Nebraska Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Nebraska statute, all entities engaged in the business of selling checks as a service for a fee or other consideration, and transferring money by oral, written, or electronic means or instruction, most register obtain a money transmitter license.
Specific license requirements for Nebraska money transmitters.
To apply as a money transmitter in the state of Nebraska requires the following fees and documentation:
What are the Nebraska surety bonding requirements?
Bonding requirements for Nebraska money transmitter license include:
Requirements for the state of Nebraska include a $100,000 surety bond and a $5,000 bond for each additional location, not amounting to more than $250,000.
Additional resources: Sale of Checks and Funds Transmission Act
Who needs to be licensed as a money transmitter licensee?
Under Nebraska statute, all entities engaged in the business of selling checks as a service for a fee or other consideration, and transferring money by oral, written, or electronic means or instruction, most register obtain a money transmitter license.
Specific license requirements for Nebraska money transmitters.
To apply as a money transmitter in the state of Nebraska requires the following fees and documentation:
- Net worth of $50,000
- $1,000 application fee
- Authorization to do business in Nebraska
- If sole proprietor of company, need a U.S. Citizenship Attestation Form
- Identifying information
- Description of applicant’s activities
- Form of business, date, and location of formation
- List of full names and business addresses of all officers, directors, partners, members, managing partners, and/or trustees
- List of names and all persons who control applicant, and % ownership of shares if control is the result of a state ownership
- Biographical question for all of the above, including: 1.) identifying information, 2.) 10 year work experience with name, date, address, possessions and responsibilities, 3.) description of previous money transmission business, any regulatory findings of false statements, omissions, or dishonest/unfair/unethical behavior,violations of regulations/statutes, or responsibilities for a company’s revocation of financial services business authority, 4.) regulatory agency orders against individual in connection with financial services-related activity or revocation of license, 5.) barring from any state or federal agency on account of association with an entity regulated by commissions, authority, agency, or officer, or from engaging in a financial services-related business, 6.) any convictions or guilty pleas, please of no contests to a misdemeanor or felony; conspiracies to commit a misdemeanor or felony involving financial services, fraud, false statements or omissions; theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion, 7.) civil suits involving sales of checks or funds transmission business, 8.) personal bankruptcy history and unsatisfied judgments or liens against
- Financial statement for all mentioned persons.
What are the Nebraska surety bonding requirements?
Bonding requirements for Nebraska money transmitter license include:
Requirements for the state of Nebraska include a $100,000 surety bond and a $5,000 bond for each additional location, not amounting to more than $250,000.
Additional resources: Sale of Checks and Funds Transmission Act
