Florida Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Florida statute, all businesses who engage in the activity of a money transmitter must obtain a money transmitter license. The licensee may conduct its business at one or more locations within Florida, through branches of by means of authorized vendors, as designated by the licensee. This includes conducting business through electronic transfer, including the telephone or the Internet.
Specific license requirements for Florida money transmitters.
Registering as a transmitter in the state of Florida requires the following fees and documents:
What are the Florida surety bonding requirements?
Bonding requirements for Alabama money transmitter license include:
Requirements vary depending on business projections of transmission volumes, multiplied by 2% to determine surety level.
Volumes between $0 to $50,000: $50,000
Additional resources: Payment instruments and Funds Transmission Act
Who needs to be licensed as a money transmitter licensee?
Under Florida statute, all businesses who engage in the activity of a money transmitter must obtain a money transmitter license. The licensee may conduct its business at one or more locations within Florida, through branches of by means of authorized vendors, as designated by the licensee. This includes conducting business through electronic transfer, including the telephone or the Internet.
Specific license requirements for Florida money transmitters.
Registering as a transmitter in the state of Florida requires the following fees and documents:
- Sample authorized vendor contract, if applicable
- Sample form of payment instrument
- Copy of financial audit report for most recent year (and parent company’s)
- Documents demonstrating business maintains federal registration as a MSB
- Net worth of $100,00 + $10,000 for each additional location, not amounting to more than $2,000,000
- $376 application fee
- Fingerprint cards + $43.25 fee per person
- IRS Employee ID number (FEID)
- Contract person info
- Date and state of incorporation or formation
- Certificate of good standing from same state
- Organizational chart
- Parent and subsidiary SEC filings, stock ticker
- Documents indicating other states where business is registered as an MSB
- FinCEN registration
- List of non-MSB services
- List of officers, directors, members, sole proprietors, controlling shareholders, and responsible person; biographical summary forms
- Website URL
- Registered service of process agent
- Criminal conviction and investigation disclosures
- Regulatory action disclosures
- Civil Litigation Disclosures
- Bankruptcy or Surety bond cancellation disclosure
- Information for accounts through which business will conduct activities
- Date of fiscal year end
- Audited financial statements
- Year projections of transmission values (multiplied by 2% to determine surety level)
What are the Florida surety bonding requirements?
Bonding requirements for Alabama money transmitter license include:
Requirements vary depending on business projections of transmission volumes, multiplied by 2% to determine surety level.
Volumes between $0 to $50,000: $50,000
- $50,001 to $100,000: $100,00
- $100,001 to $150k: $150k
- $150,001 to $200,000: $200,000
- $550,001 to $600,000: $600,000
- $1,950,001 to $2,000,000: $2,000,000
Additional resources: Payment instruments and Funds Transmission Act
