Kansas Money Transmitter License Overview
Who Controls the Kansas Money Transmitter License?
The Kansas Office of the State Bank Commissioner issues a Money Transmitter License to any entity that engages in the business of selling, issuing, or delivering its payment instrument, check, draft, money order, personal money order, bill of exchange, evidence of indebtedness or another instrument for the transmission or payment of money, or otherwise engage in the business of money transmission with a resident of this state
Activities Authorized by the Kansas Money Transmitter License
The Kansas MTL authorizes the following activities:
- Electronic money transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Other – money services
Kansas Money Service License Net Worth and Surety Bond
To acquire a Money Transmitter License in Kansas, you need a minimum tangible net worth of $250,000. You shall also be required to submit a surety bond of $200,000 or a premium in the amount of $5,000.
Kansas Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Kansas. The process will take approximately three months.
The money transfer industry is a highly regulated industry, thus you should make sure that you do not end up on the wrong side of the law. Remember, that it is illegal to operate without a license.
—
This page was last updated on May 31, 2023.
–