Delaware Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Delaware statute, any check, draft, money order, personal money order or other instrument for the transmission or payment of money is considered a transmission, and any entities engaging in the activity must obtain a money transmitter license.
Specific license requirements for Delaware money transmitters.
Registering as a transmitter in the state of Delaware requires the following fees and documentation:
What are the Delaware surety bonding requirements?
Bonding requirements for Delaware money transmitters license include:
Additional resources: Delaware Sales of Checks Act
Who needs to be licensed as a money transmitter licensee?
Under Delaware statute, any check, draft, money order, personal money order or other instrument for the transmission or payment of money is considered a transmission, and any entities engaging in the activity must obtain a money transmitter license.
Specific license requirements for Delaware money transmitters.
Registering as a transmitter in the state of Delaware requires the following fees and documentation:
- Date, city, county, and state of incorporation
- If widely held, resolution authorizing company’s purpose
- Biographical information, resumes, and financial statements for Principal, Senior Officer, and all directors
- List of stockholders with information and number of shares held; separate list of beneficial stockholders
- Current balance sheet and income statement, and for parent company if applicable
- Proof of registration with Delaware Division of Corporations
- Proof of federal registration as MSB
- Proof of service of process in Delaware
- Criminal Actions and photocopies of legal documents
- Suspensions/revocations of licenses/disciplinary action
- Description of activities the licensee will engage in: strategic business plan and any business other than money transmission at a location
- $1,000 fee if books and records are in Delaware; $500 if books and records are outside Delaware
- List of states in which business has MSB; contact information of regulatory authority for each of those states
- 3 letters of reference from businesses currently doing business with applicant (one must be a bank), sent directly to office, not attached to other documents
- $172.50 investigation fee + $230 fee for each location to be licensed +$4.60 for each extra agent
- Net worth of $100,000
What are the Delaware surety bonding requirements?
Bonding requirements for Delaware money transmitters license include:
- $25,000 surety bond or irrevocable LOC
- $5,000 for each additional location, not amounting to more than $250,000
- Expiration of bond cannot be earlier than license expiration
Additional resources: Delaware Sales of Checks Act
