Who needs to register?
Under Nebraska statute, all entities engaged in the business of selling checks as a service for a fee or other consideration, and transferring money by oral, written, or electronic means or instruction, most register obtain a money transmitter license. A person is engaged in money transmission is the person provides money transmission services to any resident of Nebraska even if the person providing money transmission services has no physical presence in the state.
Who is the regulator?
Nebraska Department of Banking and Finance
What are the money transmitter license requirements?
To apply as a money transmitter in the state of Nebraska requires the following fees and documentation:
- Net worth of $50,000
- $1,000 application fee, plus any applicable processing fees
- Authorization to do business in Nebraska
- If sole proprietor of company, need a U.S. Citizenship Attestation Form
- Identifying information
- Description of applicant’s activities
- Form of business, date, and location of formation
- List of full names and business addresses of all officers, directors, partners, members, managing partners, and/or trustees
- List of names and all persons who control applicant, and percent ownership of shares if control is the result of a state ownership
- Biographical information for all of the above, including: 1.) identifying information; 2.) ten year work experience with name, date, address, positions and responsibilities; 3.) description of previous money transmission business, any regulatory findings of false statements, omissions, or dishonest, unfair, unethical behavior, violations of regulations, statutes, or responsibilities or a company’s revocation of financial services business authority; 4.) regulatory agency orders against individual in connection with financial services-related activity or revocation of license; 5.) barring from any state or federal agency on account of association with an entity regulated by commissions, authority, agency, or officer, or from engaging in a financial services-related business; 6.) any convictions or guilty pleas, pleas of no contests to a misdemeanor or felony; conspiracies to commit a misdemeanor or felony involving financial services, fraud, false statements or omissions, theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion; 7.) civil suits involving sales of checks or funds transmission business; 8.) personal bankruptcy history and unsatisfied judgments or liens against
- Financial statement for all mentioned persons
What are the general bonding requirements?
Bonding requirements for the state of Nebraska include a $100,000 surety bond and a $5,000 bond for each additional location, not amounting to more than $250,000. The Director has discretion to increase the bond up to $250,000 with good cause.
Sale of Checks and Funds Transmission Act
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