Florida

Who needs to register?

Under Florida statute, all businesses who engage in the activity of a money transmitter must obtain a money transmitter license. The licensee may conduct its business at one or more locations within  Florida, through branches or by means of authorized vendors, as designated by the licensee, including conducting business through electronic transfer. Electronic transfer includes the telephone or the Internet.

 

Who is the regulator?

Florida Financial Services Commission

 

What are the money transmitter license requirements?

Registering as a transmitter in the state of Florida requires the following fees and documents:

  • Sample authorized vendor contract, if applicable
  • Sample form of payment instrument
  • Copy of financial audit report for most recent year (and parent company’s)
  • Must maintain federal registration as MSB
  • Documents demonstrating business maintains federal registration as a MSB
  • Fingerprint cards + $43.25 fee per person
  • IRS Employee ID number (FEID)
  • Contract person info
  • Date and state of incorporation or formation
  • Certificate of good standing from same state
  • Organizational chart
  • Parent and subsidiary SEC filings, stock ticker
  • Documents indicating other states where business is registered as an MSB
  • FinCEN registration
  • List of non-MSB services
  • List of officers, directors, members, sole proprietors, controlling shareholders, and responsible person; biographical summary forms
  • Website URL
  • Registered service of process agent
  • Criminal conviction and investigation disclosures
  • Regulatory action disclosures
  • Civil Litigation Disclosures
  • Bankruptcy or Surety bond cancellation disclosure
  • Informations for accounts through which business will conduct activities
  • Date of fiscal year end
  • Audited financial statements
  • Year projections of transmission values (multiplied by 2% to determine surety level)
  • Minimum net worth of $100,00 + $10,000 for each additional location, not amounting to more than $2,000,000
  • $376 application fee

 

What are the general bonding requirements?

Bonding requirements vary depending on business projections of transmission volumes, multiplied by 2% to determine surety level.

Volumes between:

$0 to $50,000: $50,000
$50,001 to $100,000: $100,00
$100,001 to $150,000: $150,000
$150,001 to $200,000: $200,000
$550,001 to $600,000: $600,000
$1,950,001 to $2,000,000: $2,000,000

 

Additional resources:

Payment Instruments and Funds Transmission Act

 

 

Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.