Virginia Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Virginia statute, those who are selling money orders or engaging in the business of money transmission, whether or not they are located in Virginia, must obtain a money transmitter license. Money transmission is defined as receiving money or monetary value for transmission by wire, facsimile, electronic means or other means of selling or issuing stored value.
Specific license requirements for Virginia money transmitters.
To apply as a money transmitter in Virginia, the applicant must fill out a form including:
What are the Virginia surety bonding requirements?
Bonding requirements for Virginia money transmitter license include:
Bonds are determined by the Commissioner, but range from $25,000 to $1,000,000.
Additional resources: Virginia Money Order Sellers and Money Transmitters Code
Who needs to be licensed as a money transmitter licensee?
Under Virginia statute, those who are selling money orders or engaging in the business of money transmission, whether or not they are located in Virginia, must obtain a money transmitter license. Money transmission is defined as receiving money or monetary value for transmission by wire, facsimile, electronic means or other means of selling or issuing stored value.
Specific license requirements for Virginia money transmitters.
To apply as a money transmitter in Virginia, the applicant must fill out a form including:
- The name and address of the applicant
- Description of business rendered and the locations
- Other relevant information required by the Commission
- Audited financial statements as the Commission may require
- Nonrefundable $1,000 application fee
What are the Virginia surety bonding requirements?
Bonding requirements for Virginia money transmitter license include:
Bonds are determined by the Commissioner, but range from $25,000 to $1,000,000.
Additional resources: Virginia Money Order Sellers and Money Transmitters Code
