License in New Hampshire? Getting a New Hampshire Money Transmitter License is required for anyone involved in the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside of the United States by any and all means. The regulator that governs the money transmitter license in New Hampshire is the New Hampshire Banking Department. ...

New Mexico Money Transmitter License Overview What Qualifies as a Money Transmitter? The official definition of a money transmitter is “a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer within this country, or to or from this country.” ...

North Carolina Money Transmitter License Overview North Carolina Money Transmitter License Regulator A money transmitter is a business that helps a person send or receive money within the United States or abroad, typically by means of a wire transfer, money order, or stored value card. Money transmitters must have a license to operate and are regulated by the North Carolina Office of the Commissioner of Banks (NCCOB). North Carolina Money Transmitter Requirements In order to apply for a money transmitter license in North Carolina, you have to fulfill the following requirements: ...

North Dakota Money Transmitter License Overview Who Regulates MTL in North Dakota? The North Dakota money transmitter license is regulated by the North Dakota Department of Financial Institutions Consumer Division. Who Is Required to Have an MTL in North Dakota? Any business involved in the sale or issuance of payment instruments, stored value, or receiving money for transmission to another location by whatever means is required to apply for a license in the state. Virtual currency transmission is currently not regulated by the Department of Financial Institutions Consumer Division. However, a license is required to engage in peer-to-peer or business-to-business wallet or account transfers in fiat currency. ...