Connecticut Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Connecticut statute, all entities receiving money for transmission or transmitting money must obtain a money transmitter license in the state.
Specific license requirements for Connecticut money transmitters.
Registering as a transmitter in the state of Connecticut requires the following fees and documentation:
What are the Connecticut surety bonding requirements?
Bonding requirements for Connecticut money transmitter license include:
Bonding requirements depend on the amount of money received or transferred for previous reporting quarters. Bonding amount is determined by the greater of the two amounts.
Additional resources: Connecticut Money Transmitter Act
Who needs to be licensed as a money transmitter licensee?
Under Connecticut statute, all entities receiving money for transmission or transmitting money must obtain a money transmitter license in the state.
Specific license requirements for Connecticut money transmitters.
Registering as a transmitter in the state of Connecticut requires the following fees and documentation:
- License fees vary depending on time of registration. Firms registering before October 1, 2012 pay $2,875. After October, firms pay $1,875
- Identifying information
- Business web address
- Identification for contact employee and consumer complaint employee
- Location of books and records
- Officers, members, partners, and trustee information
- Name of any share holder owning 10% of corporation; percentage of partners in the business
- Any corporation holding 25% of stock
- Book and market values of permissible investments in most recent statement, provided 30 days before filing
- Total dollar amount of applicant’s outstanding instruments and transmissions in Connecticut and the U.S. (most recent statements and 30 days prior)
- Articles of Incorporation, Articles of Organization, Partnership Agreement, Trust Agreement, and Organizational Chart of indirect owners
- Authority to do business in Connecticut
- Personal and Business History Statement for all control persons and direct owners
- Most recent audited unconsolidated financial statement, including balance sheet and receipts and disbursement for the preceding year, prepared by an independent CPA 30 days before filing
- Agent List and information on an excel spreadsheet
- Letter of Acknowledgement from US Department of Treasury indicating business is a registered MSB
What are the Connecticut surety bonding requirements?
Bonding requirements for Connecticut money transmitter license include:
Bonding requirements depend on the amount of money received or transferred for previous reporting quarters. Bonding amount is determined by the greater of the two amounts.
- If the weekly average is $150 or less: $300,000
- If the weekly average falls between $150 – $250: $500,000
- If the weekly average is greater than $250: $1,000,000
Additional resources: Connecticut Money Transmitter Act
