These are general requirements for Money Transmission and Currency Exchange applications. For more specific information, consult the statutes, rules and application instructions and forms.
|Money Transmission||Currency Exchange Only|
|Application Fee (Nonrefundable)||$10,000 (1)||$5,000|
|License Required for Each Location||No||No|
|Surety Bond||$300,000 minimum up to $2,000,000||$2,500|
|Bond Substitution||Deposit or Letter of Credit||Deposit or Letter of Credit|
|Applicant's Commitment to Increase Security||Yes||No|
|Net Worth||$500,000 (2)||Solvent|
|Financial Statements||Audited by CPA for Fiscal Year-End; Unaudited with Certification for Interim; Unaudited for Individuals.||Unaudited with Certification for Applicant and Individuals.|
|Background Information and Releases||Yes, for control shareholders, principals of the Applicant, and responsible individuals.||Yes, for control shareholders, principals of the Applicant and responsible individuals.|
(1) In addition, the Department may charge investigations fees for processing applications that take longer than normal or where an onsite investigation is necessary.
(2) If applicant operates directly or indirectly from four or fewer locations in Texas the minimum net worth may be as low as $100,000. If the applicant operates from five or more locations the net worth requirement increases to a minimum of $500,000. At least 50 percent of the applicant’s total net worth must be tangible net worth.
CORP-MW03 Updated: 09/2017