Who needs to register?
Under Utah statute, those who are issuing payment instruments to be offered for sale or sold in the state must obtain a money transmitter license to do so. A payment instrument is defined as a check, money order, traveler’s check, draft, or other instrument for the transmission or payment of money to third parties.
Who is the regulator?
Utah Department of Financial Institutions
What are the money transmitter license requirements?
To apply as a money transmitter, an applicant must provide the following fees and documentation:
- Proof that it is a depository institution charted and regulated by a state in the US other than Utah and is currently operating as a depository institution
- A certified financial statement indicating that applicant has a net worth of at least $1,000,000
- A surety bond
- Additional information as specified by the department
- A non-refundable filing fee of $100
What are the general bonding requirements?
Money transmitters must provide a surety bond of at least $50,000.
Additional resources:
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 advic