Pennsylvania Money Transmitter License

Pennsylvania Money Transmitter License Overview Money Transmitter License in Pennsylvania Whether you’re planning to start your money services business or expand your current money transmission business in Pennsylvania, you will have to apply for a money transmitter license. According to NMLS, a company is required to acquire this license if they intend to transmit money by means of a transmittal instrument for a fee or other consideration with or on behalf of an individual. A transmittal instrument is defined as any check, draft, money order, personal money order, debit card, stored value card, electronic transfer, or other method for the payment of money or transmittal of credit, other than a merchandise gift certificate or instrument with a similar purpose sold in the regular course of business by a vendor of personal property or services in a closed loop system or hybrid closed loop system. ...