Money Transmitter License — State Rate Sheet
What all-states licensing actually costs
Per-state cost schedule
Each state row shows the regulator application fee, minimum surety bond, minimum net worth, and the Faisal Khan LLC preparation fee. Secretary of State foreign qualification (typically $50–$875) and registered agent ($530/state) apply in every state and are itemized in the totals above. Click any state to open its dedicated licensing page.
| State | Application Fee | Min. Surety Bond | Min. Net Worth | FK Prep Fee | Timeline |
|---|---|---|---|---|---|
| Alabama | $1,000 | $100,000 | $25,000 | $12,500 | 90–180 days |
| Alaska | $3,000 | $25,000 | $25,000 | $12,500 | 90–180 days |
| Arizona | $2,000 | $25,000 | $100,000 | $12,500 | 90–180 days |
| Arkansas | $2,250 | $100,000 | $50,000 | $12,500 | 90–180 days |
| California | $5,000 | $250,000 | $500,000 | $50,000 | 12–24 months |
| ColoradoPersonal financials mandatory | $7,500 | $1,000,000 | $50,000 | $12,500 | 120–180 days |
| Connecticut | $1,975 | $300,000 | $500,000 | $12,500 | 120–180 days |
| Delaware | $403 | $25,000 | $100,000 | $12,500 | 90–180 days |
| District of Columbia | $500 | $50,000 | $100,000 | $12,500 | 90–180 days |
| Florida | $376 | $50,000 | $100,000 | $12,500 | 90–180 days |
| GeorgiaNo set net worth — must be positive | $2,150 | $250,000 | TBD | $12,500 | 120–180 days |
| Hawaii | $10,000 | $100,000 | $1,000 | $25,000 | 180–365 days |
| Idaho | $100 | $10,000 | $50,000 | $12,500 | 180–365 days |
| Illinois | $2,900 | $50,000 | $35,000 | $12,500 | 180–365 days |
| Indiana | $1,000 | $300,000 | $600,000 | $12,500 | 90–180 days |
| Iowa | $1,500 | $300,000 | $100,000 | $12,500 | 90–180 days |
| Kansas | $1,750 | $200,000 | $250,000 | $12,500 | 90–180 days |
| Kentucky | $1,100 | $500,000 | $500,000 | $12,500 | 90–180 days |
| Louisiana | $800 | $25,000 | $100,000 | $12,500 | 120–180 days |
| Maine | $500 | $100,000 | $100,000 | $12,500 | 90–180 days |
| Maryland | $3,100 | $150,000 | $150,000 | $12,500 | 90–180 days |
| Massachusetts | $1,300 | $50,000 | TBD | $15,000 | 180–365 days |
| Michigan | $3,650 | $500,000 | $100,000 | $12,500 | 90–180 days |
| Minnesota | $4,000 | $25,000 | $25,000 | $12,500 | 180–365 days |
| Mississippi | $800 | $25,000 | $25,000 | $12,500 | 90–180 days |
| MissouriNo set net worth — must be positive | $300 | $100,000 | TBD | $12,500 | 90–180 days |
| MontanaLicense not required — foreign qualification only | — | N/A | N/A | $1,500 | 90–180 days |
| NebraskaPersonal financials mandatory | $1,000 | $100,000 | $50,000 | $12,500 | 120–180 days |
| NevadaPersonal financials mandatory | $675 | $100,000 | $100,000 | $25,000 | 180–365 days |
| New Hampshire | $500 | $100,000 | TBD | $12,500 | 90–180 days |
| New Jersey | $700 | $100,000 | $50,000 | $12,500 | 90–180 days |
| New Mexico | $4,000 | $300,000 | $100,000 | $12,500 | 90–180 days |
| New YorkPersonal financials mandatory | $5,000 | $500,000 | TBD | $75,000 | 12–24 months |
| New York — BitLicenseApplied only in conjunction with the NY MTL, never alone | — | $1,000,000min. $500,000; bonding usually starts at $1M | TBD | $75,000 | 12–24 months |
| North Carolina | $1,500 | $150,000 | $250,000 | $12,500 | 90–180 days |
| North Dakota | $850 | $150,000 | $100,000 | $12,500 | 90–180 days |
| Ohio | $5,000 | $300,000 | $500,000 | $25,000 | 180–365 days |
| Oklahoma | $5,000 | $50,000 | $275,000 | $12,500 | 90–180 days |
| Oregon | $1,000 | $25,000 | $100,000 | $12,500 | 120–180 days |
| Pennsylvania | $5,000 | $1,000,000 | $500,000 | $15,000 | 120–180 days |
| Rhode Island | $1,500 | $50,000 | $50,000 | $12,500 | 120–180 days |
| South Carolina | $2,250 | $50,000 | $250,000 | $12,500 | 90–180 days |
| South Dakota | $1,100 | $100,000 | $100,000 | $12,500 | 90–180 days |
| Tennessee | $250 | $50,000 | $100,000 | $12,500 | 180–365 days |
| TexasPersonal financials mandatory | $10,000 | $100,000 | $500,000 | $35,000 | 180–365 days |
| Utah | $300 | $50,000 | $1,000,000 | $12,500 | 90–180 days |
| Vermont | $2,000 | $100,000 | $100,000 | $12,500 | 120–180 days |
| VirginiaPersonal financials mandatory | $1,000 | $50,000 | $200,000 | $12,500 | 180–365 days |
| Washington | $1,100 | $10,000 | $10,000 | $12,500 | 180–365 days |
| West Virginia | $1,100 | $300,000 | $50,000 | $12,500 | 90–180 days |
| Wisconsin | $800 | $100,000 | $100,000 | $12,500 | 90–180 days |
| Wyoming | $1,500 | $10,000 | $25,000 | $12,500 | 90–180 days |
| NMLS Set-UpOne-time, all-states | — | — | — | $3,500 | — |
Where the money goes
Estimated fees — 51 jurisdictions
| Banking application fees (various commissions) | $112,079 |
| Secretary of State fees | $11,871 |
| Registered agent fees (via FK LLC / NRAI) | $27,030 |
| FK LLC license preparation fees (all-states package) | $325,000 |
| Sub-total | $475,980 |
Additional client-related fees
| Delaware CGS / Articles fees | $1,500 |
| Misc. / fingerprint cards / credit / ad hoc | $5,000 |
| Surety bond annual premiums (~1% of $8.455M) | $84,550 |
| FinCEN registration (one-time) | $5,500 |
| Sub-total | $96,550 |
Notes, scope, and exclusions
Services included in FK preparation fees
- Due diligence on company structure and core documents
- Regulatory navigation and business-decision guidance
- NMLS account setup preparation and guidance
- Acting as your NMLS Organizational User
- Preparing MTL and virtual currency license applications
- Guidance and referrals for fingerprinting and ancillaries
- Surety company setup and bond placement
- Secretary of State qualification and registered agents
Priced and paid separately
- Business plan · Compliance Manual (from $15,000) · Risk Manual (from $7,500)
- Document collection, translation, apostille, notary, attestation
- Shipping and clearing of documents · stamp duties
- IT systems design · technology audits · security policies
- Surety and fidelity bond premiums — bonds may increase annually with revenue
- Certificates of Good Standing, Articles, and principal fingerprinting
You don’t need all 51 states on day one.
Most operators launch with a strategic subset — or under sponsorship — and expand as volume justifies. We will sequence your state map, your bonding strategy, and your banking so the numbers work at every stage.
Disclaimer: This document is provided by Faisal Khan, LLC (“FKLLC”) for general informational purposes and to outline a potential scope of advisory/introductions. It is not legal, tax, accounting, or compliance advice, and does not constitute an offer to provide regulated services. All figures (fees, surety bonds, net-worth thresholds, onboarding steps, timelines) are indicative as of the date on this document and subject to change by regulators, banks, program managers, and other third parties. No approval, banking relationship, license issuance, or partner onboarding is guaranteed. FKLLC is not a money transmitter, does not hold client funds, and is not in the flow of funds.
Reliance & responsibility: Client remains solely responsible for regulatory determinations, product fit, KYC/KYB/AML program design, policies, and ongoing compliance. Client should seek independent legal and regulatory counsel in each relevant jurisdiction. FKLLC’s liability, if any, is limited to the fees paid for the specific advisory milestone that gave rise to the claim; in no event shall FKLLC be liable for indirect, incidental, special, or consequential damages. Services referenced above may be performed by Faisal Khan, LLC, its affiliates, and/or Independent Solution Gold Partners under separate agreements. Nothing herein constitutes a binding offer or commitment; any engagement will be governed solely by a mutually executed written agreement.
Additional notes: Information on requirements for license approval is subject to change. Some states require fingerprinting for company principals at extra cost. Changes in business activity and projections may affect net-worth and bonding requirements. All fees except licensing preparation fees are subject to change. Pricing does not include surety or fidelity bond fees; surety bond amounts may increase yearly based on revenue. Validity: Pricing and availability are valid for 30 days from the date on this document unless otherwise stated.