Georgia Money Transmitter License – The Basics
Every money transmitter in Georgia MUST get a license by applying at the GA NMLS if they want to operate in the state legally.
The whole process of applying for a money transmitter license in GA can be daunting due to its often complicated procedure, cumbersome paperwork, and seemingly endless documentation. But there is no way around it, is there?
Actually, there is. You can get license coverage for your business quite conveniently and in a fraction of the time.
Remember, it is a crime to conduct any kind of money moving activity without a license. In Georgia, any business or person who transmits money or monetary value is considered a money transmitter and therefore under a legal obligation to obtain a license.
Pursuant to the Official Code of Georgia Annotated (O.C.G.A.) §§ 7-1-680(13) and 7-1-681, any person (individual, soleNationwide Multistate Licensing System & Registry (NMLS) – GA Money Transmitter License – New Application Checklist (Company)
proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized) that engages in transmission of money is required to obtain a Georgia Money Transmitter License.
Who Regulates the Licensing for Georgia Money Transmitters?
While the application for a new money transmitter license is handled by the NMLS, the state authority that regulates money transmission businesses is the Georgia Department of Banking and Finance.
Checklist for MTL Application in Georgia
The NMLS has a handy checklist that contains all the information you will need for your license application. It includes detailed information about how to apply, the documents you will need, and other important factors. Make sure you read and understand everything on the site.
Another important website is the state regulator’s money transmission page which will also give you a proper definition of who is and is not a money transmitter in GA.
Our guide below will help you understand how the license application process works in Georgia and what you need to know.
Step by Step Guide to Getting a Georgia Money Transmitter License
How to Get a Georgia Money Transmitter License
- Go through the GA and NMLS websites
- Download the MTL application
Download and complete the Company Form
(MU1). The license application for Georgia is also an important resource in preparing everything before you submit your application.
- Gather all your documents
Complete and gather all the necessary documents that are required for the application.
- Money transmitter license fee
1. GA License/Registration Fee: $1,150
$900 GA annual license fee
$250 GA investigation fee
2. $15 per control person
3. FBI Criminal Background Check for MU2 Individual: $36.25 per person
4. An annual fee of $0.25 for each active authorized agent/delegate location
- Surety bond for Georgia MTL application
A surety bond will need to be submitted electronically with your application. The amount is between $100,000 and $2,000,000
- Submit your application
Make sure everything is complete before you hit submit. Keep in kind that if your application is rejected because you forgot to attach an important document, you will have to go through the whole process again which includes the fees.
- Wait to be approved
You could get your approval for a money transmitter license in 4 months if you are lucky. The usual wait time is six to eight months.
If you are a money transmitter business who wants to expand their business to Georgia or a new MTL startup, this process can be very daunting and complicated. Gathering documents and making sure they are correct is only half of the problem; many issues – like setting up a proper compliance program and hiring compliance experts to join your business – are going to take up a lot of your time and money.
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This page was last updated on December 14, 2020.