Money Transmitter State Laws

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