The Arkansas Money Transmitter License guide (Faisal Khan LLC, July 2026) covers the Uniform Money Services Act, Ark. Code Ann. §§ 23-55-101–1104, as amended effective 5 August 2025, administered by the Arkansas Securities Department under a partial MTMA adoption via Act 442 of 2023.
Arkansas's real advantage is the statutory clock: under §23-55-205, once the Commissioner notifies an applicant that the application is complete, the Department has 120 days to approve or deny — and if it does neither, the license is deemed approved. The guide stresses that the clock starts at the completeness determination, not at filing, so a deficiency letter pushes the start date rather than eating into the 120 days.
Net worth is a sliding scale, not a flat figure: the greater of $100,000 or 3% of the first $100 million in assets, 2% of the band to $1 billion, 0.5% above that — so a licensee with $60 million in assets needs $1.8 million, not the $100,000 floor. The bond is capped at $500,000, but drops to a flat $100,000 if tangible net worth exceeds 10% of total assets, and it must stay in place at least five years after ceasing Arkansas business.
What the guide covers:
- Fees: $1,500 application plus $750 license fee, $750 annual renewal
- Virtual currency kiosk rules under §23-55-1008, with $5.00-or-18% fee caps and daily transaction limits
- Quarterly reporting within 45 days and 15-business-day material change notices
- Three-business-day reporting for bankruptcy, license actions or felony charges
- Elder financial abuse training required for every delegate by 1 April each year
- Unlicensed operation above $500 in 30 days as a Class B felony, 5 to 20 years
The federal $2,000 MSB threshold applies for SARs — Arkansas sets no separate figure of its own.