New Jersey Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under New Jersey statute, those receiving and transmitting money within the U.S. or abroad by any means, including payment instrument, wire, facsimile, electronic transfer or otherwise for a few, commission or other benefit must register with the state. Those receiving money for obligors with the purpose of paying the obligors’ bills, invoices, or accounts for a fee, commission or other benefit must also register.
Specific license requirements for New Jersey money transmitters.
Registering as a money transmitter in the state of New Jersey requires the following fees and documentation:
What are the New Jersey surety bonding requirements?
Bonding requirements for New Jersey money transmitter license include:
Requirements in New Jersey range between $100,000 and $1,000,000, and is determined on a case by case basis.
Additional resources: New Jersey Money Transmitters Act
Who needs to be licensed as a money transmitter licensee?
Under New Jersey statute, those receiving and transmitting money within the U.S. or abroad by any means, including payment instrument, wire, facsimile, electronic transfer or otherwise for a few, commission or other benefit must register with the state. Those receiving money for obligors with the purpose of paying the obligors’ bills, invoices, or accounts for a fee, commission or other benefit must also register.
Specific license requirements for New Jersey money transmitters.
Registering as a money transmitter in the state of New Jersey requires the following fees and documentation:
- $700 license fee
- $50,000 net worth for foreign money transmitter, plus an additional $10,00 per location, not amounting to more than $400,000; $100,000 for a money transmitter, plus an additional $25,000 per agent, not amounting to more than $1,000,000
- Audited financial statements for the most recent year, and two previous years, if available, demonstrating minimum net worth
- Securities and Exchange Filings
- Personal information for each key shareholder with 25% or more of stock, executive officer, partner, owner, and each officer or manager to be in charge of applicant’s activities to be licensed in New Jersey
- Electronic fingerprint processing
- Letter from clearing bank confirming that applicant’s payment instruments will be drawn and through which payments will be payable
- Sample delegate contract
- Sample payment instrument
- Corporate structure
- Business activities and a history of operation
- Books and records
- Instructions for authorized delegates
What are the New Jersey surety bonding requirements?
Bonding requirements for New Jersey money transmitter license include:
Requirements in New Jersey range between $100,000 and $1,000,000, and is determined on a case by case basis.
Additional resources: New Jersey Money Transmitters Act
