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How to Start a Money Transmitter Business

Building a payments or money services startup means FinCEN registration, state-by-state money transmitter licensing, and real capital before you move a dollar. This founder's guide walks you through each step, and our specialists run the filings when you are ready.

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Reviewed by Cornerstone Staff28 years of financial services state licensing experienceLast verified August 6, 2026

Start Your Business

How do you start a money transmitter business?

To start a money transmitter or money services business, you confirm your payment flows trigger licensing, register with FinCEN as a money services business, build a written Bank Secrecy Act and anti-money-laundering program, raise the capital and permissible investments each state requires, and get a money transmitter license in every state where your customers live before you move a dollar. Licensing follows where the customer is located, so a national platform needs a separate license in nearly every state, each with its own surety bond and net worth minimum. It is one of the heaviest lifts in financial services: bonds run from tens of thousands to over a million dollars per state, and a nationwide program frequently passes seven figures in total cost.

How Much Does It Cost to Get Licensed as a Money Transmitter Nationwide?
Nationwide money transmitter licensing is one of the most expensive licensing endeavors in financial services. When factoring in application fees, surety bonds (which can total several million dollars across all states), net worth requirements, permissible investments, filings infrastructure, and technology, total costs can exceed $1,000,000. Many companies pursue a phased approach, licensing in key states first and expanding over time.
How Long Does It Take to Get a Money Transmitter License?
Processing times vary widely by state. Some states may process applications in 3 to 6 months, while others, particularly New York, California, and Texas, can take 12 to 18 months or longer. Building a full nationwide licensing portfolio typically takes 12 to 24 months.

Money transmitter licensing by the numbers

US jurisdictions require a money transmitter license
51 of 52 US jurisdictions require a money transmitter license Source: state regulator statutes compiled in our state-law index, verified August 2026. Money transmitter license state laws
statutory surety bond range across licensing states
$10,000 to $1,000,000 statutory surety bond range across licensing states Source: state regulator statutes compiled in our state-law index, verified August 2026. Money transmitter license state laws

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Your Roadmap to Starting a Money Transmitter or MSB

Starting a money transmitter or money services business (MSB) is one of the most capital-intensive and filings-heavy endeavors in the financial services industry. Whether you are building a payment platform, a remittance service, a digital wallet, or a fintech application that moves money on behalf of others, you will likely need to navigate both federal registration and state-by-state licensing. This guide covers the key steps involved in launching a properly licensed money transmission operation. We recommend consulting with an attorney and a Cornerstone expert for guidance tailored to your specific situation.

How to Start a Money Transfer Business: The Short Version

A money transfer business, whether you call it a remittance company, a payment platform, or a money services business, is a money transmitter in the eyes of regulators, and starting one follows the same sequence everywhere: confirm your flow of funds is transmission, register with FinCEN as an MSB, build the BSA and AML program, then obtain a money transmitter license in every state where your senders live, each with its own bond, net worth minimum, and application.

The rest of this guide walks that sequence step by step. Two things distinguish founders who launch on schedule: they treat state licensing as the critical path from day one rather than an afterthought, and they sequence states deliberately instead of filing everywhere at once. If your model is currency exchange rather than transmission, see /currency-exchange-money-transmitter-license, and if you are weighing whether you need licenses at all, start with /who-needs-a-money-transmitter-license.

What Triggers Money Transmitter Licensing

Not every business that handles payments needs a money transmitter license, but many do. Knowing whether your model triggers the requirement is the critical first step. In general, licensing applies when a business receives money from one party in order to transmit it to another.

That covers a wide range of models. It includes traditional wire transfer services and payment processing where you hold or control funds. It includes digital wallet and stored value services, peer-to-peer payment platforms, and cross-border remittance services. It also includes cryptocurrency exchanges and custodial wallet providers.

The key factor in most state definitions is simple. Does your business receive, hold, or transmit money or monetary value on behalf of another person? If you merely facilitate transactions as an agent of the payee, you may qualify for an exemption in some states. Processing credit card payments on behalf of a merchant is one example. Exemption analysis still requires a careful state-by-state review.

State definitions of money transmission vary. An activity that is exempt in one state may require a license in another. Cornerstone helps businesses map their payment flows and surface where licensing and exemptions are likely to come into play. An independent licensing attorney confirms which states require licensing and which exemptions may be available.

FinCEN Registration and Federal Requirements

Before addressing state licensing, money transmitters generally register as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. This federal requirement applies to most businesses engaged in money transmission, regardless of size.

The registration process is relatively straightforward compared to state licensing. Businesses are generally expected to file a Registration of Money Services Business (FinCEN Form 107) within 180 days of establishing operations. The registration is typically renewed every two years. It is also updated within a set period after certain changes to the business.

Registration is simpler than state licensing, but it triggers significant federal filing obligations under the Bank Secrecy Act (BSA). These include a written anti-money laundering (AML) program. They include Currency Transaction Reports (CTRs) for transactions above $10,000 and Suspicious Activity Reports (SARs) when suspicious transactions are identified. They also include recordkeeping for certain transactions and compliance with Office of Foreign Assets Control (OFAC) sanctions requirements.

FinCEN registration does not replace the need for state money transmitter licenses. Both federal registration and state licensing are generally required.

State-by-State Money Transmitter Licensing

Money transmitter licensing is administered at the state level. Each state has its own licensing statute, application process, and requirements. Most states require some form of money transmitter license, and the specific requirements vary dramatically.

Many states now use the Nationwide Multistate Licensing System (NMLS) for these applications, which adds some standardization. Even states that use NMLS often have their own requirements, supplemental forms, and unique documentation demands.

Application requirements usually run long. They typically include a detailed business plan describing your payment flows and technology, audited financial statements, and background checks on management and ownership. They also include filings program documentation, information technology security assessments, surety bonds, and proof of minimum net worth. Some states go further, requiring in-person meetings with regulators, pre-licensing examinations of your operations, or approval from the state's banking department before you can begin.

Some states run particularly rigorous processes. New York (which has its own BitLicense for virtual currency businesses), California, Texas, and Illinois are notable examples. Processing times can range from 3 months to more than 18 months, depending on the state and the complexity of your business model.

Capital Requirements, Surety Bonds, and Permissible Investments

Money transmitter licensing carries some of the highest capital requirements in financial services. Understanding and planning for these costs is essential before pursuing licensing.

Net Worth Requirements

State minimum net worth requirements for money transmitters typically range from $100,000 to $1,000,000 or more. Some states calculate net worth requirements based on transmission volume, meaning your requirements may increase as your business grows. Tangible net worth (excluding intangible assets) is the standard measurement in most states.

Surety Bond Requirements

Surety bonds for money transmitters are substantially higher than those required for other financial services licenses. Bond amounts typically range from $25,000 to $2,000,000 per state, with some states basing the amount on transaction volume. Bond premiums depend on the applicant's credit profile and financial strength, and the total cost of bonding across all states can be significant.

Permissible Investments

Most states require money transmitters to maintain permissible investments equal to or exceeding the aggregate amount of all outstanding money transmissions. Permissible investments typically include cash, certificates of deposit, U.S. government securities, and certain highly rated corporate bonds. This requirement ensures that customer funds are protected and available for transmission.

Total Cost Estimates

When factoring in application fees, surety bonds, net worth requirements, permissible investments, technology infrastructure, and filings staff, the total cost to obtain nationwide money transmitter licensing can exceed $1,000,000. Some companies choose to pursue a phased licensing strategy, starting with key states and expanding over time.

BSA/AML Filings Program Requirements

Money transmitters face extensive anti-money laundering (AML) filing obligations under the Bank Secrecy Act (BSA). A thorough BSA/AML program is both a legal requirement and a critical factor in getting and keeping state licenses. Most states review your program as part of the application process.

A complete program is generally expected to include several parts. First, businesses designate a qualified BSA/AML officer responsible for day-to-day operations. Second, the program sets written policies, procedures, and internal controls. These cover customer identification, transaction monitoring, suspicious activity reporting, and recordkeeping.

The program also includes ongoing employee training tuned to your products, services, and risk profile. Businesses are expected to monitor transactions, flag potentially suspicious activity, and file Suspicious Activity Reports (SARs) with FinCEN when warranted.

A risk-based customer due diligence program is also typically required, with enhanced due diligence for higher-risk customers. Finally, the program is generally subject to independent testing (audit) by a qualified third party on a regular basis, typically annually.

Cornerstone helps money transmitters develop thorough BSA/AML programs that satisfy both federal requirements and state licensing standards.

Cybersecurity and Information Security Requirements

Money transmitters handle sensitive financial data and move funds, so states increasingly require strong cybersecurity frameworks as a condition of licensing. Some states, such as New York, have enacted specific cybersecurity regulations (23 NYCRR Part 500) that apply to licensed financial services companies.

Your framework should address several areas. Put access controls and authentication in place to protect systems and data. Encrypt data in transit and at rest. Develop and test incident response and business continuity plans. Run regular vulnerability assessments and penetration testing. Set vendor management procedures for third parties that access your systems or data.

Many regulators ask about your cybersecurity posture during the application process, and it is increasingly a focus during examinations. Investing early can help you avoid costly remediation later. It also shows regulators that you take the protection of customer funds and data seriously.

Common Exemptions From Money Transmitter Licensing

Several categories of businesses may qualify for exemptions from money transmitter licensing in some states. However, exemptions are not uniform and should be analyzed on a state-by-state basis with the guidance of an attorney.

Bank Exemption

Banks and credit unions chartered and regulated by federal or state banking regulators are generally exempt from money transmitter licensing. However, their agents and partners may not be exempt.

Agent of Payee Exemption

In some states, businesses that process payments as an agent of the payee (the party being paid) may be exempt from licensing. This exemption is commonly relied upon by payment processors, but the availability and scope of this exemption varies significantly by state.

Payment Processor Exemption

Some states provide specific exemptions for payment processors that operate under contract with a licensed or regulated entity. The scope and requirements of these exemptions vary by state.

Government and Utility Exemptions

Government agencies and regulated utilities are typically exempt from money transmitter licensing requirements.

Cryptocurrency Considerations

The treatment of cryptocurrency and digital assets under money transmitter statutes varies by state. Some states have clarified that cryptocurrency activities constitute money transmission, while others have created separate licensing frameworks or have not yet addressed the issue directly.

Ongoing Filings and Examination Readiness

Obtaining your money transmitter licenses is a real milestone, but staying in good standing is ongoing work. Licensed transmitters face regular supervisory examinations, annual reporting, and continuous filing obligations.

State examinations typically review your BSA/AML program, transaction records, complaint handling, financial condition, and cybersecurity practices. Frequency varies by state, but expect an examination every one to three years from each licensing state. Some states run multistate examinations coordinated through the Money Transmitter Regulators Association (MTRA), which can reduce the burden of separate state reviews.

Annual requirements usually include audited financial statements, call reports through NMLS, surety bond renewals, renewal fees, and updated business information. Missing these obligations can lead to license suspension or revocation.

Cornerstone helps money transmitters manage the full lifecycle of their licensing portfolios, from initial applications through ongoing filings, renewals, and examination preparation. Our team monitors regulatory changes across all states so you can focus on growing your business.

Checklist

How to Start a Money Transmitter Business checklist

01

Business Model Assessment

Assess whether your payment flows may trigger money transmitter licensing requirements and identify which exemptions, if any, may apply to your business model.

02

FinCEN MSB Registration

Register your business as a Money Services Business with FinCEN and establish the foundation of your federal filing obligations.

03

Capital and Bond Planning

Assess the net worth, surety bond, and permissible investment requirements across your target states and secure the necessary capital.

04

BSA/AML Program Development

Build your Bank Secrecy Act and anti-money laundering filings program, including policies, procedures, training, and transaction monitoring systems.

05

State License Applications

Prepare and file money transmitter license applications in each target state through NMLS and direct state filings, including business plans, financial statements, and supporting documentation.

06

Cybersecurity Framework

Implement your cybersecurity and information security framework to meet state requirements and protect customer data and funds.

07

Technology and Operations

Build or integrate the payment processing, transaction monitoring, and filings technology platforms needed to operate your business.

08

Examination Readiness

Prepare for pre-licensing and ongoing regulatory examinations by organizing documentation, testing filings procedures, and conducting internal audits.

FAQ

Frequently Asked Questions

Related Pages

Money Transmitter License Who Needs a Money Transmitter License Money Transmitter License Cost Money Transmitter License Timeline

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Money transmitter regulations by state

Money transmitter regulations by state

We are refreshing our state-by-state summaries for money transmitter. Browse the states we have published below.

  • Alabama
    Regulator: Alabama Securities Commission
    License: yes
    Bond: Not less than $100,000, or the average daily outstanding money-received-for-transmission obligations in Alabama plus 50% of average daily outstanding payment-instrument and stored-value obligations in Alabama, whichever is greater; commission may raise to a maximum of $5,000,000
    Open Alabama guide Official regulator site
  • Alaska
    Regulator: Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities
    License: yes
    Bond: $25,000 plus $5,000 for each location, not exceeding a total addition of $125,000 (base + additions); department may raise to a maximum of $500,000 based on financial condition
    Open Alaska guide Official regulator site
  • Arizona
    Regulator: Arizona Department of Insurance and Financial Institutions
    License: yes
    Bond: Greater of $25,000 or 100% of the licensee's average daily money transmission liability in Arizona (most recent three-month period), up to a maximum of $500,000; $25,000 if tangible net worth exceeds 10% of total assets
    Open Arizona guide Official regulator site
  • Arkansas
    Regulator: Arkansas Securities Department
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Arkansas (most recent three-month period), up to a maximum of $500,000; $100,000 if tangible net worth exceeds 10% of total assets
    Open Arkansas guide Official regulator site
  • California
    Regulator: California Department of Financial Protection and Innovation (DFPI)
    License: yes
    Bond: $250,000 to $7,000,000 for receiving money for transmission; selling or issuing payment instruments or stored value carries a separate $500,000 to $2,000,000 bond, and the two are cumulative
    Open California guide Official regulator site
  • Colorado
    Regulator: Colorado Department of Regulatory Agencies, Division of Banking
    License: yes
    Bond: Greater of $250,000 or 100% of the licensee's average daily money transmission liability in Colorado (most recent three-month period), up to a maximum of $1,000,000
    Open Colorado guide Official regulator site
  • Connecticut
    Regulator: Connecticut Department of Banking
    License: yes
    Bond: Non-virtual-currency transmitters: not less than $300,000 (avg weekly transmissions < $300,000), $500,000 ($300,000-$500,000), or $1,000,000 (> $500,000); virtual-currency transmitters: amount set by the commissioner
    Open Connecticut guide Official regulator site
  • Delaware
    Regulator: Delaware Office of the State Bank Commissioner
    License: yes
    Bond: $25,000, plus $5,000 for each location in excess of one, not to exceed $250,000 total
    Open Delaware guide Official regulator site
  • District of Columbia
    Regulator: District of Columbia Department of Insurance, Securities and Banking
    License: yes
    Bond: $50,000, increased by $10,000 per additional location, not to exceed $250,000 total
    Open District of Columbia guide Official regulator site
  • Florida
    Regulator: Florida Office of Financial Regulation
    License: yes
    Bond: Amount specified by rule, but not less than $50,000 and not exceeding $2,000,000 (rule allows for financial condition, number of locations, and anticipated volume)
    Open Florida guide Official regulator site
  • Georgia
    Regulator: Georgia Department of Banking and Finance
    License: yes
    Bond: $250,000 minimum; the Department may require additional coverage, capped at $2,000,000
    Open Georgia guide Official regulator site
  • Hawaii
    Regulator: Department of Commerce and Consumer Affairs, Division of Financial Institutions
    License: yes
    Bond: $100,000 for the initial 12 months of licensure; commissioner may increase up to a maximum of $500,000 based on impaired financial condition
    Open Hawaii guide Official regulator site
  • Idaho
    Regulator: Idaho Department of Finance
    License: yes
    Bond: $10,000, increased by $5,000 per additional location/authorized representative, up to a maximum of $500,000
    Open Idaho guide Official regulator site
  • Illinois
    Regulator: Illinois Department of Financial and Professional Regulation, Division of Financial Institutions
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Illinois for the most recently completed quarter, capped at $2,000,000
    Open Illinois guide Official regulator site
  • Indiana
    Regulator: Indiana Department of Financial Institutions
    License: yes
    Bond: Greater of $300,000 or the licensee's average daily money transmission liability in Indiana for the most recent calendar quarter, capped at $500,000
    Open Indiana guide Official regulator site
  • Iowa
    Regulator: Iowa Division of Banking
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Iowa for the most recent 3-month period, capped at $500,000
    Open Iowa guide Official regulator site
  • Kansas
    Regulator: Office of the State Bank Commissioner
    License: yes
    Bond: Greater of $200,000 or 100% of the licensee's average daily money transmission liability in Kansas for the most recent 3-month period, capped at $1,000,000 (or $200,000 if tangible net worth exceeds 10% of total assets)
    Open Kansas guide Official regulator site
  • Kentucky
    Regulator: Kentucky Department of Financial Institutions
    License: yes
    Bond: At least $500,000; commissioner may increase up to a maximum of $5,000,000 based on financial condition, net worth, or transaction volume
    Open Kentucky guide Official regulator site
  • Louisiana
    Regulator: Louisiana Office of Financial Institutions
    License: yes
    Bond: Minimum $100,000, up to a maximum of $500,000, or a higher amount deemed appropriate by the Commissioner up to a maximum of $1,000,000
    Open Louisiana guide Official regulator site
  • Maine
    Regulator: Bureau of Consumer Credit Protection
    License: yes
    Bond: $100,000
    Open Maine guide Official regulator site
  • Maryland
    Regulator: Office of the Commissioner of Financial Regulation
    License: yes
    Bond: Greater of $150,000 or 100% of the applicant's average daily money transmission liability in the State for the most recent quarter, capped at $2,000,000
    Open Maryland guide Official regulator site
  • Massachusetts
    Regulator: Massachusetts Division of Banks
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Massachusetts over the most recently completed three months, capped at $500,000
    Open Massachusetts guide Official regulator site
  • Michigan
    Regulator: Department of Insurance and Financial Services (DIFS)
    License: yes
    Bond: $500,000 for the first location, plus $10,000 for each additional location and authorized delegate, up to a maximum of $1,500,000
    Open Michigan guide Official regulator site
  • Minnesota
    Regulator: Minnesota Department of Commerce
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Minnesota (most recent 3-month period), capped at $500,000
    Open Minnesota guide Official regulator site
  • Mississippi
    Regulator: Mississippi Department of Banking and Consumer Finance
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Mississippi (most recent 3-month period), capped at $500,000 (commissioner may raise up to $1,000,000)
    Open Mississippi guide Official regulator site
  • Missouri
    Regulator: Missouri Division of Finance
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Missouri (most recent 3-month period), capped at $500,000
    Open Missouri guide Official regulator site
  • Montana
    Regulator: Montana Division of Banking
    License: no
    Bond: Not required (no state license needed)
    Open Montana guide Official regulator site
  • Nebraska
    Regulator: Nebraska Department of Banking and Finance
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in Nebraska (most recent 3-month period), capped at $500,000
    Open Nebraska guide Official regulator site
  • Nevada
    Regulator: State of Nevada Department of Business and Industry, Financial Institutions Division
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Nevada (most recently completed quarter), capped at $500,000
    Open Nevada guide Official regulator site
  • New Hampshire
    Regulator: New Hampshire Banking Department
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in New Hampshire (most recent 3-month period), capped at $500,000
    Open New Hampshire guide Official regulator site
  • New Jersey
    Regulator: New Jersey Department of Banking and Insurance
    License: yes
    Bond: Amount set by the Commissioner by regulation, not less than $100,000 and not more than $1,000,000 (money transmitter). Foreign money transmitters use a volume-based schedule starting at $25,000.
    Open New Jersey guide Official regulator site
  • New Mexico
    Regulator: New Mexico Regulation and Licensing Department, Financial Institutions Division
    License: yes
    Bond: Greater of $300,000 or 1% of the licensee's total yearly dollar volume of money transmission business in New Mexico (or projected first-year volume), up to a maximum of $2,000,000
    Open New Mexico guide Official regulator site
  • New York
    Regulator: New York State Department of Financial Services
    License: yes
    Bond: Set by the Superintendent of Financial Services for each licensee; New York Banking Law Article 13-B fixes no dollar amount, so confirm the required bond with DFS before relying on a figure
    Open New York guide Official regulator site
  • North Carolina
    Regulator: North Carolina Office of the Commissioner of Banks
    License: yes
    Bond: $150,000 base (transmission volume in NC up to $1,000,000); increases with NC transmission volume (e.g., $175,000, $200,000, and higher tiers)
    Open North Carolina guide Official regulator site
  • North Dakota
    Regulator: North Dakota Department of Financial Institutions
    License: yes
    Bond: Greater of $100,000 or 100% of the licensee's average daily money transmission liability in North Dakota (most recent 3-month period), capped at $500,000
    Open North Dakota guide Official regulator site
  • Ohio
    Regulator: Ohio Department of Commerce, Division of Financial Institutions
    License: yes
    Bond: Security device (surety bond or permitted alternative) of not less than $300,000, up to a maximum of $2,000,000 as the Superintendent finds appropriate
    Open Ohio guide Official regulator site
  • Oklahoma
    Regulator: Oklahoma State Banking Department
    License: yes
    Bond: $50,000 plus $10,000 per authorized-delegate location, not exceeding a total of $500,000
    Open Oklahoma guide Official regulator site
  • Oregon
    Regulator: Oregon Department of Consumer and Business Services, Division of Financial Regulation
    License: yes
    Bond: $25,000, increased by $5,000 per additional location/authorized delegate (amount otherwise set by rule/Director)
    Open Oregon guide Official regulator site
  • Pennsylvania
    Regulator: Pennsylvania Department of Banking and Securities
    License: yes
    Bond: Bond in the penal sum of $1,000,000 (department may require additional bond based on average daily outstanding transmission balance)
    Open Pennsylvania guide Official regulator site
  • Puerto Rico
    Regulator: Puerto Rico Office of the Commissioner of Financial Institutions (OCIF)
    License: yes
    Bond: $500,000 for a single office, increased by $10,000 per additional office or authorized agent (Commissioner may require a higher bond based on business volume/financial condition)
    Open Puerto Rico guide Official regulator site
  • Rhode Island
    Regulator: Rhode Island Department of Business Regulation, Division of Banking
    License: yes
    Bond: $50,000 (currency transmission licensees); department may accept an alternative security form if a surety bond is not commercially available at reasonable cost
    Open Rhode Island guide Official regulator site
  • South Carolina
    Regulator: South Carolina Attorney General (Commissioner under the South Carolina Uniform Money Services Act)
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in South Carolina (most recent 3 months), capped at $500,000; alternatively $100,000 if tangible net worth exceeds 10% of total assets
    Open South Carolina guide Official regulator site
  • South Dakota
    Regulator: South Dakota Division of Banking
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in South Dakota (most recent 3 months), capped at $500,000; alternatively $100,000 if tangible net worth exceeds 10% of total assets
    Open South Dakota guide Official regulator site
  • Tennessee
    Regulator: Tennessee Department of Financial Institutions
    License: yes
    Bond: Greater of $50,000 or 100% of average daily money transmission liability in Tennessee (most recent calendar quarter), capped at $800,000
    Open Tennessee guide Official regulator site
  • Texas
    Regulator: Texas Department of Banking
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Texas (most recent 3 months), capped at $500,000; alternatively $100,000 if tangible net worth exceeds 10% of total assets
    Open Texas guide Official regulator site
  • Utah
    Regulator: Utah Department of Financial Institutions
    License: yes
    Bond: Flat minimum surety bond of $50,000
    Open Utah guide Official regulator site
  • Vermont
    Regulator: Vermont Department of Financial Regulation
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Vermont (most recent 3 months), capped at $2,000,000
    Open Vermont guide Official regulator site
  • Virginia
    Regulator: Virginia State Corporation Commission, Bureau of Financial Institutions
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Virginia for the most recent quarter, capped at $1,000,000; a flat $100,000 where tangible net worth exceeds 10% of total assets
    Open Virginia guide Official regulator site
  • Washington
    Regulator: Washington State Department of Financial Institutions
    License: yes
    Bond: Surety bond based on prior year's money transmission and payment instrument dollar volume; minimum $10,000, not to exceed $550,000
    Open Washington guide Official regulator site
  • West Virginia
    Regulator: West Virginia Division of Financial Institutions
    License: yes
    Bond: $300,000 for money transmission; $100,000 for check or money-order sale or currency exchange; increased by 1% of annual West Virginia volume over $10 million, capped at $1,000,000
    Open West Virginia guide Official regulator site
  • Wisconsin
    Regulator: Wisconsin Department of Financial Institutions
    License: yes
    Bond: Greater of $100,000 or 100% of average daily money transmission liability in Wisconsin (most recent 3 months), capped at $500,000
    Open Wisconsin guide Official regulator site
  • Wyoming
    Regulator: Wyoming Division of Banking
    License: yes
    Bond: $10,000 or 2.5 times outstanding payment instruments, whichever is greater, not to exceed $500,000
    Open Wyoming guide Official regulator site

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Regulatory Watch

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Recent rule changes, deadline announcements, and state agency updates we are tracking for you.

  • Action Multistate Settlement Aug 19, 2026

    August 2026 Monthly Settlement with NewRez LLC

    State financial regulators announced a nearly $15. 5 million settlement with NewRez LLC related to improperly charged insurance.

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  • Watch New York DFS NY Aug 19, 2026

    DFS Pre-Proposed Amendment to 23 NYCRR 400

    The DFS posted a pre-proposed second amendment to 23 NYCRR 400 on August 13, 2026; comments are due by August 24, 2026.

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  • Action NMLS Aug 19, 2026

    New NMLS Information Requests and Notification Changes

    August 2026 updates include new Information Requests and notification options for individuals within the NMLS system.

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  • Watch FinCEN Aug 19, 2026

    FinCEN Proposed Rule for AML/CFT Reforms

    On April 7, 2026, FinCEN proposed reforms to AML/CFT program requirements affecting MSBs and financial institutions.

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  • Action California DFPI CA Aug 18, 2026

    California Debt Collection Licensing Act Updates

    California continues to enforce its Debt Collection Licensing Act, maintaining rigorous licensing and examination protocols for debt collectors and debt buyers. The DFPI supervises compliance closely.

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