Colorado Money Transmitter License

Colorado Money Transmitter License Overview

Do You Need a Money Transmitter License in Colorado?

Are you planning to start a money transfer business in Colorado? Wondering whether you need a money transmitter license or not? Well, you do. Money transmission activities in Colorado are regulated by law, and you are required to be licensed if your business engages in any of the following activities:

  • Bill payments
  • Electronic money transfer
  • Issuance of money orders
  • FX dealing/exchanging
  • Issuance of traveler’s checks
  • Issuance of stored value
  • Selling money order
  • Selling traveler’s checks
  • Selling stored value/prepaid access

Who Is the Money Transmitter License Regulator in Colorado?

The money transmission activities are regulated and licensed by the Division of Banking of the Colorado Department of Regulatory Agencies.

What Documents Are Required to Apply for a Money Transmitter License in Colorado?

When applying for a money transmitter license in Colorado, you will have to submit the following documents:

  • Financial Statements
  • Locations of Authorised Delegates
  • Company-owned branches
  • Other trade names
  • Registered agent
  • Primary contact employees
  • Bank account information
  • AML/BSA Policy
  • Business plan
  • Certificate of Authority
  • Agent Contract Sample
  • Payment instrument sample
  • Flow of funds structure
  • Company formation documents
  • Management chart
  • Organizational chart
  • Verification of Experience

Depending on your case, the regulator might ask you to submit additional documents. You can find a complete list of required documents here.

What Are the Money Transmitter License Cost Requirements in Colorado?

The money transmitter license cost in Colorado are summarised in the PDF below. The table also includes our professional charges for services like authoring a business plan, compliance manual, assisting with a surety bond, the flow of funds structure, and much more.

How Can I Get a Money Transmitter License in Colorado?

In order to apply for a money transmitter license in Colorado, first and foremost, you need to register your business with FinCEN. Once you have registered, your next step is to create an account with NMLS and start your application. Make sure that you have all the necessary documents ready with you. Missing out on even one document will cause a delay and you might have to go through the whole process again. Lastly, pay the fees and wait for approval from the regulator.

This page was last updated on May 31, 2023.

Share with others...