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
General Application Requirements for Money Services Businesses

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

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