Who needs to register?
Under Missouri statute, those businesses issuing checks in the state for consideration must obtain a money transmitter license. Check is defined as any instrument for the transmission or payment of money and shall also include any electronic means of transmitting or paying money.
Who is the regulator?
Missouri Division of Finance
What are the money transmitter license requirements?
To apply as a money transmitter in Missouri requires the following fees and documentation:
- $100 investigation fee
- List of all Missouri business outlets
- Application signed before a public notary
- Documentation of business and residential addresses for officers, directors, partners, and proprietors
- Audit certified by CPA including the opinion that statements fairly and accurately represent the condition of the company
- Balance sheet, income statement, statement of changes in financial position
- Copy of Bank Secrecy Act Registration of Money Services Business form and Certificate of Compliance or Statement of why company was exempt
- Identification information
- Contact information of preparer
- High Daily Transmission form (affidavit with a number signed before a notary)
- Proof of solvency form: notarized affidavit stating assets related to checks, demand deposits in federally insured depository institutions, cash on hand and with agents, marketable securities and the names of institutions used
What are the general bonding requirements?
Bonding requirements to register as a transmitter in the state of Missouri include a $100,000 surety bond. To renew their license, licensees receiving money for transmission are responsible for five times the greatest amount transmitted in a single day during the previous year with a minimum of $25,000 and a maximum of $1,000,000.
Missouri Sale of Checks Law
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.