Money Transmitter License California
Basic information about California Money Transmitter License
Money Transmitter License California is one of the Big 3 licenses (other two being New York Money Transmitter License and Texas Money Transmitter License). It is stated that the Texas and New York money transmitter licenses are relatively easier to obtain, than the California Money Transmitter License which is one of the most difficult money transmitter licenses to obtain.
The regulator that governs the money transmitter license in California is California Department of Business Oversight.
The Money Transmitter Section contains all the relevant information that a new or renewing application would need with regarding to money transmitter license in California. As California is not part of the NMLS Consumer Access Database, the complete list can be seen from the list of money transmitters in California.
Before delving in any application process, it is highly recommended you read the Frequently Asked Questions (FAQ) for becoming a money transmitter in California.
The application for California Money Transmitter License can be seen on this page, which contains the entire application package.
A noteworthy page for purposes of competition intelligence is the Monthly Bulletin page, which shows list of pending California Money Transmitter License Applications.
From the past archives of the pending licenses you will see some have been filed for well over a year and others even more. If you are expecting a California money transmitter license in a matter of months – forget it, it will take a minimum one year before you are able to obtain it.
Also recommended is to visit the Shipkevich PLLC page on Money Transmitter Law (albeit many links are out of date or missing).
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