Delaware Money Transmitter Laws

Who needs to register?

Under Delaware statute, any check, draft, money order, personal money order or other instrument for the transmission or payment of money is considered a transmission, and any entities selling, issuing or engaging in the activity must obtain a money transmitter license.

Who is the regulator?

Delaware Office of the State Bank Commissioner

What are the money transmitter license requirements?

Registering as a transmitter in the state of Delaware requires the following fees and documentation:

• Date, city, county, and state of incorporation
• If widely held, resolution authorizing company’s purpose
• Biographical information, resumes, and financial statements for Principal, Senior Officer, and all directors
• List of stockholders with information and number of shares held; separate list of beneficial stockholders
• Current balance sheet and income statement, and for parent company if applicable
• Proof of registration with Delaware Division of Corporations
• Proof of federal registration as MSB
• Proof of service of process in Delaware
• Criminal Actions and photocopies of legal documents
• Disclosure of any suspensions or revocations of licenses or any disciplinary action
• Description of activities the licensee will engage in: strategic business plan and any business other than money transmission at a location
• List of states in which business has MSB and contact information of regulatory authority for each of those states
• 3 letters of reference from businesses currently doing business with applicant (one must be a bank), sent directly to Office, not attached to other documents
• Minimum net worth of $100,000
• $172.50 investigation fee + $230 fee for each location to be licensed +$4.60 for each extra agent
• $1,000 fee if books and records are in Delaware; $500 if books and records are outside Delaware

What are the general bonding requirements?

Bonding requirements for Delaware money transmitters include:

• $25,000 surety bond or irrevocable Letter of Credit
• $5,000 for each additional location, not to exceed $250,000
• Expiration of bond cannot be earlier than license expiration

Additional resources:

Delaware Sales of Checks Act