North Carolina Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under North Carolina statute, those engaging in the sale or issuance of payment instruments or stored value, or engaging in the business of receiving money or monetary value for transmission within the U.S. or abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer must obtain a money transmitter license.
Specific license requirements for North Carolina money transmitters.
Requirements vary depending on whether the entity is registering as a general money transmitter or a corporation. Registering as a general money transmitter in the state of North Carolina requires the following fees and documentation:
Registering as a corporation requires:
What are the North Carolina surety bonding requirements?
Bonding requirements for North Carolina money transmitter license include:
Requirements in North Carolina are $150,000 with an additional $5,000 for each additional location, not amounting more than $250,000.
Additional resources: Money Transmitters Act
Who needs to be licensed as a money transmitter licensee?
Under North Carolina statute, those engaging in the sale or issuance of payment instruments or stored value, or engaging in the business of receiving money or monetary value for transmission within the U.S. or abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer must obtain a money transmitter license.
Specific license requirements for North Carolina money transmitters.
Requirements vary depending on whether the entity is registering as a general money transmitter or a corporation. Registering as a general money transmitter in the state of North Carolina requires the following fees and documentation:
- Net worth of $100,000 with an additional $10,000 for each location, not amounting to more than $500,000
- $500 application fee + $1,000 initial license fee, with an additional $10 for each location, not amounting to more than $5,000
- Background information, including name and address
- Convictions and material litigation within the last 10 years
- Description of money services previously provided and what they seek within the state
- List of proposed authorized delegates and locations in state
- List of other state licenses and any disciplinary action
- Sample form of contract and payment instrument, if applicable
- Contact of any bank through which applicant’s payment instruments or stored value will be paid
Registering as a corporation requires:
- Documents specifying the date, state and country of formation
- Certificate of good standing
- Organizational structure
- Manager information for previous 5 years
- Convictions and litigation involving officers in the last 10 years; company and officers and key shareholders
- 5 year employment history of key shareholders
- Most recent SEC report (if public)
- Audited financial statement of parent, including balance sheet, statement of income or loss, statement of changes in share holder equity, statement of changes in financial position, and for two prior years, if available
- If a wholly owned subsidiary, include consolidated financials for current and previous two years, or $10,000
- Contact information for registered agent in state
What are the North Carolina surety bonding requirements?
Bonding requirements for North Carolina money transmitter license include:
Requirements in North Carolina are $150,000 with an additional $5,000 for each additional location, not amounting more than $250,000.
Additional resources: Money Transmitters Act