The state of Wisconsin Department of Financial Institutions oversees the licensing of Seller of Checks and Money Transmitter for individuals or companies transmitting money from one place or to another. This includes companies that provide services for check cashing, money transfers and payday loans.
Applicants will need to apply for their license through the National Mortgage Licensing System (NMLS) and pay the licensing and process fees.
The following is required for the license application:
Obtain a $10,000 surety bond for the primary business location and $5,000 surety bond for each branch location up to a maximum bond amount not to exceed $300,000. Instead of a surety bond, a financial guarantee of equal value may be deposited with the state.
Each officer, key member, president, chief executive officer, CEO, or CFO, vice president, secretary, treasurer and owner with 10% or more interest of the business will need to submit a criminal history report obtained from the State Police.
Provide copies of financial statements that are dated no more than 90 days from the date of application.
Provide sample copies of the checks to be used for business transactions, customer receipts, and authorization forms. Applicants will also need to provide a business plan.
For any disclosure question that is marked "yes," provide an explanation for each answer.
The premium that you pay for a Wisconsin Seller of Checks Surety Bond will depend on credit and the number of bonds required.
Applicants will need to prove a minimum net worth of $100,000 and have current assets that are greater than its liabilities.
Hours: 8:00-5:00 CST, Monday through Friday
For more information, read our Blog on Money Transmitter Bonds.