The State of Virginia Corporation Commission, Bureau of Financial Institutions regulates and administers the Money Transmitter and Money Order Sales program and has oversight of the licensing, as well as handling of auditing and consumer complaints.
Chapter 19 Title 6.2 of the Code of Virginia, requires any person that is in the business of selling money orders or money transmission services to first obtain a license.
The licensing process includes:
1. Payment of the license fee and completion of the application and related forms.
2. Have a net worth of not less than $200,000 or more depending on the volume of money transactions. Applicants will need to provide audited financial statements as verification of net worth.
3. A minimum $25,000 surety bond is required up to a maximum of $500,000 bond. The surety bond amount is based on the net worth of the business and project volume of money transactions. Another form of security may be substituted for the surety bond and must be of equal value of the bond.
4. Applicants must be registered with the Crimes Enforcement Network (FinCEN)
The premium that you pay for a Virginia Money Transmitter Surety Bond is dependent on credit and the bond amount required.
Applications for money transmitters will be investigated by the Bureau of Financial Institutions prior to the issuance of a license.
Hours: 8:00-5:00 CST, Monday through Friday