Money Transmitter License Texas TX - Faisal Khan and Company

Money Transmitter License Texas

Texas Money Transmitter License Guide

Texas Money Transmitter License is one of the Big 3 licenses along with the California Money Transmitter License and the New York Money Transmitter License. As such, it is one of the licenses that can be fairly difficult to obtain if you are a new business or startup.

Regulation for TX MT licenses

The regulator that governs the license in Texas is the Department of Banking. All new applications are handled by the NMLS.

The  Money Services Business page contains all the relevant information that a new or renewing application would need regarding an MTL in Texas.

How to Obtain a Money Transmitter License in Texas

Texas money transmitter license checklist

This checklist can be found on the NMLS website or accessed here.

What are the regulations for money transmitters in Texas?

Also included are the various Supervisory Memorandums (which are a must-read) under the Law & Guidance Manual,  as well as various enforcement orders related to MSBs.

What are the requirements for a Texas money transmitter?

The general money transmitter license application for Texas requirements overview can be accessed here.

Where do I apply for the Texas MTL?

The application forms for money transmitter licenses in Texas are available on the main money services business section as well as on the application and forms section. The application can be accessed here.

Where can I find the official FAQ?

It is highly recommended you read the official Frequently Asked Questions (FAQ) section on how to apply for a money transmitter license in Texas.

Where is the list of licensed money transmitters in Texas?

In Texas, these licenses are listed both on the NMLS Consumer Access Database, as well as the searchable database of money transmitters in Texas.

What is the net worth requirement?

The net worth of at least $500,000 is required.

What surety bond will be needed for Texas MTL?

A surety bond of between $300,000 and $2 million will be needed to be approved.

What is the fee for a Texas MTL?

A $10,000 application fee is charged for first-time applicants.

Sound like a lot? That’s because it is.

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