Who needs to register?
Under Mississippi statute, a money transmitter license is required for engaging in the sale or issuance of checks or receiving money or monetary value for transmission to a location outside the U.S. or within it by any and all means, including wire, facsimile or electronic transfer.
Who is the regulator?
Mississippi Department of Banking and Consumer Finance
What are the money transmitter license requirements?
Registering as a transmitter in the state of Mississippi requires the following fees and documentation:
- Identifying information
- Legal name, residence, percent ownership of each owner, member, partner, director, and principal officer of company
- States in which business is licensed for money transmitting, and name and address of registration agency
- List of branches and locations in Mississippi through which business will engage
- Total monetary value and number of outstanding transactions
- Civil or criminal proceedings or convictions that involve theft, fraud, dishonest dealings, or moral turpitude
- Suspension, denial, or revocation of license from owner, beneficial owner, member, officer, or director by any state or federal agency
- Past violations of Mississippi Sale of Checks Law or connections with any businesses in violation of Mississippi or similar law
- Federal Money Services Business registration form with the U.S. Department of Treasury
- Copy of SAS 70 audit, if available
- $800 initial application fee
- Most recent audited financial statements, including balance sheet, statement of income or loss, statement or changes in shareholder equity (if applicable) and statement of changes in financial position for the current year and the preceding two year period
- Demonstrated net worth of $25,000 plus $15,000 for each additional location, not amounting to more than $250,000
- Sample copy of payment instrument
- Explanation of any stored value card or similar product, including reloading and activating cards
- Copy of written agreement between applicant and bank
- Copies of Certificate of Good Standing from state of incorporation, articles of incorporation, articles of organization, operating agreement, and partnership agreement
What are the general bonding requirements?
General bonding requirements for transmitters operating in Mississippi include a surety bond of at least $25,000, equal to the amount of outstanding money transmissions in the state, amounting no more than $500,000. The commissioner can raise the amount.
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.