Money Transmitter Licensing Requirements

Money Transmitter Licensing Requirements State License Type State Fee Net Worth Surety Bond Audited Financials? Physical Office? Experience Branch Licensing? Renewal Period Alabama Money Transmitter 500 5,000 10,000 Yes No Yes Yes Dec 31st every year Alaska Money Transmitter 500 TBD 25,000 Yes No Yes Yes Dec 31st every year Arizona Money Transmitter 1,500 TBD 25,000 Yes No Yes Yes Sept 30th every year Arkansas Money Transmitter 2,250 TBD 50,000 Yes No Yes Yes every year California Money Transmitter 5,000 TBD 250,000 Yes No Yes Yes 1 year Colorado Money Transmitter 7,500 TBD 1,000,000 Yes No Yes No 3 years Connecticut Money Transmitter 1,875 TBD 300,000 Yes No Yes Yes Sept 30th of even years Delaware Money Transmitter 403 TBD 25,000 No No Yes Yes Dec 31st every year Florida Money Transmitter 376 TBD 50,000 Yes No Yes Yes every 2 years Georgia Money Transmitter 2,250 TBD 50,000 No No Yes Yes June 30th every year  Hawaii Money Transmitter 2,300 TBD 100,000 No No Yes Yes Dec 31st every even numbered year Idaho Money Transmitter 100 50,000 10,000 TBD No Yes Yes Oct 31st every year Illinois Money Transmitter 200 TBD 100,000 Yes No Yes No, unless in IL Dec 31st every year Indiana Money Transmitter 100 TBD 200,000 Yes No Yes No, must list Dec 1st every 2 years Iowa Money Transmitter 1,500 TBD 50,000 TBD No Yes Yes June 30th every year  Kansas Money Transmitter 500 250,000 200,000 Yes No Yes Yes Aug 30th of odd numbered years Kentucky Money Transmitter 1,100 TBD 500,000 TBD No Yes Yes   Louisiana Money Transmitter 325 $100,000 $25,000 No No Yes Yes Dec 1st every year Maine Money Transmitter 500 TBD 100,000 Yes No Yes Yes Jan 31 on even numbered years (2008, 2010, etc) Maryland Money Transmitter 3,100 150,000 150,000 TBD No Yes Yes 2 years Massachusetts Money Transmitter 1,300 TBD 50,000 TBD No Yes Yes   Michigan Money Transmitter 3,100 TBD 500,000 No No Yes No June 1st every year Minnesota Money Transmitter 4,150 TBD $25,000 No No Yes No 2 years Mississippi Money Transmitter 800 TBD 25,000 No No Yes Yes every year Missouri Money Transmitter 100 TBD 100,000,000 Yes No Yes No every 2 years Montana Not Required N/A N/A N/A N/A N/A N/A N/A N/A Nebraska Money Transmitter 1,000 TBD 100,000 No No Yes Yes Nov 30th every year Nevada Money Transmitter 675 TBD 10,000 TBD No Yes Yes Dec 31st each year New Hampshire Money Transmitter 500 TBD 100,000 Yes No Yes Yes Nov 31st every year New Jersey Money Transmitter 700 TBD 100,000 Yes No Yes Yes every 2 years New Mexico Not Required N/A N/A N/A N/A N/A N/A N/A N/A New York Money Transmitter 3,000 TBD 500,000 No No Yes Yes March 1st every year North Carolina Money Transmitter 1,500 TBD 150,000 No No Yes Yes Dec 31st every year North Dakota Money Transmitter 850 100,000 150,000 TBD No Yes No   Ohio Money Transmitter 6,000 500,000 300,000 TBD No Yes Yes Dec 31st each year Oklahoma Money Transmitter 5,000 TBD 50,000 Yes No Yes Yes   Oregon Money Transmitter 1,000 100,000 25,000 Yes No Yes Yes every 2 years Pennsylvania Money Transmitter 1,000 TBD 1,000,000 No No Yes Yes July 1st each year Rhode Island Money Transmitter 540 TBD 50,000 No No Yes Yes Mar 31 / sub to change South Carolina Not Required N/A N/A N/A N/A N/A N/A N/A N/A South Dakota Money Transmitter 1,500 TBD 100,000 No No Yes No Nov 1st every year Tennessee Money Transmitter 250 100,000 50,000 Yes No Yes Yes 1yr Nov 1 $500 Texas Money Transmitter 2,500 TBD 300,000 No No Yes Yes 1 year Utah Money Transmitter 100 TBD 50,000 Yes No Yes Yes 2yr from issue. 6  wks.prior to exp date Vermont Money Transmitter 1,500 TBD 100,000 Yes No Yes Yes Dec 1st every year Virginia Money Transmitter 1,000 TBD 25,000 Yes No Yes Yes Annual Report, no renewal Washington Money Transmitter 1,000 TBD 10,000 No No Yes Yes 1 year from issue Washington D.C. Money Transmitter 500 100,000 50,000 No No Yes Yes 1 year West Virginia Money Transmitter 1,000 TBD 100,000 Yes No Yes Yes Oct 1st every year Wisconsin Money Transmitter 800 TBD 10,000 Yes No Yes No 2 years from issue Wyoming Money Transmitter 1,500 25,000 10,000 Yes No Yes Yes   Powered by Create your own unique website with customizable templates. Get Started