Who needs to register?
Under North Carolina statute, those engaging in the sale or issuance of payment instruments or stored value, or engaging in the business of receiving money or monetary value for transmission within the U.S. or abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer must obtain a money transmitter license.
Who is the regulator?
North Carolina Department of Commerce/Banking Commission
What are the money transmitter license requirements?
Requirements vary depending on whether the entity is registering as a general money transmitter or a corporation. Registering as a general money transmitter in the state of North Carolina requires the following fees and documentation:
- Net worth of $250,000.
- $500 application fee and a $1,000 initial license fee, with an additional $10 for each location, not amounting to more than $5,000
- Background information, including name and address
- Convictions and material litigation within the last ten years
- Description of money services previously provided and what they seek within the state
- List of proposed authorized delegates and locations in state
- List of other state licenses and any disciplinary action
- Sample form of contract and payment instrument, if applicable
- Contact of any bank through which applicant’s payment instruments or stored value will be paid
- Must schedule a pre-filing meeting with the Non-Depository Division money transmitter staff prior to filing for a license
Corporate money transmitters
Registering as a corporation requires:
- Documents specifying the date, state and country of formation
- Certificate of good standing
- Organizational structure
- Manager information for previous 5 years
- Convictions and litigation involving officers in the last 10 years; company and officers and key shareholders
- 5 year employment history of key shareholders
- Most recent SEC report (if public)
- Audited financial statement of parent, including balance sheet, statement of income or loss, statement of changes in share holder equity, statement of changes in financial position, and for two prior years, if available
- If a wholly owned subsidiary, include consolidated financials for current and previous two years, or $10,000
- Contact information for registered agent in state
Individual money transmitters
Registering for a money transmitter license as an individual requires the following additional information:
- Residence address, personal financial statement, and employee history over the last 5 years + the employment history of whoever will be in charge of money services business
- Place and date of application’s registration and qualification to do business in the state
- Audited balance sheet, statement of income or loss, and statement of changes in financial position for the current year and the preceding two years
What are the general bonding requirements?
Bonding requirements in North Carolina are $150,000 with an additional $5,000 for each additional location, not amounting to more than $250,000.