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 application fee for the MTL is $7,500 if the license is issued between January 1st and June 30th and $3,750 if it is issued between July 1st and December 31st. You would also need a minimum surety bond of $250,000. 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.

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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.

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This page was last updated on August 1, 2023.

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