Oklahoma Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Oklahoma statue, any person who engages in the business of accepting currency or funds denominated in currency and transmits the currency or funds or the value of the currency or funds through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System or both, or an electronic funds transfer network, must obtain a money transmitter license.
Specific license requirements for Oklahoma money transmitters.
To obtain a money transmitter license in the state of Oklahoma requires the following fees and documentation:
What are the Oklahoma surety bonding requirements?
Bonding requirements for Oklahoma money transmitter license include:
A $50,000 bonding requirement is required in Oklahoma, with an $10,000 for each additional location, not amounting more than $500,000.
Additional resources: Oklahoma Financial Transaction Reporting Act
Who needs to be licensed as a money transmitter licensee?
Under Oklahoma statue, any person who engages in the business of accepting currency or funds denominated in currency and transmits the currency or funds or the value of the currency or funds through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System or both, or an electronic funds transfer network, must obtain a money transmitter license.
Specific license requirements for Oklahoma money transmitters.
To obtain a money transmitter license in the state of Oklahoma requires the following fees and documentation:
- $3,000 application fee, $2,000 license fee, plus an additional $50 for each authorized delegate
- Net worth: 1-50 delegates: $275,000; 41-300: $500,000; 301-800: $1.5 million; more than 800: $3,000,000
- Identifying information
- 5 year history of criminal convictions and material litigation
- Description of any current money transmitter service and the money transmitter service sought in the state
- List of proposed authorized delegates and their locations in the state
- List of other money transmitter licenses and any revocations, suspensions, or other disciplinary action in the last ten years, including year of license, issuing agency, and contact information for the regulatory contact in each state
- 10 year bankruptcy and receivership history
- Source of money and credit used to provide the money transmitter service
- Date and location of incorporation and formation, certificate of good standing
- Organizational structure, parents and subsidiaries
- 5 year employment history of each executive officer, manager, director, or control person with 25% of control; 10 year criminal convictions and material litigation
- Copy of most recent audited financial statements and the two year period preceding if available
- Unconsolidated financial statements for current year and two years prior
- If publicly traded company, provide most recent SEC report
- Wholly owned subs: parent’s most recent SEC report and audited financial statements
- Name and address of agents registered in the state
- Proof of registration as MSB with Treasury
- Anticipated number of locations utilized for money transmission in Oklahoma during first year
- All websites operated by applicant for money transmitter license
- All other licenses held in Oklahoma
What are the Oklahoma surety bonding requirements?
Bonding requirements for Oklahoma money transmitter license include:
A $50,000 bonding requirement is required in Oklahoma, with an $10,000 for each additional location, not amounting more than $500,000.
Additional resources: Oklahoma Financial Transaction Reporting Act