Wisconsin Money Transmitter Licensing Requirements:


Who needs to be licensed as a money transmitter licensee?

Wisconsin statute does not publicly specify who needs to obtain a money transmitter license.

Specific license requirements for Wisconsin money transmitters.

• Net worth of $100,000 plus positive net working capital
• $800 application fee +$5 for each additional location
• Identifying information
• Application contact person and information
• List of states where applicant holds MSB license and license number
• Location of records relating to seller of checks company
• Date and state of incorporation, Federal Tax ID and Social Security Number
• List and residences of key officers, percent common stock owned, all 10% owners, key members and membership interest, GP and partnership interest, partners and owners interest, and sole proprietors
• Education and employment history of key officers, members, partners or owners related to seller of checks industry and business
• Applicant background info, including: 1.) civil forfeitures, cease and desist orders, injunctions, license suspensions, denials, revocations, warnings, reprimands, enforcement actions, probation and limitation by regulatory agency, 2.) surrenders, resignations, cancellations, denials or professional licenses or other credentials, 3.) derogatory credit over past 7 years and denial of credit, 4.) any suit, claim, or civil action over the last 5 years, including settlements and favorable judgments, 5.) individual background info: must be filled out by each key officer, member, partner or owner of applicant, 6.) pending charges or convictions of felonies or misdemeanors, 7.) civil forfeitures, cease and desist orders, injunctions, license suspensions, denials, revocations, warnings, reprimands, enforcement actions, probation and limitation by regulatory agency, 8.) surrenders, resignations, cancellations, denials or professional licenses or other credentials, 9.) involuntary suspensions or terminations of employment, 10.) derogatory credit over past 7 years and denial of credit, 11.) any suit, claim, or civil action over the last 5 years, including settlements and favorable judgments, 12.) whether applicant has ever been a key officer, member, partner, or owner of a company that failed or filed bankruptcy or faced disciplinary actions
• Financial statement, including: balance sheet and income statement certified by  senior officer or a financially responsible party within 90 days of application; independent public accountant audited financial statement of latest fiscal year; personal financial statements for sole proprietors and partners; documentation of cash balances accounting for 20% of total assets
• List of offices, names and addresses of authorized agents. This is not required if applicant pays a maximum $1,500 fee and files $300,000 maximum security
• Certificate of Good standing from state of incorporation
• Sample check, receipt, and agent authorization
• Signed and notarized affidavit

What are the Wisconsin surety bonding requirements?

Bonding requirements for Wisconsin money transmitter license include:
Money transmitters in Wisconsin must have a surety bond of $10,000 plus an additional $5,000 for each location, not amounting to more than $300,000. The aggregate liability of the surety will not exceed the principal sum of the bond.


Additional resources: Wisconsin Department of Finance Sellers of Checks Law