Who needs to register?
Under New Jersey statute, those receiving and transmitting money within the U.S. or abroad by any means, including payment instrument, wire, facsimile, electronic transfer or otherwise for a fee, commission or other benefit must register with the state. Those receiving money for obligors with the purpose of paying the obligors’ bills, invoices, or accounts for a fee, commission or other benefit must also register.
Who is the regulator?
New Jersey Department of Banking and Insurance
What are the money transmitter license requirements?
Registering as a money transmitter in the state of New Jersey requires the following fees and documentation:
- $700 license fee
- $50,000 net worth for foreign money transmitter, plus an additional $10,00 per location, not amounting to more than $400,000
- $100,000 for a domestic money transmitter, plus an additional $25,000 per location, not amounting to more than $1,000,000
- Audited financial statements for the most recent year, and two previous years, if available, demonstrating minimum net worth
- SEC Filings
- Personal information for each key shareholder with 25% or more of stock, executive officer, partner, owner, and each officer or manager to be in charge of applicant’s activities to be licensed in New Jersey
- Electronic fingerprint processing
- Letter from clearing bank confirming that applicant’s payment instruments will be drawn and through which payments will be payable
- Sample delegate contract
- Sample payment instrument
- Corporate structure
- Business activities and a history of operation
- Books and records
- Instructions for authorized delegates
What are the general bonding requirements?
Bonding requirements in New Jersey range between $100,000 and $1,000,000, and is determined on a case by case basis.
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.