Arkansas Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Arkansas statute, only those receiving monetary value for a transmission must obtain a money transmitter license with the state. The state does not exempt those registered in other states under the Uniform Act from registering.
Specific license requirements for Arkansas money transmitters.
To apply as a money transmitter requires the following fees and documentation:
What are the Arkansas surety bonding requirements?
Bonding requirements for Arkansas money transmitter license include:
Additional resources: Arkansas Uniform Money Services Act
Who needs to be licensed as a money transmitter licensee?
Under Arkansas statute, only those receiving monetary value for a transmission must obtain a money transmitter license with the state. The state does not exempt those registered in other states under the Uniform Act from registering.
Specific license requirements for Arkansas money transmitters.
To apply as a money transmitter requires the following fees and documentation:
- $1,500 application fee ($1,000 if licensed in another Uniform Act state)
- $750 license fee
- Sample contract for authorized delegates, form of payment instrument, or instrument upon which stored value is recorded
- Audited financial statements for most recent year and, if available, two prior years; if subsidiary, audited financial statements for parent company
- Copy of unconsolidated financial statements for last fiscal year and, if available, two prior years
- Most recent SEC reports (if registered)
- Certificate of Resolution naming individuals authorized to sign documents on applicant’s behalf
- Authority to obtain info from outside sources form
- Certificate of good standing in Arkansas or state of incorporation
- Articles of Incorporation, Organization and Operating Agreement, and Partnership Agreement
- List of authorized delegates and physical locations, including limited service locations and mobile unites
- Company biographical information
- List of states in which applicant does money transmissions
- List of principal officers, directors, partners, owners and members
- List of anyone who owns 25% of company
- Civil or criminal proceedings against company, current and past, or any material litigation in the last 10 years
- Involvement in any bankruptcy proceedings
- Disclosure on whether the applicant was denied a money transmitter license in another state
- Disclosure on whether the applicant has been subject to administrative action or discipline
- Description of money services previously provided and intended in Arizona
- List of financial institutions through which payments will be made
- Description of source of money and credit used to provide services
What are the Arkansas surety bonding requirements?
Bonding requirements for Arkansas money transmitter license include:
- $50,000 surety bond
- $10,000 bond for each additional location, not amounting to more than $250,000
Additional resources: Arkansas Uniform Money Services Act
