Utah Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Utah statute, those who are issuing payment instruments to be offered for sale or sold in the state must obtain a money transmitter license to do so.
Specific license requirements for Utah money transmitters.
To apply as a money transmitter, an applicant must provide the following fees and documentation:
What are the Utah surety bonding requirements?
Bonding requirements for Utah money transmitter license include:
Money transmitters must provide a surety bond of at least $50,000.
Additional resources: Utah Administrative Code
Who needs to be licensed as a money transmitter licensee?
Under Utah statute, those who are issuing payment instruments to be offered for sale or sold in the state must obtain a money transmitter license to do so.
Specific license requirements for Utah money transmitters.
To apply as a money transmitter, an applicant must provide the following fees and documentation:
- Proof that it is a depository institution charted and regulated by a state in the US other than Utah and is currently operating as a depository institution
- A certified financial statement indicating that applicant has a net worth of at least $1,000,000
- A surety bond
- Additional information as specified by the department
- A non-refundable filing fee of $100
What are the Utah surety bonding requirements?
Bonding requirements for Utah money transmitter license include:
Money transmitters must provide a surety bond of at least $50,000.
Additional resources: Utah Administrative Code
