Who needs to register?
Under Oregon statute, those who are selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money within the U.S. or to locations abroad by any and all means including payment instrument, wire, facsimile or electronic transfer is required to obtain a money transmitter license.
Who is the regulator?
Oregon Division of Finance and Corporate Securities
What are the money transmitter license requirements?
Registration requirements in Oklahoma vary depending on whether the applicant is registering as a general money transmitter or a corporation. Registering as a general money transmitter in the state of Oregon requires the following fees and documentation:
- The applicant’s name, address, assumed business name or trade name and the location of the applicant’s business records
- The history of the applicant’s material litigation and criminal conviction for the past five years
- A history of operations and description of business activities in which the applicant seeks to be engaged in this state
- A list identifying the applicant’s proposed authorized delegates in the state at the time of filing the license application
- A sample authorized delegate contract
- A sample form of payment instrument
- The address of each location at which the applicant and its authorized delegates, if any, propose to conduct a money transmission business in Oklahoma
- The name and address of clearing bank or banks on which the applicant’s payment instrument will be drawn through
- A business plan
- An application fee of $1,000 plus examination fees at $75 per hour, per examiner including travel costs for any necessary examinations
- Minimum net worth requirement of $100,000 plus $25,000 per location
Corporate money transmitters
If registering as a corporation, the applicant must provide all of the above, as well as:
- The date of the applicant’s incorporation and state of incorporation
- A certificate of good standing from the state in which the applicant was incorporated
- A description of the corporation’s structure, including identity of parent or any subsidiary, and whether parent or subsidiary is publicly traded on any stock exchange
- The name, business and residence address, and employment history for the past five years of the applicant’s executive officers and the officers or managers in charge of the applicant’s money transmission business
- The name, business and residence address, and employment history for the five year period prior to the date of the application of any controlling shareholder of the applicant
- History of material litigation and criminal convictions for the five year period prior to the date of the application of every executive officer or controlling shareholder
- A copy of the applicant’s most recent audited financial statement, including: balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position and, if available, a copy of the applicant’s audited financial statements for the preceding two year period
- If applicant is a wholly owned subsidiary, the applicant may submit a copy of their audited financial statement’s for the previous two years
- Copies of all filings made by the applicant with the SEC or with a similar regulator in a country other than the U.S.
What are the general bonding requirements?
Oregon money transmitters must provide a $25,000 bond plus a $5,000 bond for each additional location, not amounting to more than $150,000.
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.