Georgia's Department of Banking and Finance (DBF) regulates and licenses financial institutions and financial service providers in the state. This includes Money Transmitters and Seller of Payment Instruments (otherwise known as check sellers).
A money transmitter is a person or business that transmits money for another person within in the U.S. or abroad by any means including an order, wire, facsimile, or electronic transfer.
A seller of payment instruments is in the business of selling or issuing payment instruments that include checks, money orders, drafts, stored value cards, and open loop transactions. A license for seller of payment instruments also allows the license holder to conduct money transmissions.
Applications for a license are made through the Nationwide Multistate Licensing System (NMLS).
The Department of Banking and Finance in Georgia is the obligee that requires money transmitters and sellers of payment instruments to obtain a surety bond. Money transmitters must have a bond of at least $100,000, and sellers of payment instruments must have a bond of at least $250,000. Additional coverage may be required by the Department, not to exceed $2 million.
Fees include a $250 initial investigation fee, $900 annual license fee, $15 credit report for each control person, $100 NMLS processing fee, and $36.25 FBI criminal background check for MU2 individual. The Uniform Authorized Agent Reporting Annual Processing fee is $.25 for each active authorized agent/delegate location reported through the NMLS. There is no fee for the first 100 active agents reported, and the fee is capped at $25,000 per license in any one year.
According to Georgia law, applicants who have failed to repay student loans, or have been found to be in noncompliance with an order to pay child support can have an application denied.
The premium that you pay for a Georgia Money Transmitter or Seller of Payment Instruments Surety Bond is dependent on credit and the bond amount required. Personal and business financial statements will be required for underwriting purposes.
The annual license/registration renewal period is Nov. 1 - Dec. 31.
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