Florida Money Transmitter License – Basic Information and Guidance
Money transmitter license Florida is mandatory for any business that wants to provide money transmission services in the Sunny State.
You will find the answers to all your license related questions below.
The official definition of a money transmitter is “a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer within this country, or to or from this country.”
Florida money transmitter licensing is regulated by the Florida Office of Financial Regulation – Financial Institutions Division. Money transmitters are required to comply with all the requirements of the Florida Statute’s Title XXXIII Chapter 560.
Any money services business that fits the definition of a money transmitter given above is mandated to obtain a money transmitter license before they conduct any business in Florida.
The Online Services of the Office of Financial Regulation handle new application processing.
Similar to other states, the state of Florida also requires a long list of documentation, surety bonds, compliance details, and other related paperwork. You can find the complete details of these on the FLOFR money transmitters page.
The fee for a Florida money transmitter license application is $375. However, there will be other costs that you will have to bear while preparing to complete the application.
The most notable of these is the surety bond, the minimum net worth, and the compliance program. For instance, a complete compliance program can take anywhere from as low as $25,000 to as high as $100,000 depending on your business model.
According to the Office of Financial Regulation, an MTL authorizes a licensee to “transmit currency, monetary value, or payment instruments, either by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer, within this country or to or from locations outside this country.”
The minimum net worth for the state of Florida MTL is $100,000 as specified by Chapter 560.209, Florida Statutes. If you are operating in more than one location, then an additional net worth of $10,000 per location will be applicable. The maximum net worth is $2 million.
The corporate surety bond will be between the amounts of $50,000 and $2 million. The state will calculate the exact amount according to various factors like the number of locations, volume forecasts, and financial situation.
Applying for a license is a complicated and arduous process involving multiple hoops that need to be jumped and a myriad of requirements that have to be met.
In addition to all the costs mentioned above, be prepared for extra expenses in the form of compliance officer fees, document preparation fees and others that will be required.
And in spite of all that, you might still not get your license.
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This page was last updated on December 14, 2020.