West Virginia Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under West Virginia statute, those engaging in the business of currency exchange, transmission or transportation of money, must obtain a money transmitter license. A person is considered to be engaging in business in West Virginia if he or she operates a web site, inside or outside the state, to transmit money by electronic means.
Money transmission is defined as the business of selling or issuing checks or receiving currency or the payment of money by any means for the purpose of transmitting, either prior to or after receipt, that currency, payment of money or its equivalent by wire, facsimile or other electronic means. Transmission may be issued through the use of a financial institution, financial intermediary, the federal reserve system, or other funds transfer network. It also includes the transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and used in commercial or consumer transactions.
Specific license requirements for West Virginia money transmitters.
Registering as a money transmitter in West Virginia requires the following fees and documentation:
What are the West Virginia surety bonding requirements?
Bonding requirements for West Virginia money transmitter license include:
Money transmitters must provide a $300,000 surety bond.
Additional resources: West Virginia Money Transmitter Code
Who needs to be licensed as a money transmitter licensee?
Under West Virginia statute, those engaging in the business of currency exchange, transmission or transportation of money, must obtain a money transmitter license. A person is considered to be engaging in business in West Virginia if he or she operates a web site, inside or outside the state, to transmit money by electronic means.
Money transmission is defined as the business of selling or issuing checks or receiving currency or the payment of money by any means for the purpose of transmitting, either prior to or after receipt, that currency, payment of money or its equivalent by wire, facsimile or other electronic means. Transmission may be issued through the use of a financial institution, financial intermediary, the federal reserve system, or other funds transfer network. It also includes the transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and used in commercial or consumer transactions.
Specific license requirements for West Virginia money transmitters.
Registering as a money transmitter in West Virginia requires the following fees and documentation:
- License application fee of $1,000, plus $20 for each additional location
- Audited financial statements demonstrating compliance with statutory net worth levels
- Fingerprint and release form of principal
- Business registration documentation obtained from the West Virginia Division of Banking web site, the Secretary of State, or the Department of Tax & Revenue
- Completion of uniform application
What are the West Virginia surety bonding requirements?
Bonding requirements for West Virginia money transmitter license include:
Money transmitters must provide a $300,000 surety bond.
Additional resources: West Virginia Money Transmitter Code
