General Application Requirements
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 |
$100,000 to $500,000 (2) |
$2,500 |
Bond Substitution |
Deposit or Letter of Credit |
Deposit or Letter of Credit |
Applicant's Commitment to Increase Security |
Yes |
No |
Tangible Net Worth |
Based on Total Assets (3) |
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, key individuals of the Applicant, and responsible individuals. |
Yes, for control shareholders, key individuals 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) For a licensee with a tangible net worth in an amount not greater than 10 percent of the licensee ’s total assets, the greater of: (A)$100,000; or (B) 100 percent of the licensee ’s average daily money transmission liability in this state for the most recently completed three-month period, up to a maximum amount of $500,000;
or
For a licensee with a tangible net worth in an amount greater than 10 percent of the licensee ’s total assets, $100,000.
(3) For a licensee with total assets less than $100 million, the greater of $100,000 or 3 percent of the value of the licensee’s total assets;
For a licensee with total assets in an amount greater than $100 million but less than $1 billion, the sum of $3 million and 2 percent of the additional assets in excess of $100 million
For a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion.
CORP-MW03 Updated: 09/2023